Qatar Shell Partners QDB to Support Local Small to Medium Enterprises

Doha, February 24 (QNA) - Qatar Shell has partnered with Qatar Development Bank (QDB) to open the doors for local Small to Medium Enterprises (SMEs) to supply contracts for Shell businesses in Qatar. A statement released by Shell Sunday said that the new partnership will provide local companies and manufacturers access to new business opportunities as well as help them raise their operating standards in order to fulfill global requirements. Managing Director and Chairman of Qatar Shell Companies Wael Sawan said in that regard that Shell has always been committed to building small to medium enterprises (SME). "Supporting Qatar's SME sector is an essential component of our contribution to the economic and social pillars of the Qatar National Vision 2030," he said. Sawan also said that shell was proud to partner QDB and expressed his confidence in the quality and ability of local suppliers to add more value to Shell's operations in Qatar. For his part, Chief Executive Officer of Qatar Development Bank Mansour Bin Ibrahim Al-Mahmoud said that QDB was pleased to cooperate with Shell, and expressed his confidence that the company will provide "exciting opportunities" for local businesses. He added that the partnership will be essential to bring SMEs in Qatar on par with global competitors and suppliers. The partnership was "in line with our mandate and strategy to develop a world-class private sector with the necessary skills, knowledge and best practices to attract multinational organizations the caliber of Shell," Al Mahmoud said. He added that QDB will provide access to funding in addition to providing access to business advisory support, links to potential strategic partners as well as facilitate access to local regulatory and support institutions. Shell's investment in Qatar reached $21 billion in the last 6 years. It invested in two large projects in Ras Laffan Industrial City. The first is Pearl Gas to Liquids, worth $ 18 to 19 billion. The second is the Qatargas 4 Liquefied Natural Gas project (QP 70% and Shell 30%). Qatar Development Bank was founded in 1997 has been mandated to accelerate the economic diversity of Qatar through building a knowledge-based economy, with a focus on the private sector. (QNA)