Commercial Bank and QDB sign New Al Dhameen Program Agreement

Doha: Qatar Development Bank announced today that Abdulaziz Bin Nasser Al Khalifa, CEO of Qatar Development Bank (QDB) and Mr. Abdulla Saleh Al Raisi, CEO of Commercial Bank, signed a new Al Dhameen program portfolio agreement with QDB, supporting further expansion of SME financing in Qatar.

 

Speaking at the signing, Mr. Abdulaziz Bin Nasser Al Khalifa, CEO of QDB said: " Al Dhameen is a primary program for ensuring Qatari SMEs are capable of overcoming obstacles, guarantees and short credit history. Al Dhameen additionally facilitates financing procedures for key sectors such as industry, education, healthcare, and added-value services”.

 

Al Khalifa added: “The program is mainly targeting companies and start-ups, and we are delighted with this partnership with Commercial Bank, which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and build a knowledge-based economy.”

 

With a QR100m portfolio, the new product "Al Dhameen portfolio" aims at facilitating and speeding up the approvals to guaranty the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees.

 

To ensure a smooth introduction of Al Dhameen portfolio program by Commercial Bank, QDB has prepared a dedicated portfolio guide that describes the terms, conditions, highest international standards, due diligence, credit monitoring, applications and guidelines development.  This will allow Commercial Bank to take the necessary decisions without referring back to QDB. Developing the program content took nearly two years of close cooperation between QDB and partner banks to cater to all needs and increase transparency.

 

Commercial Bank CEO Abdulla Saleh Al Raisi said: "As Qatar’s first private bank, we actively support the Qatar National Vision 2030 under the wise leadership of His Highness The Emir, which sets out an economic blueprint of a viable and prosperous future for Qatar as our nation continues to transform into a more knowledge-based economy. The Al Dhameen program gives the private sector a real boost by helping the creation and growth of new SMEs required to deliver Qatar’s strategic projects, and introduce new and innovative products and services to the public”.

 

Al Raisi added: “We are delighted to sign this agreement with the Qatar Development Bank and join "Al Dhameen portfolio" program, which aims to provide funding opportunities for SMEs in Qatar, and we look forward to a successful collaboration. Commercial Bank provides dedicated support for SMEs to help them grow and succeed through our bespoke, value-added products and services, through our specialised Enterprise Banking department to meet the requirements of our valued customers”.

 

SMEs can benefit from the new program by visiting their nearest Commercial Bank branch where detailed information and support is available for those interested in the Al Dhameen portfolio program.

 

In enhancing and improving the Al-Dhameen program, QDB relied on the survey of partner banks and all concerned parties to expand the base of beneficiaries and allow the partner banks to determine the appropriate small and medium enterprises to be financed and to fund them more flexibly. Al-Dhameen program continued its distinguished contribution to the enhancement and diversification of the national economy and achieved the highest rates since it was launched in 2010 as the bank agreed to provide bank guarantees estimated at more than QR 573 million for more than 212 small and medium enterprises. QR 363 million of these guarantees were cashed.