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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      New study reveals that UAE is most competitive economy in the Arab world

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      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

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        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
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              • Power & Electricity
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Qatar steps up support for small businesses

              OBG

              April 28, 2016
              in Economy
              0

              A drive to encourage entrepreneurship in Qatar is gaining pace, as efforts to streamline the start-up process yield results.

              Developing small and medium-sized enterprises (SMEs) lies at the heart of Qatar National Vision 2030, the development plan guiding the country away from its reliance on hydrocarbons and toward a knowledge-based economy.

              With the first SME programs now firmly established, experts hope to see efforts stepped up to make business education a priority at schools and colleges.

              Targeting funding
              One of the institutions playing a key role in supporting SMEs, particularly those founded by new graduates, is the Social Development Centre (SDC), which aims to promote employment opportunities and youth empowerment.

              “The main goal will be to encourage entrepreneurship among young people, so they can act as ambassadors for private sector development,” Abdulla bin Ibrahim Al Ajail, executive director of the SDC, told OBG.

              The center offers a mix of financial and technical support ranging from promotion and consulting to marketing and training at its Tanmia for Small and Medium Enterprises facility.

              The SDC is currently directing its assistance programs at small-scale, or “micro”, entrepreneurs and those between the ages of 18 and 40, as well as home-based businesses, with the center’s funding arm, Rasameel, offering interest-free loans of up to QR500,000 ($137,400) for applicants who meet its criteria.

              An at-home incubation program has also been launched, which allows microbusinesses to channel their products into local markets and souqs.
              Many of the center’s clients run microbusinesses, which usually have 15 staff or less, and a turnover of under QR10m ($2.75m). As these businesses are often family-run and are rarely capital intensive, they are traditionally seen as lower risk.

              Nurturing entrepreneurship
              Qatar Business Incubation Centre (QBIC), an initiative co-founded with Qatar Development Bank (QDB) and the SDC, supports small businesses in their early days through a two-step training program, offered twice yearly. QBIC also offers workspaces, training, marketing and follow-up guidance, with financial support from QDB.

              LeanStartup, QBIC’s initial 10-week flagship program, focuses on supporting entrepreneurs through the launch stage of their businesses and includes a “Demo Day”, where candidates are given the opportunity to pitch their ideas. Once applicants are ready to take their business to the next stage, they move to the four-day LeanScaleup program.

              According to Aysha Al Mudahka, CEO of QBIC, the business ideas put forward have been broad-based, ranging from digital solutions to tourism.

              “The variety in age and gender of applicants and the quality of their ideas has been a huge positive for broader SME development in the country,” she told OBG. “We’re well on our way to achieving the center’s mission of developing the next QR100m ($27.5m) companies in Qatar.”

              To provide a boost to start-ups in specific industries, the center has developed specialized incubators, such as QBIC Tourism, guided by Qatar Tourism Authority, and Digital and Beyond, powered by Ooredoo, which offer entrepreneurs sector-specific support and access to industry experts.

              In financing terms, QBIC also has a fund for direct incubation of applicants that reach an appropriate level of business development. Subsidized workshop space is also made available to entrepreneurs looking to develop light manufacturing businesses.

              To date, the results of the two initiatives appear promising. The SDC has financed approximately 105 projects since 2009, having been given a target of around 20 new projects a year and a funding portfolio of QR8m-9m ($2m-$2.5m). QBIC, meanwhile, has received some 1200 applications and incubated 52 start-ups since its launch in 2014.

              “We’ve invested QR1.9m ($521,798) in our successful applicants, which have in turn generated nearly QR6m ($1.65m) in revenue,” Al Mudahka said. “This is a reflection of the opportunities that exist for start-ups to generate tangible economic value.”

              Cultivating a start-up culture
              The entrepreneurial environment in Qatar has significant room for growth, though much will likely need to be done to encourage more Qataris to participate.

              The country has a relatively small number of SMEs for the region, contributing just 16% to GDP, as per regional media reports, compared to 33% in Saudi Arabia and 60% in the UAE.

              Businesses face a complex operating set-up with several organizations and programs involved in SME development. Representatives believe much would be gained by bringing players under one roof.

              “Streamlining activities is a necessity when looking at a sector of this nature, given that each organization within the ecosystem has a different focus,” the SDC’s Al Ajail told OBG.

              Education and training also has a key role to play in developing a new enterprise culture, according to Al Mudahka, who would like to see young Qataris given more opportunities to learn about the business world.
              Oxford Business Group
              28 April

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