Qatar is following it National Vision 2030, which national strategies and implementation plans can be developed.
The economy remains dominated by oil and gas
Oil has dominated the economy of Qatar for more than five decades, andthe government has used its revenue to upgrade many areas as public health, education, and civic amenities in recent years. In the face of limited oil reserves, Qatar has focused on developing the private sector’s contribution to the national economy through regulatory changes and stronger support for entrepreneurs. However, the economy remains dominated by oil and gas, with the private sector making a relatively modest contribution to GDP, estimated at approximately 30%. (BAXTER, 2013)
Qatar steps up support for SMEs
In an attempt to further support national entrepreneurship and business opportunities amongst the youth, the government of Qatar has begun promoting for numerous business initiatives and projects with Business Development being the main focus.
Of the most pivotal projects introduced by the government is the establishment of the Qatar Business Incubation Centre this year, which is aimed to accommodate roughly 300 workshops upon its initiation. This project is a mutual project between Qatar Development Bank (QDB), a leading funding entity for small to medium sized SME enterprises and the Social Development Centre which comprise part of the Qatar Foundation for Education, Science and Community Development. (Oxford, 2014)
QDB has ensured unwavering financial support via financial entities to smaller businesses. Al Dhameen is a living example of that, as the bank warrants up to 85 percent of commercial credits for SME initiatives. Other banks have, as a result, begun to follow in their footsteps, such as Qatar National Bank which kick-started its Business Banking platform in October 2013.
Another imperative partner in the SME platform is Enterprise Qatar, who is set to provide additional support for business initiatives through its Jadwa program. Enterprise Qatar is set to fund consultancy services for audits and accounts whilst covering 70 percent of the operations costs.
Oil has dominated the economy of Qatar for more than five decades, andthe government has used its revenue to upgrade many areas as public health, education, and civic amenities in recent years. In the face of limited oil reserves, Qatar has focused on developing the private sector’s contribution to the national economy through regulatory changes and stronger support for entrepreneurs. However, the economy remains dominated by oil and gas, with the private sector making a relatively modest contribution to GDP, estimated at approximately 30%. (BAXTER, 2013)
Focus on youth
The Bedaya Centre is a prime example of Qatar’s unrelenting strives towards supporting young entrepreneurs. The Centre, which is a joint cooperation between QDB and Silatech, a global firm that encourages the progression of SMEs, tailored towards helping the younger generation find their career path and lead them towards business resources and opportunities. INJAZ, another SME focused organization operating in Qatar, is also targeted towards placing youth in industry projects with a focus on business start-ups in particular.
The business drive amongst Qataris is the highest in the Arab world
Due to the country’s steadfast support, entrepreneurial motivation has been on a rise amongst the younger demographics according to a recent study that was conducted by Gallup and Silatech. The report indicated a business drive amongst Qataris which was shown to be the highest in the Arab world with almost one third of the younger demographics asserting their intent at starting a business of their own within 12 months. That number lies well above the Arab League median of 9 percent.
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