QNB and Qatar Development Bank (QDB) signing to finance Al-Naqeeb Plastic Factory

Posted on : Wed, 19 Feb 2014

Doha, 19 February, 2014 – As part of its commitment to provide banking products and services to Small and Medium sized Enterprises (SMEs), QNB, the World’s Strongest Bank, was the first bank to join Qatar Development Bank QDB Al Dhameen program back in 2010. As the bank which has financed the most clients through Al Dhameen we continue our commitment to the SME sector. As part of this, a signing ceremony took place during which QNB, Al-Naqeeb Plastic Factory and QDB signed the relevant documents for a new financing that is supported through the Al-Dhameen programme.

The Al-Naqeeb Plastic Factory will be manufacturing PP (Polypropylene) Woven Sacks / Bags of 25kg, 50kg, and 100kg. Woven PP bags are considered to be the toughest packaging bags, which are widely used to pack materials such as grains, sugar, flour, fertilizers, animal feeds, and chemicals and can also be used for other applications. Al Naqeeb Plastic Factory will offer 100% custom designed polypropylene woven bags as per the required specifications of the customer. The product is flexible; double side printed, water & dust proof designed, heat/wave cut & hemmed top, flat or anti-slip woven and finally ensures UV Protection.

This brand new factory will be located in the SME Industrial Area on a land with area of 4,080 Square Meters, with a total built-up area of 2,230 square meters which includes the company’s offices.

Al-Dhameen is a Private Sector Enterprise programme pioneered by QDB that enables lending to businesses that require collateral. QNB is a keen supporter of the programme and is committed to working in close partnership with QDB to help grow the private sector and support the free market economy in Qatar.

Al-Dhameen programme is based on covering a portion of the risk of the funding institute banks in case the guaranteed project has failed in repaying the whole amount or part of it, and to encourage banks to finance small and medium enterprises that show components of success and cannot provide the required collaterals or accounting documents that prove their eligibility to receive finance.

Mr. Hamad Al-Kubaisi, Executive Director of Strategy and Business Development at QDB, commented: “We are proud to be working with QNB in order to achieve our goals of supporting the local private and SME sectors. These goals fall directly within Al Dhameen program’s efforts in order to achieve economic diversification and lower dependency on the hydrocarbon sector as a major source of income, which is in line with Qatar National Vision 2030”

Startups and entrepreneurs who are not quite ready for financial support and who may require further guidance are referred to other suitable government initiatives and programmes that support early stage development. Support is extended through numerous institutions such as QDB, Enterprise Qatar and Bedaya amongst others.

During the signing ceremony Mr. Hamad Al-Jamali AGM of SME commented “QNB welcomes partners who are looking to set up new factories in Qatar and we appreciate the support that is offered by QDB.” 

QNB also offers a comprehensive range of payment solutions, accounts and investment services along with a full range of tailored business-centric services, such as working capital lines, term finance and trade finance facilities. To support growth within this important sector, QNB opened four new corporate branches, dedicated to supporting the needs of SMEs, and conveniently located at major locations and industrial cities like Ein Khaled, Wakra, Al Khor, Industrial City, Mesaieed Industrial City, Doha Industrial City and the Head Office.