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Posted On: 25 January 2016 08:51 am
Updated On: 12 November 2020 01:55 pm

Qatar Development Bank launches The Franchise Project to encourage local SME international growth

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Qatar Development Bank (QDB) announced its latest project to develop local SMEs, ‘The Franchise Project,’ during a press conference held on Sunday, January 24, 2016 at the bank's headquarters.

The project will promote international growth for local brands by showcasing successful franchise models, including all the necessary strategic, legal consultations, operational and marketing tools prepared by experienced consultants to give the local Qatari brands to expand globally.

Mr. Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank, said: “We at Qatar Development Bank strive to create meaningful opportunities to support local SMEs. There are several stages applicants need to go through to benefit from The Franchise Project, from evaluating a company’s readiness, to discussing next steps and requirements, and creating evaluation reports to pinpoint development areas.“

QDB put a set of eligibility criteria to participate in The Franchise Project, such as the business has to be 51% Qatari, to be in operation for 1 year minimum, and to add value to the economy, education, manufacturing and services, as well as food and beverages sectors.

Al-Khalifa added: “Any business is a franchisable business, however some might need fine-tuning or more development to be ready to expand. In the case of QDB’s The Franchise Project, SMEs with active Qatari owners are eligible to take the Franchisability Quiz to determine if they qualify for the next stage of assessment. We will be committed in Qatar Development Bank to take 10 local SMEs to expand globally in 5 countries in the next three years.”

Qatar Development Bank seeks to provide the tools to help develop the Qatari private sector and SMEs in line with national economic diversification, to activate private sector contributors to build a sustainable and competitive local economy.