Doha, Qatar (May 12th, 2010)  Qatar Development Bank, the leading provider of direct financing in all forms for developing the Qatari private sector, today announced the launch of a new loan product to support the development and growth of the  Qatari fisheries sector.

Qatari nationals who own traditional dhows can access up to QAR 250,000 to invest in their fishing business, encouraging the growth of the fisheries small and medium-sized enterprises (SMEs) sector in Qatar, complementing an integrated economic model that Qatar Development Bank supports towards the achievement of Qatar National Vision 2030.

The loans, which are structured as murabaha transactions that are fully compliant with Islamic Shari’a, are to be used for acquiring engines, fishing equipment including nets, rope and tackle, and navigation equipment for wooden dhows. The maximum loan is QAR 250,000 per dhow and up to  a maximum loan amount of QAR 750,000 for  three dhows owned by one person.

“The fisheries sector is part of Qatar’s deeply-rooted heritage and an expression of Qatari identity,” said Mr Mansour bin Ibrahim Al Mahmoud, CEO of Qatar Development Bank.

“One of the most important challenges addressed by Qatar National Vision 2030 is that of modernisation while maintaining the unique Qatari identity and tradition,” he said. “From this standpoint, and based on extensive market studies, Qatar Development Bank has identified the fisheries sector as one of the industries that will help strengthen and diversify the Qatari private sector,” added Mr Al Mahmoud.

“We are thus committed to providing all available means of support for dhow owners in their dedication to continue the fine tradition of fishing, by providing them with accessible financing solutions that will help the fisheries sector grow and prosper,” he said.

Qatar Development Bank will provide loans to dhow owners for up to five years, with a two-month grace period preceding repayment. To support in developing the sector and providing data for additional financing solutions that meet the sector’s needs, loan beneficiaries will  submit regular progress reports with information on fish catch volumes and sale prices, to Qatar Development Bank.

The applicants for fishery loans must be Qatari nationals – males or females alike – over 21 years of age, and dhows must  conduct their activities in Qatari territorial waters in compliance with all applicable laws, classification schemes and health and safety regulations.

About Qatar Development Bank:

Qatar Development Bank is a non-profit organisation established with the directive to foster small and medium-sized enterprises (SMEs) to provide diversity and growth to the Qatari economy.

Qatar Development Bank is primarily focused on  supporting local initiatives in the Qatari private sector across several areas including education, healthcare, tourism, manufacturing, agriculture, livestock and  fisheries.
 
Qatar Development Bank acts as a one-stop shop for SMEs in Qatar, providing not only financial services, but also a wide array of business support facilities, including business advisory and consultancy services, data collection, analysis and market research.

Since the appointment of Mr Mansour Ibrahim Al Mahmoud as CEO in May 2009, Qatar Development Bank is undergoing major strategic and structural changes in order to play its part in supporting and developing the national economy of Qatar, by providing direct financing to strategically-oriented enterprises and developing innovative solutions to close the gaps in the SME sector.

Qatar Development Bank will also deliver business support and advisory services to novice entrepreneurs, in addition to investing directly in strategic business sectors to help create a sustainable business environment that supports the Qatari economy.

For further information please visit www.qdb.com.qa

For more information about Qatar Development Bank please contact:

Salem bin Abdulla Al-Kuwari
Marketing & PR Manager
Telephone: +974-459 6666
Email: pr@qdb.com.qa
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