30 November 2016
Qatar Development Bank (QDB) in collaboration with Qatar Chamber of Commerce, honoured 50 top local small and medium-sized enterprises (SMEs) at the awarding ceremony of SME Excellence List 2016. The initiative was designed to provide a valuable platform for exceptional local SMEs, as it showcased their achievements in large presence of ministers, heads of diplomatic missions and distinguished private and public sector leaders at the ceremony.
Abdulaziz bin Nasser Al-Khalifa, Chief Executive Officer of QDB said in his address on the occasion “We are delighted to stand before you today with yet another proactive initiative: SME Excellence List 2016. QDB has shortlisted 50 outstanding performers from almost 800 SMEs. A testament of their success is that the total income achieved by these 50 SMEs amounts to nearly 1 billion Qatari riyals.”
He said “It is our firm belief that these companies have taken tremendous strides to unlock their potentials. These 50 SMEs have demonstrated optimum operational performance and efficiency of production by adopting the highest quality of standards and following best international practices.’
‘In the days to come, we urge them to continue focusing on development and innovation in all aspects of their work, so that they may compete locally, regionally and globally with the very best in their respective industries, as envisioned in Qatar National Vision 2030.’
Abdulaziz bin Nasser al-Khalifa stress on all SMEs operating in the country and registered in Qatar to seize the opportunity and join our SME rating initiative. He said that biennial SME Excellence List ranking program sheds light on the growing maturity within the private sector and the ability of the budding SME sector to generate large incomes.
‘A key objective of the ranking program is to foster a culture of transparency and competition in the economic system by ranking top SME performers on a clearly established set of criteria and providing a road map to success for other SMEs to follow.’ He outlined QDB’s plans to provide detailed reports over the course of the coming weeks, which will clearly illustrate both the key performance areas of the winners of the SME Excellence List 2016 awards, as well as the weaknesses that need to be addressed, in order to successfully compete for the next instalment of the initiative.
The evaluation criteria, adopted by QDB, for determining the 50 top finalists for the SME Excellence List 2016 included financial performance, rates of staff development and retention, innovation and use of technology, integrity and transparency, application of quality standards and certifications and commitment to environmental protection in terms of waste management and compliance with environmental legislation.
Notably, the SME Excellence Ranking Program contributes to the holistic development of the SME ecosystem by rewarding the local business community in Qatar for adopting best private sector practices and showing outstanding financial results. SME Ranking Program serves as a platform for the exchange of ideas on best practices in the SME sector, providing a learning opportunity for all attendees.