Qatar Development Bank (QDB) and Qatar Tourism Authority (QTA) today announced the signing of four sponsorship agreements which enable the startup of four new projects in Qatar’s emerging tourism sector. This represents a key milestone on the development of the sector following the announcement made in March 2014 proving QDB and QTA’s commitment towards enhancing the local tourism industry.
The joint initiative is part of Qatar’s wider effort to diversify its private sector and become a world-class tourism and hospitality hub. Successful bidders whose contracts have been signed today will receive QTA assistance with obtaining licenses; access to development and operating guidelines; visibility on the authority’s websites and social media platforms; and, wherever possible, exposure at international tourism exhibitions. They will also receive low interest rate loans and extended repayment periods from QDB.
Companies were selected after the extensive technical, commercial, financial and legal evaluation of nineteen tenders submitted to QDB and QTA. The companies that will be receiving support are: Salem Al Neami & Partners, who will develop a luxury dhow dining cruise company; Doha Bus Ltd. who will set up a 4x4 leasing and services company; Q-tickets for the development of a ticketing and mobile information center; and Informa Tharawat, who will set up a conference and exhibition services company.
"These projects are a major step forward in QTA’s efforts to grow a sustainable tourism sector and solidify Qatar’s position as world class hospitality destination with deep cultural roots," said His Excellency Issa bin Mohammed Al Mohannadi, Chairman of QTA. Expressing support for the projects announced, he added: "For our part, QTA will support these investors by helping secure the necessary licenses and offering administrative guidance to help turn their ideas into competitive and attractive companies in Qatar’s growing tourism industry.”
"We are proud to partner and work closely with our colleagues at Qatar Tourism Authority to implement this important private sector initiative,” said Mr. Abdulaziz bin Nasser Al-Khalifa (pictured), CEO of QDB. He added: “QDB’s support of Qatar’s National Tourism Sector Strategy 2030 is part of a wider push to support the development and diversification of Qatar’s vibrant private sector in line with the National Vision 2030. While these opportunities are a critical starting point, there are countless opportunities for Qatari SMEs to find success in tourism and other strategic sectors. Qatar Development Bank will continue to support companies in this sector until entrepreneurs and SMEs realize their desired growth and build competitive businesses. QDB will not only support the successful bidders with financing, but with first-class advisory support and services. Their success is our success.”