Qatar Development Bank (QDB) has joined hands with the Social Development Center (SDC), a member of Qatar Foundation to launch the largest mixed business incubator in the Middle East.

The 20,000 sq m Qatar Business Incubation Center (QBIC), set up in Doha’s industrial area, is part of a wider public and government push to support and encourage Qatari entrepreneurs to build and grow businesses.

QBIC’s goal is to develop the next QR100 million ($27.4 million) companies and success stories in Qatar, said a senior official.

QBIC empowers entrepreneurs to start and grow companies through training, mentorship, incubation, networking and investment.

Its objectives include developing Qatari companies through promotion of entrepreneurship and best-in-class business ethics, helping create Qatar’s next-generation of successful entrepreneurs, business leaders, start-ups and scale-ups.

“Qatar Development Bank believes that with the launch of QBIC comes a new milestone for entrepreneurship and the Qatari economy. I believe we are witnessing a transformation, providing entrepreneurs the resources needed to turn dreams into reality” said Abdulaziz bin Nasser Al Khalifa, the chairman of QBIC and chief executive officer of QDB.

Amal Al Mannai, the SDC executive director, said “It was SDC’s honor to have the initiative to adopt the entrepreneurship program within the youth and women societies towards encouraging them into production and business development, particularly startup and scale-up projects.

"We believe that these projects will strengthen the national economy, enhance income and build a better lifestyle for Qataris," remarked Al Mannai.

According to her, the QBIC has been established at a budget outlay of over QR100 million.

"It has been designed by implementing a modern and scientific benchmark to fulfill entrepreneurs’ demands, office space, industrial workshops, and administrative and technical support. This qualifies QBIC to play an essential role to develop Qatar business sector,”added Al Mannai.

Raed Al Emadi, the chief executive officer of QBIC, said its mission was to develop Qatari companies valued at QR100 million.

"QBIC provides incubator space for entrepreneurs and scale-ups to carry out their work with their teams. In addition, we provide balanced training courses that enrich both  knowledge and expertise," he added.-TradeArabia News Service