Qatar Development Bank (QDB) has joined hands with Maersk Oil Qatar (MOQ) to create a partnership which supports the growth of small and medium enterprises (SMEs) in Qatar, a report said.

The memorandum of understanding (MoU) between the companies was signed by Abdulaziz bin Nasser Al Khalifa, chief executive officer of QDB; and Lewis Affleck, MOQ’s managing director at the Qatar Business Incubation Centre (QBIC), an innovation space and entrepreneurial support centre co-founded by the QDB, said the report in the Peninsula Qatar.

Also in attendance were Troels Poulsen, Danish Minister of Business and Growth; Merete Juhl, ambassador of Denmark to Qatar; Jakob Thomasen, CEO of Maersk Oil; Sheikh Faisal bin Fahad Al Thani, deputy managing director of MOQ; and Dr Aysha Al Mudahka, CEO of QBIC.

Nasser Al Khalifa said that QDB strives to empower and educate small and medium enterprises to nurture local market growth because of their importance in supporting and diversifying Qatar’s economy.

He added that the collaboration with Maersk Qatar is a testament to the company’s relationships with other leading businesses in order to help achieve the nation’s goals.

QDB seeks to improve local capabilities that accelerate the development of Qatar’s private sector in line with the needs of Qatar’s economic diversification towards a sustainable, competitive economy, it said.

Maersk Oil Qatar will also be participating in QDB’s Moushtarayat conference and exhibition from March 8 to 10, at the Qatar National Convention Centre. The event provides a platform for networking between suppliers and buyers and aims to provide local SMEs with access to procurement opportunities within local government and private enterprises, added the report.