PM opens Jahiz1 to boost private sector and Qatari products
11 March 2017
Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani yesterday inaugurated Jahiz1 project in the new Industrial Area that aims to provide a strong industrial production base for Qatari investors.
Jahiz1 project is an initiative of Qatar Development Bank (QDB) to rent industrial facilities ready to support new SMEs in technological, innovative and eco-friendly industries and to accelerate the development of the Qatari private sector and diversify the economy.
QDB provides an opportunity to rent ready built industrial facilities for manufacture within the Jahiz1 project. Plots will be provided on monthly lease of 5-year in many sectors.
The bank will soon launch Jahiz2 initiative that supports food and beverage sector, with an estimated total investment value of more than QR180m, it was disclosed at the opening ceremony. Jahiz2 will provide ready-built industrial facilities to establish industrial projects in this sector.
Addressing the ceremony, Minister of Energy and Industry HE Dr Mohammed bin Saleh Al Sada praised the Qatari small and medium enterprises which succeeded to meet the requirements of industrial areas identified by the ministry in the technological, innovative and eco-friendly industries operating in the field OF chemicals, plastics, wood, and electronic materials.
Jahiz1 project comes in line with the ministry's vision to build a strong industrial production base and supports the local Qatari product to achieve balanced economic growth, away from the oil revenue as the main source of income. It also increases the contribution of the industrial sector in the gross domestic product, said the Minister.
Dr Al Sada added that the launch of this initiative and other initiatives is part of the government’s efforts to support the economic system in Qatar by strengthening the Qatari product, promoting a culture of creativity and innovation, laying down economic policies and legislation according to the best international standards of economy and developing the private sector to reach competition and regulating the SMEs sector and national entrepreneurship.
Dr Al Sada drew attention to the Single Window Project to facilitate industrial projects and the role of the supervision authority in response to the Prime Minister’s directive to the Business and Investment Environment Development Committee to exert all efforts to promote economic growth in the country.
This is done by providing the appropriate environment to diversify the economy, attracting domestic and foreign investment, and increasing the efficiency of public spending.
It is also done by applying the principle of general effectiveness and the principle of cost-effectiveness in all in all programmes and projects of 2017-2022 National Development Strategy and achieving the partnership between the public and private sectors as well as involving the national community and citizens.
Dr Al Sada pointed out that Qatar has achieved advanced positions within the Global Competitiveness index as it ranked 18th globally in the latest report of the World Economic Forum, the second in the Middle East, and has maintained its credit rating among the highest in the world.
The gross domestic product (GDP) at constant prices also achieved an annual growth through 2015 compared to an average growth rate of the oil exporting countries in the Middle East. The contribution of the private sector in the GDP in the state had also increased.
Qatar Development Bank CEO Abdulaziz bin Nasser Al Khalifa in his speech said that Jahiz1 project represents an episode of the successes achieved by Qatari entrepreneurs.
He pointed to QDB support through its various services to Qatari entrepreneurs and to the small and medium enterprises from the idea stage.
He said QDB is effectively working, in cooperation with the Ministry of Economy and Commerce, to include a national framework for small and medium enterprises within the 2017-2022 National Plan. After that, an introductory film about the Jahiz1 project was screened.
© The Peninsula 2017