QDB, KAHRAMMA Sign Agreement to Support Localization of Water, Electricity Industries

Doha, August 16 (QNA) - Qatar Development Bank (QDB) and KAHRAMAA (Qatar General Electricity and Water Corporation) signed a Memorandum of Understanding (MoU) Wednesday in support for the "Buy Local Products" exhibition, expressing their commitment to lend special support to local companies in Qatar. The MoU establishes a strong basis for cooperation between QDB and KAHRAMAA based on their mutual ambition to improve the capabilities and competencies of Qatari companies. Integral components of the support the two partners will extend includes guiding local businesses through the technical requirements involved in qualifying for tenders and operations for KAHRAMAA as well as supporting their participation at promotional exhibitions and forums. The upcoming edition of the latest "Buy Local Products" exhibition which showcases exhibitors from the water, electricity and recycling sectors is one such example of the promotional support that will be extended to local manufacturers. Furthermore, QDB will also support these SMEs technically and financially, where possible. "We are deeply delighted to partner with KAHRAMAA in the service of our nations local business community, our SME ecosystem and our economic sustainability," QDB CEO Abdulaziz bin Nasser Al Khalifa said. He underlined QDB commitment to the responsibility of upholding our national economic independence is a binding duty on every single individual and organization in Qatar. He added that the launch of the third edition comes due to the widespread popularity that the concept of promoting local manufacturers from a diverse range of industries received given the recent changes in trade climate. Qatar-based organizations needed alternate supply solutions and this exhibition series helped satisfy their demands, ha said. "We are determined to see our upcoming edition of the Buy Local Products expo series achieve even greater successes than the past two popularly-received exhibitions," Al Khalifa added. For its part, KAHRAMAA will prioritize contracting local suppliers, nominated by QDB, that successfully demonstrate their compatibility with KAHRAMAA's qualifications, terms and regulations. Furthermore, in case a local SME struggles to comply with the KAHRAMAAs criteria, both partners will cooperate to educate the concerned local company on the best approaches to addressing the general gaps in their qualification as well as guide them on how to meet the necessary specifications and conditions specified in KAHRAMAAs tenders and bids in future. In this context, KAHRAMAA's President Eng. Essa bin Hilal Al Kuwari said: "KAHRAMAA is keen to play its national role as the country's premier energy and water services providers. It is to this end that we have entered into an understanding with QDB to further our common objective of strengthening Qatar's private sector competitiveness". "By sifting through a list of recommended suppliers from QDB, all of whom have demonstrated accordance with the technical qualifications and regulations set by KAHRAMAA, we hope to give leverage to our nations qualified businesses in open tenders and bids, when and where there is no conflict over the quality of products and services being redeemed," Essa bin Hilal Al Kuwari added. He explained that the agreement is the result of cooperation between KAHRAMAA and Qatar Development Bank, pointing out that investment in this sector will be feasible, especially with the state's interest in continuing investment in infrastructure. He stressed that Qatar needs to invest in the business sector for the electricity and water sectors, especially with the trend towards economic innovation and the pursuit of economic openness, which provides good investment opportunities for businessmen. Al Kuwari stated that KAHRAMAA is in great need for these industries, adding that it has imported QR 5 billion worth materials for electricity networks from foreign markets, excluding construction contracts during the past years. KAHRAMAA intends to purchase similar items with the same value over the next five years, which shows the economic feasibility for investors intending to enter this field in Qatar, he added. Al Kuwari said that land development projects for residential buildings and the increasing number of industrial projects reflect the opportunities for those wishing to enter the business sector in the electricity and water sectors. Eng. Essa Bin Hilal Al Kuwari said that KAHRAMAA's partnership with Qatar Development Bank aims at finding economic studies for these projects that will encourage businessmen to enter this sector, which in turn will pour in the interest of the country which seeks economic diversification. He pointed out that the target of the agreement are the consumer industries, such as the manufacturing of transformers, cables and switches, which represents industrial opportunities for those wishing to engage in the manufacturing of those profitable materials. He gave an example with the KAHRAMAA has plans to replace all the electricity meters, opening good opportunity for companies working in this field. Al Kuwari said that the localization of these industries would provide local suppliers of many of the materials needed by electricity and water networks and thus avoid external influences that may disrupt such supplies from abroad, this in addition to the economic benefits of the local economy. He explained that the locally manufactured components do not cover the demand, expecting that the coming period will see the opening of many industries in this sector, and that these local industries would meet about 50% of KAHRAMAA needs of those materials during the next two years. The agreement with QDB will assist businessmen to enter this sector of industry. Qatar Development Bank's vision is to develop innovative and creative Qatari entrepreneurs and to diversify the economy through their successful SMEs, able to compete in the global markets. To achieve these objectives, QDB is collaborating with various government agencies and private companies to support the capabilities of Qatari small and medium-sized companies. That includes QDB cooperation with the Ministry of Finance in organizing the Government Procurement Conference and Exhibition (MUSHTARAYAT), the second edition of which was held last April, and its cooperation with the Qatar Chamber in organizing the (Made in Qatar) exhibition to promote Qatari products locally and internationally. (QNA)