Doha: Manateq, the national initiative working to diversify Qatar’s economy by providing premium infrastructure within strategic economic zones, has signed Memorandum of Understanding (MoU) with Qatar Islamic Bank (QIB) to facilitate preferential financing for its logistics parks investors.
Under the agreement, investors in Manateq’s four logistics parks — Jery Al Samur, Birkat Al Awamer, Al Wakra and Aba Saleel — will be able to raise 60 percent of their project financing against land and personal guarantees from QIB. The agreement aims to facilitate the growth of the country’s Small-to-Medium Enterprises sector.
“This partnership with QIB reflects our commitment to provide the highest levels of services to meet the requirements of our valued customers,” said Fahad Rashid Al Kaabi, Chief Executive Officer of Manateq.
“This is an additional incentive for investors to locate to our logistics parks where they can benefit from a range of client services, unparalleled interconnectivity, integrated infrastructure, an easy setup process, and now financing. By facilitating the easy start-up of businesses in these parks we hope to attract a wider range of sectors, indigenous enterprises and local investment. Our strategy of proactive business facilitation will bring significant contributions and benefits to the country including the development of a vibrant private sector and a diversified knowledge-based economy.”
Manateq’s logistic parks have been designed to accelerate the economy through enabling businesses and SMEs by offering around 12 million square meters in diverse range of sectors such as aluminium, steel, automotive, electronics, construction material, and food and beverage to accelerate economic diversification.
Logistics parks offer SMEs with an integrated solution where investors can use the land for all their business necessities by developing warehouse or workshop for processing and assembly, commercial showrooms for goods and products, various office options and workers’ accommodations all at the same plot.
“We are happy to work with Manateq to help draw new investments and expertise to Qatar and develop an entrepreneurial culture in the country,” said Bassel Gamal, QIB’s Group CEO. “The SME sector is a key market for us which we service by the allocation of specialized relationship managers and which we have supported in the past with tailored made products and services”.
“This partnership with Manateq reflects our commitment to the development of the country’s SME sector. SMEs significantly contribute in areas such as innovation, efficiency, job creation and international competitiveness, all of which are key to Qatar’s economic diversification. Investors in the Manateq logistics parks will find QIB to be a very supportive finance partner,” Bassel added.
“With the help of partners, such as QIB, Manateq will fulfill its mission of creating a world-class business environment that enables domestic and foreign investors to deliver value-added products and services to local, regional and international markets in line with the Qatar National Vision 2030,” added Al Kaabi.
“The site of our logistics parks has been strategically planned so that they are close to Hamad port and to other vital areas of the country. These strategic locations and their proximity to key gateways, and the parks’ fully integrated services, enables logistics companies, who require the optimum connectivity to come and set up bases to reduce their transport times and costs.”
Manateq is keen to support SMEs specially with launching the initiative of free ready-to-build designs of warehouses for the 1000 and 2000 sqm land plots, where investors opting to choose from eight designs which are available on Manateq’s website are able to get their building permit from the authorized entities within three working days only.
Source from: The Peninsula