OREANDA-NEWS. Qatar’s premier marine company, Nakilat has signed a Memorandum of Understanding (MoU) with government - owned financial institution Qatar Development Bank (QDB) agreeing to collaborate in areas including marine export credit insurance and financing. Nakilat is the transport wing of Qatar’s Liquefied Natural Gas (LNG) industry, and has the world’s largest fleet of LNG ships. QDB’s Tasdeer pro gramme offers financial solutions and guidance to Qatari businesses that export internationally.

The signing ceremony took place on 7th July at QDB’s head office in Doha. Abdullah Al Sulaiti, Nakilat Managing Director, signed on behalf of Nakilat and its affiliates. Abdulaziz Nasser Al Khalifa, CEO QDB, signed on behalf of QDB.

Speaking on behalf of Nakilat, Abdullah said: “In signing this agreement, we acknowledge our position as the lynchpin in the State of Qatar’s marine industry, and we reaffirm our commitment to the growth and development of the sector. By working together , we will provide solutions and services in the maritime industry, which consequently aids in strengthening the role of the Erhama bin Jaber Al Jalahma shipyard . As a result , we will be able to offer competitive products for the maritime industry. In addition, we have future projects that will in turn contribute to the achievement of Qatar National Vision 2030. ”

Nakilat and its affiliates Nakilat Damen Shipyards Qatar and Naki lat Keppel Offshore and Marine (N - KOM) have a demand for marine export credit insurance, financing and foreign buyers’ and importers financing, services that can be provided by QDB. QDB and Nakilat agreed to jointly support local Small and Medium Enterpris es (SMEs) by encouraging entrepreneurs to set up new Qatari companies that specialise in marine and shipyard - related industries.

Abdulaziz Bin Nasser Al Khalifa, CEO of QDB said: “QDB is a devoted advocate for SMEs in Qatar, through supporting organisat ions and national institutions program to help SMEs, QDB managed to secure success that reflected the experience we have and provided a number of opportunities to SMEs to be part of a vibrant and diversified economy. Our signing with Nakilat comes in line with our strategy to encourage entrepreneurs to enter the field of maritime industry, and provide them with the services they need”.

The signing between Nakilat and QDB is all about opening the doors for local SMEs to supply contracts for Nakilat and its affiliate businesses in Qatar. QDB agreed to i ntroduce opportunities for SMEs and to provide advice and guidance and financing for entrepreneurs to make them certified providers in the maritime industry.

 About Nakilat

Nakilat is a Qatari marine transport company providing essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 61 LNG vessels. Nakilat also manages and operates four large LPG c arriers and four LNG carriers. Via two strategic joint ventures, N - KOM and NDSQ, Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard. Nakilat also offers a full range of marine support services to vessels op erating in Qatari waters.

About Qatar Development Bank (QDB)

Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government - owned developmental organisation. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for private sector. Between 1997 and 2005, the bank expanded its portfolio, diversifying from its industrial base to include support and guidance for a range of non - industrial sectors identified as key to the development of Qatar. Shortly afterwards, the bank revisited its mission statement to reflect the successful completion of its new strategic objective and changed its name to Qatar Development Bank. The State of Qatar, QDB’s sole shareholder, increased the bank's capital from 200 million to 10 billion riyals in 2008. Since that time, and reflecting the expansion of its mission and financial assets, QDB has launched a considerable number of strategic initiatives and programs, all designed to directly contribute to the economic growth and development of Qatar.

QDB’s strategy is entirely in line with Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in Qatar within key economic channels. In turn, this support will enable the development of long term, sustainable social and economic benefits across the economy.

Aside from offering financial support, Qatar Development Bank is tasked with promoting entrepreneurship in the private sector, facilitating the development of key economic sectors through the provision of capital and advisory services. QDB has also launche d several initiatives, including Al Dhameen program, an indirect loan facility to guarantee commercial bank loans to private sector companies, in collaboration with other banks and financial institutions.

QDB’s export arm “Tasdeer” program was created to develop and promote exports from Qatar, providing export credit guarantees in addition to financial products and solutions designed to mitigate the risks imposed on local exporters. The bank also provides consulting services in business development to help entrepreneurs to prepare for business. This will include feasibility studies, the conduct of market research and the selection of appropriate techniques; fundamentally helping to develop the capabilities of SME owners to enhance and refine their skill s in the market and establish strong ties with financial and non - financial support entities.