After the opening, board chairman of QATAR DEVELOPMENT BANK (QDB) H E Sheikh Abdullah bin Saud bin Abdul Aziz Al Thani, spoke on the occasion in which he highlighted the strategic decision taken by Qatar’s wise leadership on adopting an industrial development policy as a means of promoting the national economy, diversifying sources of income and reducing dependence on crude oil as a main source of income. “This policy has placed a major responsibility ‘on all of us to carry out this ambitious policy and to achieve its targets’, the chairman said.

This policy has also proved its feasibility and has helped transform the Qatari national economy to a balanced economy in which several production sectors take part, the bank chief noted.

The bank president labelled the establishment of QATAR DEVELOPMENT BANK in 1997 as a significant step in the industrial development drive in Qatar to encourage Qatari investors to participate effectively in the development of the industrial and investment sector whether in small or medium projects.

Later a documentary was screened showing stages of the establishment and development of the bank. The Emir was briefed by the company officials on the major projects carried out by the bank and on other projects the bank plans to finance in the future.

The inauguration was attended by Economy and Trade Minister, H E Sheikh Mohamed bin Ahmed bin Jassem Al Thani, Finance Minister, H E Yousef Hussein Kamal, Municipal Affairs and Agriculture Minister, H E Sultan Hassan Al Dossari, Qatar Central Bank Governor, H E Abdullah bin Khaled Al Attiyah, Secretary of the Emir for Follow-up Affairs, H E Saad Mohamed Al Rumehi, and a number of members of the board of directors of QDB.

QDB to expand the scope of its financing to include new areas such as health care, fisheries, education, tourism and agriculture

The authorised capital of the bank is to be increased to QR5bn and its name is changed to Qatar Development Bank (QDB) in accordance with its new role being envisaged in the country's fast developing and booming economy. Its paid-up capital will be raised from the existing QR200m to QR1bn .

The bank does not aim to make profits. Its role is to help develop the productive and industrial sectors in the country. The bank hopes to be a partner in development projects and not just a financer.

The bank's expanded role will see it providing financing for setting up private schools, colleges, hospitals, clinics, laboratories and recreational facilities as well as helping bring in new technology in agriculture, irrigation and fisheries. The bank will enhance its role as a consultancy service provider.

QDB has earned the prestigious ISO 9001:2000 Certification as of 06/Oct/2004

to be updated