Launch of third stage of Khatwa to help in entrepreneurship by retirees

Qatar Development Bank (QDB) and the General Retirement & Social Insurance Authority have announced the launch of the third stage of their joint initiative, ‘Khatwa’.

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Khatwa

Khatwa aims to build and develop the skill-set of retirees, encouraging nationals to launch their own SME projects and transform their business ideas into successful enterprises. To facilitate the program, the two social partners will appoint a committee to coordinate between the retirees and the bank.

The committee will provide QDB with details of registrants, while the bank will sponsor the activities of the committee, including workshops and training sessions.

Tremendous success

QDB CEO Abdulaziz bin Nasser Al KhalifaQDB CEO Abdulaziz bin Nasser Al Khalifa said: “Khatwa has experienced tremendous success since its launch and, here we are today, taking the initiative into the third year in a row. Through this program, the bank is giving the retirees tangible tools and approaches to improve their participation in the marketplace but also experience active ageing.”

Sultan Al Kuwari, QDB director of training and development, said: “We plan to implement the third stage of the program at two levels and tailored to the varying needs of participants. The first category will benefit individuals who have graduated from a public high school and below. The workshops for these participants will simplify the complexity of running a business and run for 16 weeks.”

The second category is directed at those university graduates and above who have existing knowledge of the English language. These workshops will run for 12 weeks.

The number of participants in each category range from 20 to 30 individuals, who will be selected by the General Retirement & Social Insurance Authority.

Successful community partnership

Khalifa Al Khulaifi, director of retirement authority, said: “The launch of the third stage confirms our success in establishing a successful community partnership, aimed at supporting retirees by developing their ideas and turning them into concrete economic programs as well as helping them find financing channels for their own projects.”

“We strive to build bridges of communication with various parties that can provide sufficient support to retirees, ones that allow them to meet their business goals. A successful example of this effort is the implementation of the first and second stage of the ‘Khatwa’ initiative, with the journey being continued to the third stage,” he added.

The implementation of the initiative will get underway this month and registration for public will be open for a period of two weeks. Registration can be completed online on the websites of QDB and the General Retirement & Social Insurance Authority.

Screening process

Following this, the registrants will be selected and screened by the newly-formed committee. Selection will be based on several criteria; age, years of experience and the viability of the applicant’s proposed project.

In addition to submitting a pre-feasibility study for the proposed project, attendance to workshops will demonstrate an applicant’s commitment and will be a key part of determining eligibility to funding.

Upon completion of the training program, QDB will grant the top five applicants access to offices in Qatar Incubation Center to begin establishing their projects, while the rest of the applicants will have the opportunity to obtain necessary finance.

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