RUWAD approves financing for 4 projects worth Dhs1.55 million

The Project Financing Committee of the Sharjah Foundation for Supporting Entrepreneurial Projects (RUWAD) approved during its 35th meeting four projects at a total of Dhs1,550,000. The meeting was led by Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department.

The committee decided to directly fund two of these projects through the RUWAD programme. One project is a new commercial venture located in the Al Saja’a area (Dhs200,000), while the other is a vocational initiative in Dibba Al Hisn (Dhs200,000).

Additionally, the committee approved extra funding of Dhs450,000 for one project in the industrial sector, amounting to a specific sum, which will also be provided through direct financing. They also agreed to support another technical project with funding (Dhs700,00) through the bank, which will be done indirectly.

So far this year, the committee has approved a total of nine projects, including some that are getting extra funding. The overall amount of money approved for these projects comes to Dhs2,670,000.

The committee members talked about several ideas to improve the support and funding for various projects. One suggestion was to combine technical evaluations with legal advice to help ensure better decision-making. They also discussed ways to make it easier for projects to get started and find the right suppliers for their different needs, especially in areas like monitoring, design, decoration, and construction.

Additionally, they touched on other topics such as providing clear information about who really owns a project, protecting consumers, and understanding credit ratings.

In May, The Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), under the Sharjah Department of Economic Development, launched the first edition of the “Ruwad Community” initiative in Aljada.

The event brought together national small and medium enterprises (SMEs) and 20 private sector institutions, offering them dedicated spaces to showcase their services to entrepreneurs. The initiative aims to strengthen partnerships between SMEs and private companies, fostering a more vibrant entrepreneurial ecosystem in the emirate.

Twenty companies and organisations took part in the initiative, representing various sectors including banking, marketing, human resources, feasibility studies, accounting, and e-commerce. Their participation showcased the wide range of support services available to entrepreneurs in Sharjah.

Fatima Al Ali, Director of Ruwad, officially inaugurated the event, which was attended by more than 70 entrepreneurs, both male and female, including RUWAD members and young individuals interested in entrepreneurship. The event created valuable opportunities for networking and showcasing various business services.

Al Ali stated that the initiative seeks to create a dynamic platform that connects SMEs with private sector companies. She emphasised that the exposure to services and facilities offered by these companies can contribute to project development, access to competitive offers, and the signing of strategic contracts in administrative, financial, and marketing fields.

She extended her gratitude to the participating companies, highlighting the strong link between the private sector and entrepreneurship. She noted the vital role of private institutions in delivering high-quality, efficient services, supported by their broad expertise, knowledge, and advanced tools, ultimately creating added value for both sides and enhancing local and foreign investment.

The initiative also acted as an excellent promotional platform for Ruwad member projects, enhancing their revenue potential through possible contracts with private sector companies. The initiative connected members with fresh service providers and assisted the Ruwad team in refreshing its database of engaged and prospective individuals in the entrepreneurship landscape within and outside Sharjah.

Last Year, RUWAD reported that its member projects had earned Dhs3,484,680 in government contracts across the UAE, a 23.9% increase from 2023.

Acting Director Fatima Al Ali stated that this rise underscores RUWAD members’ strong position as trusted providers to federal and local government agencies. It also demonstrates a growing trust in the quality of services and goods provided by Emirati entrepreneurs, reinforcing their position in national development and public-private collaborations.

She stated that RUWAD is dedicated to increasing its members’ competitiveness through focused training programmes, awareness workshops, and discussions on government procurement methods. Members are also urged to join approved supplier platforms and take part in digital tendering processes.

WAM