‘Ruwad’ approves Dhs1.5 million in SME financing for early 2026

The Project Financing Committee of the “RUWAD”, affiliated with Sharjah Economic Development Department (SEDD), held its 41st meeting at the department’s headquarters, chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Department.

The meeting was attended by committee members and Fatima Hassan Al Ali, Director of the Foundation and Chairperson of the Technical Committee for Project Financing.

The committee reviewed the approved financing balance for 2026, as well as financing decisions issued through the foundation’s direct financing programme and the indirect financing programme through banks.

The participants presented a list of projects that had submitted financing applications, along with requests for reconsideration of previous decisions on several projects. The committee discussed the requests and took the necessary decisions.

The committee approved Dhs700,000 in financing for a sports sector project through the indirect financing system via a bank, reflecting the foundation’s support for economically viable projects in key sectors.

With this approval, the number of projects granted financing by the committee in 2026 up to the end of February reached three, with a total value of Dhs1.5 million. The committee also directed the preparation of a comprehensive evaluation framework for financing applications. The framework will include criteria such as the applicant’s credit report, deduction ratio and the project owner’s monthly salary, with the aim of enhancing assessment accuracy and strengthening governance and transparency in financing mechanisms.

At the end of the meeting, the committee reaffirmed its commitment to developing financing policies and programmes that empower Emirati entrepreneurs, support the sustainability of their projects and enhance their contribution to Sharjah’s economic growth and competitiveness.

Meanwhile the Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), affiliated with the Sharjah Economic Development Department (SEDD), has approved funding for two new entrepreneurial projects, with a total financing value of Dhs800,000.

This came during the 40th meeting of the Foundation’s Project Funding Committee – the first of 2026 – held last week at the Department’s headquarters under the chairmanship of Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department (SEDD).

The meeting was attended by committee members Saeed Ghanem Al Suwaidi, Faisal Jassim Al Madfa’a, and Dr Muddathir Abdullah, alongside Fatima Al Ali, Acting Director of the Foundation and Chair of the Technical Committee for Project Funding, and committee members Nasser Al Owais and Advisor Rashid Swaqad.

At the start of the meeting, Hamad Ali Abdullah Al Mahmoud praised the committee’s efforts during 2025, which saw eight meetings held, emphasising the importance of continuing to provide all means of support and funding for national small and medium enterprises, thereby enhancing economic development and contributing to the diversification and competitiveness of activities and services across all sectors in the Emirate.

During the meeting agenda, attendees reviewed the status of the financing ceiling allocated for 2025, as well as a summary of the approved funding decisions during the past year, which totalled 21 approvals amounting to Dhs6 million.

Of these, 19 approvals were through the direct funding programme with a value of Dhs4.3 million, and two approvals were via bank financing amounting to Dhs1.7 million.

The Technical Committee for Project Funding also reviewed the list of new projects submitted for funding, as well as a number of reconsideration requests for projects that had not been approved in previous meetings, and made the appropriate decisions regarding them.

The committee decided to fund two new projects in the Emirate.

The first project received direct funding from the Foundation amounting to Dhs100,000, while the second project received approval for indirect funding of Dhs700,000 through the bank.

Under other business, the committee approved the financing ceiling allocated for the first half of the current year and instructed the preparation and submission of a new framework for project evaluation.

As part of developing efforts to support projects, the committee also approved implementing a number of recommendations and proposals, including launching specialised training programmes in preparing financial budgets for establishing projects, cash flow management, and quality assurance. Additionally, a plan was approved to enhance members’ access to a wider range of suppliers to increase opportunities for competitive pricing, as well as determining the contribution ratio for new projects according to the funding amount and credit reports.

Agencies