RUWAD approves funding for 3 new projects worth Dhs1.577m

The Project Finance Committee of the Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), of Sharjah Economic Development Department (SEDD), held its third meeting in 2026, chaired by Hamad Al Mahmoud, Chairman of the SEDD.

Held at the SEDD’s headquarters, the Project Finance Committee reviewed the approved project funding balance for 2026 and a summary of funding decisions issued through the institution's direct funding program and indirect funding through banks.

Hamda Al Hammadi, a member of the Technical Committee for Project Financing, presented the list of projects that submitted funding requests and requested reconsideration of previous decisions issued regarding a group of projects, and the necessary decisions were made.

The committee approved funding for three new entrepreneurial projects with a total funding value of Dhs1.577 million. This included funding for an industrial project worth Dhs400,000, a project in the professional sector specialising in issuing quality, evaluation, and standards certificates worth Dhs177,000, and a third joint project between five entrepreneurs in the hospitality sector worth Dhs1 million.

The total number of projects that have received funding approvals from the committee during 2026 until the end of July is 7 projects, with a total funding value of Dhs3.2 million.

In January, the Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), approved funding for two new entrepreneurial projects with a total value of Dhs800,000.

The decision was taken during the Foundation’s 40th Project Funding Committee meeting, the first of 2026, held at SEDD headquarters under the chairmanship of Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, and attended by committee members and senior officials.

Al Mahmoud commended the committee’s efforts in 2025, during which eight meetings were held, stressing the importance of continued support for national small and medium enterprises to strengthen economic development and enhance diversification and competitiveness across the Emirate’s sectors.

The committee reviewed the 2025 financing ceiling and funding outcomes, which included 21 approved projects valued at Dhs6 million. Of these, 19 projects received direct funding amounting to Dhs4.3 million, while two projects were approved for bank financing totalling Dhs1.7 million.

During the meeting, the Technical Committee for Project Funding reviewed new funding applications and reconsideration requests, and approved funding for two projects in the Emirate. One project received direct funding of Dhs100,000, while the second was approved for indirect bank financing of Dhs700,000.

The committee also approved the financing ceiling for the first half of the current year and directed the preparation of a new project evaluation framework.

In addition, several recommendations were endorsed to enhance project support, including the launch of specialised training programmes in financial budgeting, cash flow management and quality assurance, as well as measures to expand access to suppliers, improve competitive pricing opportunities, and determine contribution ratios for new projects based on funding levels and credit assessments.

In October 2025, Ruwad approved funding for three projects in the Emirate, totalling Dhs1.8 million.

This was announced during the 38th meeting of the Foundation’s Project Financing Committee, chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the SEDD.

The meeting agenda included reviewing project funding applications. The committee approved direct funding of Dhs400,000 for a professional project in Kalba, and AED 400,000 for an industrial project in Sharjah under the direct funding scheme supporting the industrial sector. Another industrial project was approved for Dhs1 million through indirect financing via a bank.

By mid-October, the total number of projects approved by the Project Financing Committee in 2025 reached 19, with total funding of Dhs5.66 million.

Hamad Al Mahmoud highlighted that the new approvals reflect Ruwad’s commitment to empowering Emirati entrepreneurs and enhancing their role in supporting comprehensive economic development in the emirate by providing suitable financial solutions that sustain and expand their projects locally and internationally.

He added that the committee continues to evaluate funding applications using strict criteria to direct resources toward economically viable projects, boosting Sharjah’s business competitiveness and supporting the emirate’s goals of nurturing entrepreneurship and creating growth opportunities for national projects.

WAM