RUWAD approves financing for 4 projects worth AED1.55 mn

Sharjah 24

2 days ago

Intensive efforts to launch and sustain projects
Hamad Ali Abdullah Al Mahmoud, who leads the Sharjah Economic Development Department and heads the Project Financing Committee at the Sharjah Foundation for Supporting Entrepreneurs (RUWAD), has emphasized the committee's ongoing commitment to helping small and medium-sized businesses in Sharjah. He highlighted that they are working hard to provide financial support that is flexible and tailored to meet the needs of these businesses, which is crucial for their growth and success. Al Mahmoud explained that the committee carefully reviews the projects submitted to them, ensuring that they provide the right assistance to promising new ideas. This support is intended to help these initiatives thrive, add value to the local economy, and align with Sharjah's vision of becoming a hub for knowledge and innovation.
Diverse agenda
The meeting took place at the SEDD headquarters in Sharjah, where the attendees discussed several important topics. They reviewed the budget for 2025 and went over the financial records of RUWAD. Additionally, they looked at a list of projects that are seeking funding for the first time or need more financial support. The meeting also featured a presentation of projects that were being reconsidered for funding.
New financing approvals
During the recent committee meeting, a total of AED 1,550,000 was approved to support four different projects. The committee decided to directly fund two of these projects through the RUWAD program. One project is a new commercial venture located in the Al Saja'a area, while the other is a vocational initiative in Dibba Al Hisn.
Additionally, the committee approved extra funding 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 through the bank, which will be done indirectly.
9 projects beneficiary since the beginning of the year
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 2,670,000 AED.
Supportive development proposals
At the end of the meeting, 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.