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RUWAD approves financing for 4 projects worth AED1.55 mn
RUWAD approves financing for 4 projects worth AED1.55 mn

Sharjah 24

time4 days ago

  • Business
  • Sharjah 24

RUWAD approves financing for 4 projects worth AED1.55 mn

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.

RUWAD approves financing for 4 projects worth $422k
RUWAD approves financing for 4 projects worth $422k

Zawya

time4 days ago

  • Business
  • Zawya

RUWAD approves financing for 4 projects worth $422k

SHARJAH: The Project Financing Committee of the Sharjah Foundation for Supporting Entrepreneurial Projects (RUWAD) approved during its 35th meeting four projects at a total of AED 1,550,000. 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 (AED 200,000), while the other is a vocational initiative in Dibba Al Hisn (AED 200,000). Additionally, the committee approved extra funding of AED 450,000 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 (AED 700,00) 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 AED 2,670,000. 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.

RUWAD approves financing for 4 projects worth Dhs1.55 million
RUWAD approves financing for 4 projects worth Dhs1.55 million

Gulf Today

time4 days ago

  • Business
  • Gulf Today

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

Sharjah: New investors can apply for 'instant licence' without lease agreement, contract
Sharjah: New investors can apply for 'instant licence' without lease agreement, contract

Khaleej Times

time29-06-2025

  • Business
  • Khaleej Times

Sharjah: New investors can apply for 'instant licence' without lease agreement, contract

Sharjah launched an "instant licence" service, enabling investors and entrepreneurs to issue a commercial license immediately without the need to attach a written contract or lease agreement for the first year. This service is issued by the Sharjah Economic Development Department (SEDD) within one day, and covers all office activities that do not require approvals from other authorities, with the licence allowing up to three employees. The instant licence enables investors to conduct their business immediately, while speeding up procedures, and increasing economic growth rates in the emirate. The instant licence does not involve the procedure that applies to regular licenses. This service helps investors in their businesses in the first year, and then in fulfilling the special licensing conditions in the second year. Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, affirmed that the service comes within the framework of department's strategy aimed at supporting the emirate's economic diversification and sustainable growth process.

Sharjah's economic department introduces AI trade name service, cutting processing time by 98%
Sharjah's economic department introduces AI trade name service, cutting processing time by 98%

Arabian Business

time15-05-2025

  • Business
  • Arabian Business

Sharjah's economic department introduces AI trade name service, cutting processing time by 98%

Sharjah Economic Development Department (SEDD) launched a trade name issuance service using artificial intelligence (AI), marking a significant step forward in the department's digital transformation journey. The initiative is aimed at improving the service experience for individuals and businesses. The new service represents a fundamental shift in restructuring procedures, reducing the time and effort required to complete transactions through SEDD's various channels. The service will deploy AI technologies to analyse the nature of commercial activity and suggest innovative names that comply with regulatory requirements. The new service will reduce the completion process of trade name issuance by up to 98 per cent, the department said. Hamad Ali Abdullah Al Mahmoud, SEDD Chairman, said the trade name issuance service has been developed to provide a unified and integrated digital experience based on AI and operational flexibility, meeting the aspirations of customers across various sectors. It also enhances the flexibility and efficiency of the emirate's business environment, facilitates the establishment of companies and businesses across various disciplines, and boosts the attractiveness of local and foreign investments in Sharjah, he said.

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