Ruwad approves funding for 4 new projects worth Dhs720,000

The Project Funding Committee of the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) has approved funding for four new small businesses with a total value of Dhs720,000.

These approvals were based on the 32nd and 33rd meetings of the committee, held in January and March 2025, respectively.

The meetings were chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department, with the participation of committee members Saeed Ghanem Al Suwaidi, Faisal Jassim Al Madfa, Fahad Al Khameri, Dr Mudathir Abdullah, and Nora Al Zarooni.

Also present were members of the technical project funding committee, including Nasser Abdullah Al Owais, Deputy Head of Project Study and Analysis; Rashid Sawaked, Project Development Consultant; and Hamda Khater, Head of the Financing Division at Ruwad.

During these meetings, the committee reviewed new funding requests and approved financing for four entrepreneurial projects through the direct financing system. These projects span various sectors, including food businesses, beauty centres, cryotherapy, and entertainment services.

Of the approved projects, two are owned by female entrepreneurs, while the other two are jointly owned by both men and women. Additionally, in its January meeting, the committee reviewed a report on funded projects in 2024, which totaled 13 projects that received financial approval. All approvals were granted through direct financing by the foundation, with total funding reaching Dhs2.86 million.

Sharjah city accounted for 64 per cent of the funded projects, with nine projects, while four projects (29 per cent) were funded in the Eastern Region, and one project was supported in the Central Region.

The distribution by gender showed that 10 projects were owned by male entrepreneurs, while 4 projects were led by female entrepreneurs.

As part of its agenda, the committee also reviewed the foundation’s accounts and financial budget, in addition to discussing several development proposals and making the necessary decisions regarding their implementation.

Earlier as part of its efforts to enhance and stimulate the entrepreneurship environment in the Emirate of Sharjah, the Sharjah SME “Ruwad” announced the launch of the industrial sector financing programme, with a financing ceiling of up to AED800,000, in addition to other advantages related to the grace period and payment methods.

Hamad Ali Abdullah Al Mahmoud, Chairman of Sharjah Economic Development Department, said that the new financing programme approved by the Project Financing Committee in “Ruwad”, falls within Ruwad direct financing programmes, and provides financing facilities, advantages and incentives dedicated to priority industrial projects. He pointed out that the industrial sector occupies a major priority and special attention from Sharjah government as one of the most important drivers of national economic growth and a basic pillar for raising the gross domestic product in the emirate, and creating new jobs in the labour market.

Al Mahmoud added that Ruwad recognises the importance of moving forward in implementing its commitments towards supporting the interest of young citizens in starting projects that consolidate the position of Emirati industries, and working to implement initiatives and programmes that would enhance the products of these projects and promote them locally and support their exports to foreign markets.

He continued by saying that Ruwad is keen to participate in preparing a suitable and attractive business environment for entrepreneurs in the industrial sector and enhancing its competitiveness.

Al Mahmoud explained that the industrial sector financing programme covers a number of priority industrial activities and products, as it includes specific projects in the agricultural sector, food industries, spare parts and equipment manufacturing, aluminium and iron works, in addition to cleaning, sterilisation and personal care products (detergents, perfumes, etc.), and other fields that can be viewed and learned about through Ruwad website.

Al Mahmoud pointed out that the year 2024 saw the financing of two industrial projects with a total of Dhs 550,000, including financing the assets and operations of these projects, while the number of member projects in this sector increased to 17 industrial projects operating in various cities of the emirate.

“Ruwad” supports and develops small and medium-sized national projects in this sector through financial, advisory and technical empowerment aspects, evaluation and classification programmes, training and development, in line with the remarkable development and positive growth in the pace of establishing industrial projects established by Emirati entrepreneurs in various vital activities and fields.