In a significant move to bolster its entrepreneurial landscape, the Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), an initiative under the Sharjah Economic Development Department (SEDD), has approved AED 800,000 ($217,835) in new financing for two local projects. This decision reinforces the emirate’s commitment to nurturing its small and medium enterprise (SME) sector as a cornerstone of economic diversification.
A Commitment to Growth
The funding was announced following the foundation’s 40th Project Funding Committee meeting, the first of 2024. Chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, the meeting highlighted RUWAD’s consistent support for local businesses.
Al Mahmoud noted the committee’s achievements in 2023, during which eight meetings resulted in the approval of 21 projects, channeling a total of AED 6 million ($1.63 million) into the ecosystem. This included $1.17 million in direct funding and $462,899 through bank financing arrangements. The latest allocation continues this momentum, with $27,229 designated for direct support to one project and $190,605 in indirect bank financing for another.
Strategic Enhancements for Entrepreneurs
Beyond capital, RUWAD is focused on fostering long-term sustainability for the ventures it supports. The committee endorsed several new measures aimed at enhancing project success, including the development of a new project evaluation framework.
Entrepreneurs will gain access to specialized training programs covering crucial areas like financial budgeting, cash flow management, and quality assurance. Furthermore, the foundation plans to expand entrepreneurs’ access to suppliers, improve competitive pricing opportunities, and refine contribution ratios based on funding levels and comprehensive credit assessments.
These strategic initiatives are designed to equip founders with the tools and knowledge necessary to navigate the market effectively, positioning Sharjah as an increasingly attractive hub for innovation-driven entrepreneurship.
About RUWAD
The Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD) is an entity operating under the Sharjah Economic Development Department (SEDD). Its primary mission is to empower and support national small and medium enterprises (SMEs) within the Emirate of Sharjah. Through targeted funding, strategic training, and ecosystem support, RUWAD plays a vital role in driving economic diversification and fostering a competitive, innovation-led business environment.
Source: Fast Company Middle East
