The UAE’s Ministry of Finance has signed a Memorandum of Understanding (MoU) with the Sharjah Entrepreneurship Foundation (Ruwad), which operates under the Sharjah Economic Development Department. The partnership aims to enhance joint cooperation in supporting national projects, empowering entrepreneurs, and bolstering the Small and Medium-sized Enterprise (SME) sector.
A Strategic Push For Entrepreneurship
This collaboration aligns with the objectives of the national campaign, “The Emirates is the Capital of Entrepreneurs in the World,” launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The initiative seeks to solidify the UAE’s position as a global hub for entrepreneurship by providing comprehensive support for Emirati youth to leverage the nation’s unique economic environment through specialized programs. The MoU was officially signed in Dubai by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department.
Unlocking Government Opportunities
A key objective of the MoU is to create opportunities for national entrepreneurs to participate in the government procurement system. This initiative aims to integrate SMEs into the federal supply chain, providing them with significant business prospects. The partnership will also involve organizing training workshops focused on the privileges offered to SMEs and the specific mechanisms for registering and participating in federal government tenders, thereby demystifying the process for emerging businesses.
Fostering Innovation And Local Growth
The agreement is designed to leverage the combined capabilities of both entities to support the sustainability of entrepreneurial projects, contributing directly to the diversification of the national economy. By backing innovative ideas and strengthening the role of entrepreneurs, the partnership aims to develop competitive projects in the local market and improve the quality of domestic production. The framework also includes provisions for the exchange of expertise, information, and statistics, alongside joint efforts in training and qualification to further develop the entrepreneurial ecosystem.
About The Sharjah Entrepreneurship Foundation (Ruwad)
The Sharjah Entrepreneurship Foundation (Ruwad), part of the Sharjah Economic Development Department, is an organization dedicated to supporting and empowering entrepreneurs in the Emirate of Sharjah. It provides a range of services including financial and technical support, training, and mentorship to help foster the growth of small and medium-sized enterprises and cultivate a vibrant culture of innovation and entrepreneurship.
Source: Emarat Al Youm
