"Ruwad" agrees 1,670,000 dirhams for finance projects

This came during the sixth meeting of the committee for the year 2021, which was held at the headquarters of the Department of Economic Development in Sharjah and headed by His Excellency Hamad Ali Abdullah Al Mahmoud, Director of Ruwad.

Hamad Ali Abdullah Al Mahmoud explained that the committee reviewed a number of funding approval requests submitted by a group of projects, as it approved the financing of two projects using the direct financing system by the Foundation, at a rate of 320,000 dirhams for the first project and 350,000 dirhams for the second project, while a project was financed the third in the indirect financing system through banks, with a value of one million dirhams, bringing the total number of projects that have been approved for financing during the current year to 6 projects, with a total of 2,620,000 million dirhams, including 4 projects under the direct financing system, with a value of 1,220,000 dirhams, and two projects in the indirect financing system, with a financing value of up to 1,400,000 dirhams.

The Director of "Ruwad" indicated that the three projects were divided into two service projects, the first in the field of food delivery and the second in the field of renting sports stadiums and practicing boxing and crossfit, as well as an industrial project in the field of rubber industry through recycling used tires.

The meeting’s topics also included discussing the appropriate mechanisms to reduce the risks of financing provided by the Foundation to small and medium enterprises, especially in the event that some of these projects are unable to fulfill their financing obligations, and at the same time ensure support for the efforts of these projects in developing their services and products and expanding their business base.