53 new projects join Ruwad in first quarter of 2022

His Excellency Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Department of Economic Development in Sharjah, affirmed that the directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, and the vigorous follow-up of His Highness Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Executive Council, to empower entrepreneurs and integrate them into the labour market, by approving the financing of a number of new commercial projects, with an estimated value of one million and 90 thousand dirhams.

His Excellency Sultan Abdullah bin Hadda Al Suwaidi pointed out that “Ruwad” is consolidating its successes and continuing its efforts in terms of promoting and facilitating the practice of business for young citizens with ambition and innovation in the Emirate of Sharjah to establish and develop their pioneering projects, whereas "Ruwad" intensified its endeavours to communicate and provide its services to entrepreneurs in the areas of finance, membership, consulting and training services, as well as community initiatives and other institutional partnerships.

His Excellency Hamad Ali Abdullah Al Mahmoud, Director of Ruwad, explained that according to the data of the first quarterly report for the year 2022, the number of SMEs that have applied for membership in the Foundation has reached 76 projects, 53 of which have obtained approval and affiliation with membership after meeting the criteria and conditions.

Al Mahmoud added that by distributing these new projects joining the membership, Emirati entrepreneurs owned 32 of these projects, of which 19 projects are owned by Emirati women entrepreneurs.

Al Mahmoud clarified that the total number of renewed projects for the second or third year has been approved amounting to 74 projects, and they are exempted from all government fees.

In terms of financing services, the Ruwad Project Finance Committee agreed to finance 4 new projects with a total financing value of one million and 90 thousand dirhams. These projects were distributed among various commercial and service sectors, bringing the total projects funded by the Ruwad until the end of last March to 74 small and medium projects.

Ruwad launched the (Financial Efficiency) initiative for member projects with the aim of strengthening the integrity of their financial performance and the smooth running of their internal financial procedures and operations, through the Ruwad holding of strategic partnerships with accounting and auditing solutions companies and providing financial systems for auditing the financial statements of member projects. 

In January 2022, Ruwad celebrated the winning student projects of the “Business Stars” initiative in its seventh edition, which was organised in December 2021 in cooperation with the Sharjah Education Council and with the participation of 99 students who represented 40 student groups from schools and universities.