His Excellency Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Department of Economic Development in Sharjah, stressed that the establishment of the “Ruwad” virtual incubator comes in line with the directives of His Highness Ruler of Sharjah who pays great attention to the development of the entrepreneurship environment and sector and places it in its list of government priorities to empower entrepreneurs and integrate them into the labor market.
His Excellency explained that the incubator will provide everything that would enhance the entrepreneurship environment in the Emirate of Sharjah, overcome the obstacles that young people face at the beginning of establishing their business, and provide all aspects of support and follow-up in cooperation with all strategic partners to ensure the continuity and success of projects, by continuously measuring their development and growth and preparing periodic reports on it.
His Excellency added that the incubator will provide a set of facilities to its affiliated members, which include exemption from fees for government agencies in the Emirate of Sharjah for a period of 3 years from the date of the establishment of the project, and fees for awareness workshops and training programs organized by the Foundation, in addition to granting the project owner a 50% discount on fees. Participation in diploma programs, specialized programs, and priority to participate in exhibitions and conferences organized by the Foundation and government agencies.
For his part, His Excellency Hamad Ali Abdullah Al-Mahmoud, Director of the Ruwad Foundation, indicated that the Foundation will incubate the projects based on phases that extend over five years, in exchange for encouraging financial fees commensurate with the stages of project development and its revenues. The incubation of the project begins within the first phase in the first and second years within an incubator hypothetical for only 3 thousand dirhams per year, and in the third and fourth years, the owner of the project gets a realistic incubator for only 6 thousand dirhams per year.
In the fifth year, the project gives the opportunity to obtain an independent office in the business centers of the "Ruwad" partners, with reduced fees. The incubator will enhance opportunities for trade exchange between members of the institution through the (networking) initiative and provide the possibility of extracting residencies for workers on the subsidized license with a maximum of 3 residencies, with the possibility of integrating and involving a category of non-nationals with professional and academic skills and specializations within the supported projects to gain and exchange experience.
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