The approval of this increase came during the meeting held by the Foundation's Project Finance Committee, in the presence of Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the SEDD, and with the participation of Hamad Ali Abdullah Al Mahmoud, Director of the "Ruwad" and Chairman of the Project Finance Committee, as well as members of the committee.
Sultan Abdullah bin Hadda Al Suwaidi praised the committee's efforts during the year 2022, and praised its role in developing financing mechanisms for small and medium enterprises, and directed the necessity of following up on faltering projects and conducting standard comparisons with support funds to see the best practices in this regard, and to learn about the procedures followed, enable the owners of these projects to achieve success and contribute to the process of economic and cultural renaissance in the Emirate of Sharjah and the UAE at large.
For his part, Hamad Al Mahmoud confirmed that last year witnessed the financing of eight commercial projects from the Foundation’s direct financing programme, with a total value of 2,017,000 dirhams, which included various activities, including sports services, fitness clubs, boat rental, technical and vocational training, and industry bags, and beauty centrse, reflecting the multiplicity of orientations of entrepreneurs, their keeping pace with market needs, and their keenness to serve society in all fields.
Al Mahmoud praised the efforts of the Project Finance Committee and the recommendations submitted by its members, which contributed to developing work mechanisms and strengthening the role of the committee in supporting owners of small and medium enterprises to continue their businesses and expand their activities. He expressed his aspiration to continue the effort during the current year and to adopt more facilities in the mechanisms of applying for financing requests without specifying sectors or restricting specific commercial activities, and focusing mainly on the quality of the project idea and its economic feasibility.
The meeting witnessed a presentation by Hamad Al Mahmoud of the ongoing efforts to develop tight mechanisms for financing projects from the direct financing programme in order to avoid their stumbling, in cooperation with the Sharjah Islamic Bank. He also presented proposals regarding the implementation of activities and the allocation of a prize for the best project idea for university students, and work on designing a financing programme that suits this category. He also proposed the launch of new communication platforms through digital channels, including the establishment of a "podcast" channel for the Foundation, in which successful entrepreneurs are interviewed and the Foundation's services and initiatives are presented. The meeting also included discussing a number of new funding requests and studying their economic feasibility.
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