Sharjah 24: The Project Financing Committee of Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) held its 29th meeting, chaired by His Excellency Hamad Ali Abdullah Al Mahmoud, Chairman of the Committee and Chairman of Sharjah Economic Development Department (SEED).
The meeting was attended by committee members, His Excellency Faisal Jassim Al Madfa, Dr. Mudthar Abdullah, Mr. Fahad Al Khamiri, and Ms. Noura Al Zarouni.
From the Technical Committee for Project Financing, the meeting was attended by Fatima Hassan Al Ali, Chairman of the Technical Committee and Director of the Project Support and Financing Department, and members Rashid Sawaqed, Advisor to the Foundation, and Nasser Abdullah Al Owais, Deputy Head of the Project Study and Financing Department.
His Excellency Hamad Al Mahmoud stressed the importance of the vital role played by the Project Financing Committee to supporting and developing the entrepreneurial environment in the Emirate of Sharjah.
Al Mahmoud praised the steps taken by the committee to provide the necessary funding and technical advice to entrepreneurs, which enhances the chances of success of small and medium enterprises. Al Mahmoud added that through the committee’s efforts, it creates a stimulating environment for growth and innovation, allowing entrepreneurs the opportunity to expand and make effective contributions to the local economy in the emirate. The committee is also committed to supporting promising projects in different sectors that enhance economic diversity and open new horizons for growth that serve the UAE national goals and strategies.
During the meeting, Mr. Nasser Al Owais, member of the Technical Committee, gave a detailed presentation of the projects submitted for financing, and the status of the projects that were financed in 2024.
Al Owais also touched on the latest developments in the balance of funding, and presented the latest work carried out by Ruwad to support entrepreneurship in Sharjah. He added that the financing ceiling for the first half of 2024 reached AED 3 million, 6 projects were financed until the end of May with a total value of AED 1.56 million, with a remaining balance available for funding of AED 1.44 million.
The meeting also reviewed the progress of 4 newly financed projects, as well as reviewed requests for financing for 9 new projects in a number of fields including commercial, sports, food, hospitality, and others. Members discussed the necessary assessments and recommendations to support projects to ensure their continuity and achieve their pioneering goals. In addition, two proposals by His Excellency Saeed Ghanem Al Suwaidi were discussed to establish annual and monthly investment deposits, with the aim of enhancing investment returns on available funds.
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