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This is part of the financing and support services the foundation provides to national small and medium-sized enterprises (SMEs) in the Emirate of Sharjah. This brings the total number of entrepreneurial projects benefiting from the financing programme since the foundation’s inception until the end of last year to 106 projects, with total financing exceeding AED 43.5 million.
Ms. Amina Mohammed, Acting Director of Sharjah Entrepreneurship Foundation “Ruwad” said that Ruwad continues to implement its ambitious strategic vision to stimulate the entrepreneurial ecosystem in the Emirate of Sharjah and strengthen its established position as an inspiring and supportive hub for Emirati entrepreneurs of both genders.
Ms. Amina Mohammed added that Ruwad is a preferred destination for those seeking to venture into freelance business, specifically entrepreneurship. This is achieved through the services and incentive programmes it provides that create a conducive environment for the launch of small and medium enterprises across all sectors. It also provides various facilities, benefits, and opportunities to ensure their development and increase their competitiveness. It also entres into effective institutional partnerships with government and private entities in this direction. This contributes to diversifying the local economy, supporting strategic government projects, and achieving the emirate's comprehensive development goals.
Amina Mohammed explained that, based on the cumulative development of the results of the financing programme provided by the Foundation from 2005 to the end of 2024, the total number of projects funded reached 106. AED 21,976,200 were disbursed through the Foundation's direct financing system, representing 50.4% of the total estimated funding, while AED 21,610,000 was provided through indirect financing via banks, representing 49.6% of the total.
The Acting Director of Sharjah Entrepreneurship Foundation “Ruwad” added that the total number of projects applying for funding in 2024 reached 42, compared to 30 projects in 2023, representing a growth rate of 43.3%. She noted that the projects funded in 2024 were distributed by gender: 10 projects owned by male entrepreneurs and 3 projects owned by female entrepreneurs. These projects were classified as 54% in the commercial sector (7 projects), 31% in the professional sector (4 projects), and 15% in the industrial sector (2 industrial projects).
In terms of financing amounts, commercial sector projects accounted for the largest share, amounting to AED 1,310,000, representing 45.8%. Occupational sector projects received a total financing amounting to AED 1 million, representing 35%. Industrial sector projects received AED 550,000, representing 19.2%.
According to the geographical distribution of the funded projects, 8 projects (61%) were in Sharjah, 4 projects (31%) were in the Eastern Region of the emirate, and 1 project (8%) was in the Central Region.
In terms of the legal form of the funded projects, 11 projects were sole proprietorships, while 2 projects were limited liability one-person companies.
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