Ministry Of Finance Partners With RUWAD To Enhance Support For SMEs In UAE

The Ministry of Finance has entered into a Memorandum of Understanding with the Sharjah Foundation for Supporting Entrepreneurial Projects (Ruwad), linked to the Sharjah Economic Development Department. This collaboration aims to bolster national projects and aid small and medium-sized enterprises (SMEs). The initiative is part of the National Entrepreneurship Campaign, The Emirates: The Startup Capital of the World, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum.

The agreement's primary goal is to enhance SME involvement in government procurement, encourage innovation, and unify federal and local efforts for growth, digital transformation, and job creation. It also includes cooperation in training, qualification, and information sharing. This aligns with the UAE’s ambition to become a global entrepreneurship hub by providing youth with comprehensive support programmes.

Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, stated that this agreement mirrors the Ministry’s vision to empower entrepreneurs. It supports their role in economic diversification and sustainable job creation. He highlighted that over 600 SME suppliers are already registered on the government’s digital procurement platform, which aligns with the Zero Government Bureaucracy Programme.

Hamad Ali Abdullah AlMahmoud, Chairman of the Sharjah Economic Development Department, expressed that this partnership will empower Ruwad members. It will enhance their reach across the nation, aiding the UAE’s goal to increase SME contributions to its economy. This collaboration is expected to provide significant support to entrepreneurs in various sectors.

The Ministry of Finance continues its support for SMEs through strategic policies and initiatives like the Mohammed bin Rashid Innovation Fund. This fund offers financing guarantees and non-financial assistance to entrepreneurs. Such measures are crucial for fostering innovation and ensuring sustainable economic growth within the country.

This MoU signifies a step towards strengthening SME participation in various economic activities. By integrating federal and local efforts, it aims to drive digital transformation and create more job opportunities. The focus on training and information exchange is expected to further equip entrepreneurs with necessary skills for success.

The collaboration between these entities underscores a commitment to nurturing entrepreneurship in the UAE. By providing integrated support programmes, it seeks to position the nation as a leading hub for startups globally. This initiative reflects a broader strategy aimed at enhancing economic resilience through diversified growth avenues.

With inputs from WAM