RUWAD Approves Funding For Four Entrepreneurial Projects Totaling AED 1.55 Million

The Sharjah Foundation for Supporting Entrepreneurial Projects (RUWAD) recently held its 35th meeting, where the Project Financing Committee approved four projects with a total funding of AED 1,550,000. The meeting was chaired by Hamad Ali Abdullah Al Mahmoud from the Sharjah Economic Development Department.

Two projects will receive direct funding through the RUWAD programme. One is a commercial venture in Al Saja'a, receiving AED 200,000, and the other is a vocational initiative in Dibba Al Hisn, also allocated AED 200,000. Additionally, an industrial sector project will get extra funding of AED 450,000 through direct financing.

A technical project will be supported with AED 700,000 through indirect bank financing. This year alone, the committee has approved nine projects in total. These include additional funding for some ventures, bringing the overall approved amount to AED 2,670,000.

During the meeting, members discussed several strategies to enhance support and funding for various initiatives. One proposal was to integrate technical evaluations with legal advice to improve decision-making processes. They also explored ways to streamline project initiation and supplier selection.

The committee considered methods to simplify finding suitable suppliers for monitoring, design, decoration, and construction needs. They also addressed issues like providing clear ownership information for projects and ensuring consumer protection. Understanding credit ratings was another topic of discussion.

The committee's efforts aim to facilitate smoother project execution and ensure that entrepreneurs have access to necessary resources and guidance. By addressing these areas, RUWAD seeks to foster a supportive environment for entrepreneurial growth in Sharjah.

With inputs from WAM