Ruwad Rolls Out Incentives For Businesses Hit By Adverse Weather In Sharjah

In a significant move to support local entrepreneurs, the Sharjah Entrepreneurship Foundation "Ruwad," under the Department of Economic Development, has unveiled a comprehensive package of incentives and supportive measures. This initiative is aimed at aiding its member projects that were adversely affected by the harsh weather conditions experienced in mid-April. By collaborating closely with Sharjah's local emergency and crisis team, Ruwad is set to provide substantial support to ensure the continuity and resilience of these businesses.

Hamad Ali Abdullah Al Mahmoud, the Chairman of Ruwad, emphasized the foundation's dedication to bolstering national projects, highlighting its role in standing by them through various challenges. The initiative is designed to ensure that businesses can continue their operations smoothly, thereby enabling them to serve their customers without interruption and manage unforeseen expenses effectively.

The support package introduced by Ruwad includes 100% priority funding for essential project assets such as equipment, furniture, and raw materials. Additionally, it offers the possibility for affected projects to defer direct financing instalments with a grace period extending up to six months for repayment. This financial relief is crucial for businesses striving to recover from the impacts of the adverse weather conditions.

Ruwad's strategy involves a collaborative effort with strategic partners across governmental, semi-governmental, and private sectors. This partnership aims to facilitate the implementation of an external support plan tailored for affected businesses. Key features of this plan include exemptions from temporary permit fees for projects that need to relocate and prioritization of affected projects in securing designated spaces within government entities for their operations. The Department of Economic Development plays a pivotal role in this aspect, ensuring that these projects can continue their activities without significant disruptions.

This initiative by Ruwad and its partners reflects a strong commitment to sustaining the entrepreneurial ecosystem in Sharjah, especially in times of crisis. By providing timely and targeted support, Ruwad aims to mitigate the challenges faced by local businesses, ensuring they have the necessary resources to bounce back stronger. This approach not only aids in the immediate recovery of affected projects but also contributes to the long-term stability and growth of the entrepreneurial sector in the region.

With inputs from WAM