Sharjah Foundation Approves AED 800,000 To Support Two New Entrepreneurial Projects

The Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), part of the Sharjah Economic Development Department (SEDD), has agreed to fund two new entrepreneurial projects worth AED800,000. The decision comes from RUWAD’s 40th Project Funding Committee meeting, the first session of 2026, held at SEDD headquarters and focused on strengthening small businesses.

During the meeting, the Technical Committee for Project Funding examined fresh applications and reconsideration requests before approving support for two projects in the Emirate. One project secured direct RUWAD funding of AED100,000, while the second obtained indirect bank financing of AED700,000, reflecting the Foundation’s mix of direct and partnership-based financial support.

Committee members also assessed funding performance for 2025, reviewing the overall financing ceiling and outcomes achieved. Across that year, eight committee meetings led to approval of 21 projects with a combined value of AED6 million. Of these, 19 initiatives received direct funding totalling AED4.3 million, while two projects were supported through bank financing worth AED1.7 million.

The meeting at SEDD headquarters was chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, with committee members and senior officials attending. Al Mahmoud praised the committee’s work in 2025 and highlighted the need for ongoing assistance to national small and medium enterprises to support economic development, diversification and competitiveness across Sharjah’s sectors.

Alongside project approvals, the committee endorsed the financing ceiling for the first half of 2026. Members also instructed teams to design a new project evaluation framework. This framework is expected to refine how applications are assessed, ensuring funding decisions align with strategic economic priorities and the practical needs of emerging enterprises.

The committee adopted several recommendations to expand non-financial support for entrepreneurs. These include specialised training programmes in financial budgeting, cash flow management and quality assurance, as well as steps to widen access to suppliers and improve competitive pricing opportunities. The committee also agreed to set contribution ratios for new projects based on funding size and credit evaluations, aiming to reinforce sustainable growth for Sharjah-based ventures.

With inputs from WAM