Ruwad Foundation Unveils Support For Sharjah SMEs In 2023 Report

The Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), under the Sharjah Economic Development Department (SEDD), has unveiled its 2023 Annual Report. Titled "Towards Leadership that Enriches Life," the report documents key achievements in supporting small and medium-sized enterprises (SMEs) in Sharjah. It also details various projects and initiatives carried out across the emirate over the past year.

Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, highlighted the significance of the entrepreneurship sector in enhancing the UAE's economic growth. He noted that this sector supports national production and diversifies services and products offered by local projects. Al Mahmoud remarked on the sector's qualitative development and positive changes, which have strengthened the UAE's global standing as a prime location for new businesses.

The 157-page report, divided into 12 sections, outlines collaborative efforts between RUWAD and other government and private entities in Sharjah and across the UAE. These partnerships aim to create a thriving economic environment for Emirati SMEs. The report also includes success stories of businesses that have excelled in their fields.

In 2023, RUWAD provided AED 3.875 million in funding to 11 member projects. Additionally, 291 new projects joined the membership network, while 391 projects renewed their membership. The Foundation organised 50 training programmes and professional diploma courses, benefiting 1,147 trainees. It also offered 99 consultations to help project owners enhance their businesses.

Al Mahmoud emphasised that these initiatives align with promoting entrepreneurship culture linked with innovation trends, artificial intelligence, national industry needs, and sustainable food security goals. He acknowledged support from H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince of Sharjah.

Fatima Al Ali, Acting Director of RUWAD, stated that Sharjah's economic sector is highly attractive for entrepreneurs due to a comprehensive system of incentives and facilities. This support helps entrepreneurs launch and grow their projects successfully.

Field Visits and Government Support

The Foundation conducted 176 field visits to member project sites in 2023, including 47 visits for project evaluation and classification. Projects received government fee exemptions totaling AED 7.6 million and secured government contracts worth over AED 2.8 million. Fourteen new projects were added to the supplier registry of the Sharjah Central Finance Department.

Amina Mohammed, Director of Training, Research, and Events at RUWAD, highlighted that their achievements in partnerships and community engagement are based on best global practices. This approach has facilitated the success and growth of startups and SMEs.

Community Engagement

The Foundation also conducted numerous visits and development meetings with government and private sector institutions throughout the year. They organised five community initiatives and participated in 15 community events.

Additionally, RUWAD added 16 projects to business centres and the virtual incubator "Masar." Eighteen deals were concluded under the "Tashbeek" initiative among members, while three memorandums of understanding were signed with strategic partners.

Al Mahmoud expressed confidence that future achievements will be driven by youth through their innovative ideas and leadership potential. These efforts will contribute to Sharjah's economic development and improve people's lives continuously.

With inputs from WAM