‘Ruwad’ doubles ceiling of direct financing by over 100%

‘Ruwad’ doubles ceiling of direct financing by over 100%

SHARJAH, 7th March, 2023 (WAM) – The Sharjah Foundation for Supporting Entrepreneurship (Ruwad), which is affiliated with the Sharjah Economic Development Department, has announced a significant increase in the funding allocated to pilot projects for the current year. The value of the funding has been raised by more than 100 percent, from AED 2.5 million in 2022 to AED 6 million, in order to enable entrepreneurs to take advantage of available opportunities and expand their projects in various fields.

This decision aligns with Ruwad's objectives of supporting the citizens of the emirate to enhance their contribution to the national economy. The increase was approved during a meeting of the Foundation's Project Finance Committee, which was attended by Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Sharjah Economic Development Department, Hamad Ali Abdullah Al Mahmoud, Director of Ruwad and Chairman of the Project Finance Committee, and other members of the committee.

Sultan Abdullah bin Hadda Al Suwaidi commended the committee's efforts during 2022 and its role in developing financing mechanisms for small and medium enterprises. He also directed the need for follow-up on faltering projects and conducting standard comparisons with support funds to determine the best practices in this regard. The aim