"Ruwad" approves AED700, 000 for new entrepreneurial project

March 10, 2026 / 1:52 PM

Sharjah24: The Project Financing Committee of the "RUWAD", affiliated with Sharjah Economic Development Department (SEDD) (SEDD), held its 41st meeting at the department’s headquarters. The meeting was chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Department, and attended by committee members Saeed Ghanem Al Suwaidi, Faisal Jassim Al Midfa, Fahd Al Khumairi, Dr Mudathir Abdullah, and Noura Al Zarooni.

Also participating in the meeting were Fatima Hassan Al Ali, Director of the Foundation and Chairperson of the Technical Committee for Project Financing, along with technical committee members Rashid Suwaqed, Nasser Abdullah Al Owais, and Hamda Mohammed Al Hammadi.

Review of 2026 financing balance and funding decisions

During the meeting, the committee reviewed the approved financing balance for 2026, as well as financing decisions issued through the Foundation’s direct financing programme and the indirect financing programme through banks.

Hamda Mohammed Al Hammadi delivered a detailed presentation on the list of projects that had submitted financing applications, in addition to requests for reconsideration of previous decisions issued regarding a number of projects. These requests were discussed and the appropriate decisions were taken.

Approval of AED700,000 financing for sports sector project

The committee approved financing for a project specialising in the sports sector through the indirect financing system via a bank, with a value of AED700,000, reflecting the Foundation’s commitment to supporting quality projects with economic feasibility in vital sectors.

With this approval, the total number of projects granted financing approvals by the committee during 2026 up to the end of last February reached three projects, with a total financing value of AED1.5 million.

Strengthening project evaluation and governance

The committee also directed the preparation of a comprehensive framework for a project evaluation matrix for financing applications. This framework will include specific elements such as the applicant’s credit report, deduction ratio, and the project owner’s monthly salary, with the aim of enhancing the accuracy of application assessments and reinforcing principles of governance and transparency in financing mechanisms.

Continued support for Emirati entrepreneurs

At the conclusion of the meeting, the committee reaffirmed its commitment to developing financing policies and programmes that empower Emirati entrepreneurs, support the sustainability of their projects, and strengthen their contribution to the growth and competitiveness of Sharjah’s economy.