The Sharjah Entrepreneurship Foundation (Ruwad) affiliated to Sharjah Economic Development Department (SEDD) discussed a new set of funding requests submitted by a number of small and medium enterprises in the Emirate of Sharjah.

This came during the 8th meeting of the Foundation’s Project Finance Committee, and its second during 2022, which was held last week at the headquarters of the Department of Economic Development in Sharjah and headed by Hamad Ali Al Mahmoud, Director of Ruwad Foundation.

Hamad Ali Al-Mahmoud, Director of Ruwad, indicated that the funding requests presented to discuss about its service and commercial issues, and the necessary decisions were taken in light of the extent to which they meet and comply with the specifications, standards and conditions approved by the Ruwad for approval of its financing, including the ability of the advanced project for financing to provide new value to the market, as well as the chances of success of the project in dealing with current competitors working in the same activity.

Al-Mahmoud explained that the committee approved the request of one of the advanced projects for financing within the asset financing programme, and the project will work in the field of health fitness services by providing an integrated environment with advanced specifications for exercise and sports, and with an experienced management in this field, with a financing value of AED300,000.

The total approved financing amounts until the end of last February amounted to AED33 million, of which AED14.4 million were directly financed by the institution, AED18.6 million indirectly financed through Sharjah Islamic Bank, while the cumulative number of the total actually funded projects to date reached 73 projects.