Sharjah 24: The Project Finance Committee of Sharjah Entrepreneurship Foundation (Ruwad), affiliated to Sharjah Economic Development Department (SEDD) approved a proposal to finance purchase orders without interest for the benefit Ruwad members from existing projects, while approving the finance of two new projects with a total of 650 thousand dirhams.

The approval was decided in the fourth meeting of the committee for the year 2021, held at the headquarters of SEDD and headed by His Excellency Hamad Ali Abdullah Al Mahmoud, Director of Ruwad.

His Excellency Hamad Ali Abdullah Al Mahmoud explained that the committee approved the proposal submitted by the Ruwad technical committee to finance purchase orders intended for the benefit of existing projects that have not been established for more than 3 years. The approval covers invoices and contracts for providing service to the projects clients and tenders.

Al Mahmoud added that the new financing service aims to enable projects to maintain sufficient cash flow, facilitating opportunities to participate in tenders, supply purchases, and provide services to customers and clients, provided that the project owner later pays the value of the finance through monthly installments according to the specified period.

On the other hand, the committee reviewed the new funding requests submitted by projects during the third quarter of this year, which amounted to 6 requests, and took a decision to approve the financing of two projects with a total amount of 650 thousand dirhams, of which 250 thousand dirhams is asset financing through direct financing from the institution, and 400 thousand dirhams through Sharjah Islamic Bank.  The total number of projects financing requests, to-date, amounted to 11 projects, whereas 3 projects were approved, with a total of 950 thousand dirhams.