Sharjah24: The SME “Ruwad” affiliated with the Sharjah Economic Development Department (SEDD), gave the green light for six projects by Emiratis entrepreneurs for AED2,325,000 million, in light of the results of the Ruwad’s Project Finance Committee meetings.

Hamad Ali Abdullah Al Mahmoud, Head of the SEDD, stated that Ruwad, for the past 3 monthes, has been making tireless efforts to mobilise entrepreneurship in Sharjah and enhance the success of several projects by UAE nationals.

Al Mahmoud praised the outstanding cooperation that the entity enjoys from its partners. Several entities jumped on board with the list of government agencies that provide fee exemptions: the Sharjah Civil Aviation Department, the Sharjah Civil Defense Authority, and the Sharjah Private Education Authority—provided for the benefit of entrepreneurs, bringing the total number of 16 entities.

The report showed that during Q3 2023, 69 new projects joinedin, raising the number of projects to 101 projects, with an acceptance rate of (68.3%).

The businesses’ activities varied, some in the food and nutritional sector, the beauty sector, fashion design, as well as car washing. The rest of the activities were distributed to a varying extent in various commercial, service, and industrial fields.

The reports recorded that 57 projects were granted approval to renew their membership for the second and third years, allowing them to enjoy a complete exemption (100%) from government fees.

"Ruwad" intensified the implementation of its field visit plan to member projects during the past three months by conducting 51 visits, to follow up on the progress of work in these projects and see if there are hindering challenges that require intervention.

The foundation managed to give training workshops for those interested in entrepreneurship. 20 workshops and training programmes were offered, covering 37 training days and 157 training hours, in which 519 entrepreneurs participated.

The total purchases of Sharjah local government entities from Ruwad members for Q3 amounted to AED374,066, a qualitative increase of 49% over the total of these purchases in the same quarter of 2022.