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Wednesday, October 4, 2023

Ruwad funds three Q2 projects

Ruwad, affiliated with the Sharjah Economic Development Department, approves funding for three projects after assessing 15 requests in different sectors from April to June. The Chairman of the Sharjah Economic Development Department, Sultan Abdullah bin Hadda Al Suwaidi, praised government support for small and medium enterprises, motivating them to establish more commercial, service, and industrial projects, contributing to Sharjah’s economic growth.

Hamad Ali Abdullah Al Mahmoud, Director of Ruwad, highlighted the significant interest in the Foundation’s initiatives and services during the second quarter, with a growing number of entrepreneurs seeking to establish individual and group projects. The government purchases from Ruwad members surpassed AED 968,000 during this period.

In the second quarter, 102 projects applied for Ruwad membership, with 66 being approved, and 69 projects received approval for membership renewal, exempted from government fees. Additionally, the membership of 14 projects was extended for the fourth or fifth year with a 50% fee exemption.

Regarding project classification, the food sector constituted 39.4% of the approved projects, followed by women’s fashion design and sewing (9.1%), beauty centers (7.6%), car maintenance (6.1%), and trading flowers, natural plants, and car washes (4.5%). Other fields like law firms, fitness clubs, restaurant management, perfume trade, gift trade, and others accounted for 1.5% each.

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