• Business

Ruwad’s Project Finance Committee Approves AED375,000 in Funding for Promising Ventures

by Swati Gupta

July 16, 2023 19

In a recent development, the Project Finance Committee of the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) has granted financial approval for two innovative projects, totaling AED375,000. The committee thoroughly evaluated the proposals to ensure they met Ruwad’s stringent conditions and standards before giving their stamp of approval.

Chaired by Hamad Ali Abdullah Al Mahmoud, the Director of Ruwad and Chairman of the Project Finance Committee, the meeting took place at the headquarters of the Sharjah Economic Development Department, with the attendance of esteemed committee members.

Recognizing the vital role of small and medium enterprises (SMEs) in bolstering the national economy and driving the prosperity of various sectors that benefit society, Al Mahmoud emphasized their significance. Ruwad, through its support and financial backing, aims to nurture and empower entrepreneurs who demonstrate exceptional potential.

The funding approvals come as a result of Ruwad’s commitment to fostering an entrepreneurial ecosystem that nurtures promising ventures. By providing financial assistance to aspiring entrepreneurs, Ruwad aims to catalyze economic growth and contribute to the overall development of the region.

During the committee’s deliberations, a comprehensive evaluation was conducted to assess the viability, potential, and compliance of the projects with Ruwad’s guidelines. The proposals underwent rigorous scrutiny to ensure that they align with Ruwad’s vision and mission of promoting entrepreneurship and driving innovation.

Ruwad’s support extends beyond financial aid, as it also offers valuable mentorship and guidance to entrepreneurs throughout their journey. By leveraging their vast network and expertise, Ruwad assists in maximizing the chances of success for the selected projects. This comprehensive approach aims to empower entrepreneurs and enable them to transform their innovative ideas into thriving businesses.

The approved projects not only exhibited exceptional promise but also demonstrated a strong alignment with Ruwad’s focus areas. By investing in these ventures, Ruwad aims to stimulate sectors that contribute to the sustainable development of the local economy, including technology, healthcare, renewable energy, and education.

The financial backing provided by Ruwad will enable the entrepreneurs behind these projects to turn their visions into reality. The funding will support various aspects such as research and development, prototyping, marketing, and initial operational costs, providing the necessary resources to kick-start their ventures.

Moreover, Ruwad’s support plays a crucial role in instilling confidence in the entrepreneurs, helping them attract further investments and partnerships in the future. By endorsing these projects, Ruwad acts as a catalyst for broader support from the entrepreneurial ecosystem, encouraging other stakeholders to recognize and nurture these ventures’ potential.

Ruwad’s commitment to promoting entrepreneurship and fostering economic growth aligns with the broader vision of the Sharjah Foundation. As a dynamic and vibrant hub for innovation, Sharjah seeks to create an enabling environment for entrepreneurs, empowering them to contribute to the local economy and realize their full potential.

With the successful approval of these projects, Ruwad continues to bolster its reputation as a champion for emerging entrepreneurs. By providing financial support, guidance, and mentorship, Ruwad plays a pivotal role in fueling the entrepreneurial spirit in Sharjah and fostering a culture of innovation and sustainable growth.

The financing of these two projects with a total of AED375,000 reflects Ruwad’s commitment to identifying and supporting pioneering ventures that have the potential to drive economic transformation and improve the lives of individuals and communities. As these projects come to fruition, they are expected to contribute significantly to the overall socio-economic development of Sharjah and the wider region.