Sharjah SME Ruwad attracts 109 new projects in Q1 2024

Sharjah SME Ruwad, affiliated with the Sharjah Department of Economic Development (SEDD), announced that 109 new projects have joined its membership during the first quarter of 2024, while it approved financing two pilot projects with a total value of AED550,000.

The results of the quarterly report issued by the Ruwad showed that 125 projects were implemented during the first three months of 2024 to obtain the Foundation’s services, including membership, financing and consulting, and 109 projects received support, which represents a high rate of 87.2 percent.

The report also revealed that during this period, Ruwad granted 52 projects approval to renew their membership for the second or third years, and also agreed to extend the membership of 42 projects for the fourth and fifth years, while it conducted 35 visits to its member projects for the purposes of communication, follow-up and evaluation, while 362 participants enrolled in 9 training and professional programmes.

In this context, Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, confirmed that the entrepreneurship sector in the Emirate of Sharjah continues to consolidate its role in supporting the local economy and promoting economic development, which reflects the increasing interest of Emirati youth of both genders in entering the field of self-employment and establishing their own small and medium enterprises and benefiting from facilities and incentives allocated to entrepreneurs by government institutions in Sharjah, led by “Ruwad”.