Sharjah Entrepreneurship Foundation ‘Ruwad’ registers 214 new projects in 2021

Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) of the Sharjah Economic Development Department (SEDD), announced that it has registered 214 new projects in in 2021.

Sharjah acquired 67 per cent of the new projects, while the rest of the projects were distributed by 21 per cent in the eastern region, and 12 per cent for the central region.

The value of financing approvals during 2021 amounted to more than Dhs2.6m going to six new projects, with Dhs1.2m direct financing from the institution and Dhs1.4m indirect financing through banking facilities.

The foundation explained that the total number of projects that received support, has risen to 957 projects, while the total value of financing payments from 2005 to the end of 2021 amounted to Dhs32m. This included Dhs13.4m through the direct financing programme from Ruwad Foundation and Dhs18.6m through indirect financing from banking facilities.

The numbers were reflected in the results of the annual report for the year 2021 issued by the Ruwad Foundation. The report also indicated that during the year 2021, the commercial sector projects accounted for the largest share, with 623 projects representing 65 per cent of the total supported projects.

The report also indicated that the professional sector projects recorded 314 projects at a rate of 33 per cent, and the industrial sector projects amounted to 20 projects at a rate of 2 per cent.

Established in 2005, Ruwad provides financial and technical support to entrepreneurs and small businesses (SME’s) in the emirate, creating a business-focussed environment for effective development of projects. It aims to prune the creative business potential of the UAE youth and help them contribute towards enhancing the comprehensive and sustainable economic development of Sharjah

Sultan Abdullah bin Hadda Al Suwaidi, chairman of SEDD, said, “There is no doubt that the past year constituted a watershed in the country’s economic development process, as the year 2021 represented the fiftieth year in which the state celebrated its Golden Jubilee and fifty years of qualitative and exceptional achievements.”

He explained that SMEs are a key player in the UAE’s future development plans and a main pillar of its recovery efforts, as they help improve economic diversification policies and accelerate growth, in addition to creating jobs across many sectors.

Read: Sharjah real estate transactions’ value hits Dhs1.4bn in July: SRERD