Sharjah Foundation’s Ruwad registered 214 new projects in 2021

The Sharjah Entrepreneurship Foundation “Ruwad” registered 214 new projects in 2021

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

Sharjah acquired 67 percent of the new projects, while the remaining projects were spread 21 percent in the eastern region and 12 percent in the central region.

The value of funding approvals in 2021 totaled more than Dhs2.6m for six new projects, with Dhs1.2m directly funded by the institution and Dhs1.4m indirectly through bank facilities.

The foundation explained that the total number of projects that received support has increased to 957 projects, while the total value of funding payments from 2005 to the end of 2021 amounted to Dhs 32 million. This includes Dhs 13.4 million from the Ruwad Foundation’s direct funding program and Dhs 18.6 million from indirect funding through bank facilities.

The figures are reflected in the results of the 2021 annual report issued by the Ruwad Foundation. The report also points out that in 2021, projects in the commercial sector accounted for the largest share, with 623 projects accounting for 65 percent of the total projects supported.

The report also points out that the professional sector projects recorded 314 projects at a rate of 33 percent and the industrial sector projects recorded 20 projects at a rate of 2 percent.

Founded in 2005, Ruwad provides entrepreneurs and small businesses (SMEs) in the emirate with financial and technical support to create a business-oriented environment for effective project development. The aim is to harness the creative business potential of the UAE’s youth and help them contribute to promoting Sharjah’s comprehensive and sustainable economic development

Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the SEDD, said: “The past year undoubtedly marked a turning point in the country’s economic development process, as the year 2021 marked the fiftieth year of the state celebrating its golden and fiftieth years of qualitative and exceptional achievements.”

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

Read: Value of Sharjah Property Transactions Hit Dhs1.4B in July: SRERD

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