Ruwad supports 957 projects totalling AED32 million

SHARJAH, 28th August, 2022 (WAM) — Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) of the Sharjah Economic Development Department (SEDD), announced that it has registered 214 new projects in the Foundation in 2021.

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

The value of financing approvals during 2021 amounted to more than AED2.6 million going to 6 new projects, with AED1.2 million direct financing from the institution and AED1.4 million indirect financing through banking facilities.

The Foundation explained that the total number of projects that received support, whether through financing or membership, since the establishment of the Foundation has risen to 957 projects, while the total value of financing payments from 2005 to the end of 2021 amounted to AED32 million, including AED13.4 million through the direct financing programme from Ruwad Foundation accepted and AED18.6 million through indirect financing through banking facilities.

The commercial sector projects accounted for the largest share of them, with 623 projects representing 65 percent of the total supported projects, while the professional sector projects recorded 314 projects at a rate of 33 percent, and the industrial sector projects amounted to 20 projects at a rate of 2 percent.

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.