emirates7 - The Project Financing Committee of the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) held its 29th meeting, chaired by Hamad Ali Abdullah Al Mahmoud, who is also the Chairman of the Sharjah Economic Development Department (SEDD).

During the meeting, which was attended by committee members, the discussion centered on current funding trends and Ruwad's ongoing efforts to promote entrepreneurship in Sharjah. Al Mahmoud emphasized the committee's vital role in shaping the entrepreneurial ecosystem in the Emirate. He praised the committee's work in providing crucial funding and technical guidance to entrepreneurs, thereby improving the success rates of small and medium enterprises (SMEs).

The committee's initiatives aim to a supportive environment for growth and innovation, enabling entrepreneurs to expand their businesses and contribute to the local economy. The committee remains committed to supporting promising projects across various sectors, fostering economic diversification, and unlocking new growth opportunities.

The meeting revealed that the financing ceiling for the first half of 2024 amounted to AED3 million. By the end of May, AED1.56 million had been allocated to six projects, leaving AED1.44 million available for further funding.

Additionally, the committee reviewed the progress of four newly funded projects and evaluated financing requests for nine more projects across sectors like commerce, sports, food, and hospitality. Members also discussed assessments and recommendations to ensure the sustainability and success of these projects in achieving pioneering goals.