Sharjah: The Project Financing Committee of the Sharjah Foundation for Supporting Entrepreneurial Projects (RUWAD) has approved financing for four new projects, totaling AED 1,550,000, during its 35th meeting. The meeting was chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department.

According to Emirates News Agency, the committee has decided to directly fund two of these projects through the RUWAD programme. One project is a commercial venture in the Al Saja’a area, receiving AED 200,000, while the other is a vocational initiative in Dibba Al Hisn, also receiving AED 200,000. Additionally, an extra AED 450,000 was approved for a project in the industrial sector, which will also benefit from direct financing. Another technical project will receive indirect support through a bank, with a funding amount of AED 700,000.

This year, the committee has approved a total of nine projects, some of which are receiving additional funding. The total approved amount for these projects stands at AED 2,670,000. The committee is exploring various measures to enhance the support and funding process for projects. Suggestions include integrating technical evaluations with legal advice to improve decision-making, and strategies to facilitate project initiation and supplier selection in areas such as monitoring, design, decoration, and construction.

Other topics discussed included providing transparency about project ownership, consumer protection measures, and understanding credit ratings to better support these entrepreneurial initiatives.