Sharjah: The Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), under the Sharjah Economic Development Department (SEDD), has approved AED800,000 in funding for two new projects. This decision was made during the 40th Project Funding Committee meeting, marking the first of 2026, at the SEDD headquarters. The meeting was chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, with the attendance of committee members and senior officials.

According to Emirates News Agency, Al Mahmoud acknowledged the committee's work in 2025, during which eight meetings took place. He emphasized the importance of ongoing support for national small and medium enterprises to boost economic development and enhance the Emirate's sectors' diversification and competitiveness.

The committee evaluated the 2025 financing ceiling and funding outcomes, which included 21 approved projects valued at AED6 million. Out of these, 19 projects received direct funding of AED4.3 million, while two received bank financing totaling AED1.7 million.

In the recent meeting, the Technical Committee for Project Funding assessed new funding applications and reconsideration requests. They approved funding for two projects, granting AED100,000 in direct funding for one and AED700,000 in indirect bank financing for the other.

The committee also set the financing ceiling for the first half of the current year and initiated the development of a new project evaluation framework. Additionally, several recommendations were made to enhance project support, including launching specialized training programs in financial budgeting, cash flow management, and quality assurance. Measures to expand access to suppliers, improve competitive pricing opportunities, and determine contribution ratios for new projects based on funding levels and credit assessments were also endorsed.