Ruwad partners with Mawarid to fund SMEs

The alliance aims to set up joint programs and mechanisms to develop the SME sector nationwide.
The signing ceremony was attended by H.E Ahmed Mohammed Al Midfaa, Chairman of Ruwad, who signed the cooperation agreement with H.E Mohammed Al Neaimi, CEO of Mawarid Finance.

Commenting on the occasion Al Midfaa said:

"We would like to extend thanks and appreciation to H.H Sheikh Dr Sultan bin Mohammed Al Qasimi, member of the Supreme Council and ruler of Sharjah, and to H.H Sheikh Sultan bin Mohammed Al Qasimi, crown prince and deputy ruler of Sharjah, for their continuous support of Ruwad's initiatives. We seek to sign strategic agreements with the concerned bodies to provide the financial and technical support for entrepreneurs in the emirate of Sharjah, and we are partnering with Mawarid, specifically, to provide finance solutions for SMEs."

"Furthermore, we aim to support the culture of self employment, encouraging young nationals to pursue a career as the owners of independent businesses. We also seek to expand private sector involvement in our efforts to support SMEs. Our strategic partnership with Mawarid is part of this approach, and we are planning to launch a number of similar initiatives in the coming period."

Said Al Neaimi: "We aim to offer our Shariah compliant services to the firms registered by Ruwad. We are keen to ease all difficulties faced by SMEs, and to open new horizons for them while simultaneously boosting the UAE economy."
Elaborating on this, Mrs. Rehab Lootah, Senior Vice President of Corporate Communications at Mawarid Finance, referred to a campaign called 'Falak Tayyeb'. Launched by Mawarid, it provides financial support to SMEs, with large-scale involvement by the government and private organizations.

The MoU gives Ruwad-registered businesses the right to benefit from the numerous services and privileges offered to SMEs by Ruwad and Mawarid, which include, among others, marketing, promotional and training support, networking opportunities, as well as fee exemption and reduced rates on business services.