Ruwad Establishment to support and fund 5 new SME projects

The approval comes as a result of the numerous features these new projects possess, which will greatly contribute to Sharjah's development plan.

The new, approved projects are set across different sectors and activities, including commerce, industry and information technology, and Ruwad's support for these small and medium-sized projects will be made available in various forms.

Most notably, Ruwad will help promote these projects and their product offerings, will help project owners overcome the global crisis, and will also assist with the expansion of these projects inside and outside of Sharjah.

In addition, the technical committee at Ruwad Establishment is busy organizing a number of training programs to enhance the skills and understanding of small and medium-sized business owners in the fields of marketing, finance and operations management, all of which is required to efficiently operate projects and assets.

Ruwad's technical committee is also set on developing a number of training initiatives and programs, coupled with Ruwad's quality services, to help the owners of small and medium-sized enterprises to develop the necessary skills, experience and awareness, and to seek out opportunities while avoiding the risks associated with fierce competition.

According to Ahmed Al Midfaa, Ruwad Establishment's Chairman, the next phase will see a new means of support and funding for projects, in order for these projects to obtain the most benefit from Ruwad's services. Al Midfa' also expects the number of approved projects to increase rapidly next year.

Furthermore, Ruwad will seek to increase Islamic banks' contribution in funding small and medium-sized projects by establishing a framework that is compatible with the Islamic Laws (Shariah) and development goals set by the emirate of Sharjah to promote small and medium-sized projects, which play a huge role in the emirate's economic development, and to reinforce the Islamic banks' role in achieving economic development. In this regard, Al Midfaa believes that the coming months will deliver positive results.