In a move to strengthen Sharjah’s entrepreneurial ecosystem, the Sharjah Foundation to Support Pioneering Entrepreneurs (RUWAD), part of the Sharjah Economic Development Department (SEDD), has approved AED 800,000 ($217,835) in funding for two new projects.

The decision was announced during the foundation’s 40th Project Funding Committee meeting, the first of 2026, underscoring RUWAD’s commitment to empowering national small and medium enterprises (SMEs) and supporting economic diversification across the emirate. The meeting was chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of SEDD, and attended by senior officials and committee members.

Al Mahmoud praised the committee’s achievements in 2025, noting that eight meetings were held during the year, resulting in the approval of 21 projects totaling AED 6 million ($1.63 million). Of this amount, $1.17 million was provided through direct funding, while $462,899 was allocated via bank financing.

The newly approved funding includes $27,229 in direct support for one project and $190,605 in indirect bank financing for another. The committee also set the financing ceiling for the first half of 2026 and directed the development of a new project evaluation framework.

To enhance project success and long-term sustainability, RUWAD endorsed several new measures, including specialized training in financial budgeting, cash flow management, and quality assurance. The foundation also plans to expand entrepreneurs’ access to suppliers, improve competitive pricing opportunities, and refine contribution ratios based on funding levels and credit assessments.

Through these initiatives, RUWAD continues to position Sharjah as a hub for innovation-driven entrepreneurship, aligning with the emirate’s broader strategy to foster sustainable growth and competitiveness across key economic sectors.