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Sharjah, July 16 / His Excellency Hamad Ali Abdullah Al Mahmoud, Director of the Sharjah Foundation for Supporting Entrepreneurial Projects “Rowad” and Chairman of the Project Finance Committee, stressed the importance of small and medium enterprises in promoting the growth of the national economy and the prosperity of many sectors that benefit and benefit society, pointing to the government’s directives to provide Technical and financial support for male and female entrepreneurs, male and female, providing incentives for them, and providing them with training and qualification in order to start their projects and enter the markets, pointing out that the projects supported by pioneers are exempted from government fees, and government agencies allocate 10% of the value of their purchases to members of the Foundation.
This came when he chaired the eighteenth meeting of the Project Finance Committee of the “Ruwad” Foundation, which was held at the headquarters of the Department of Economic Development in Sharjah, in the presence of the committee members: Saeed Ghanem Al-Suwaidi, Faisal Jassim Al-Midfa, Fahd Al-Khamiri, Dr. Projects and Nasser Abdullah Al Owais, member of the Technical Committee, Senior Financial Analyst.
And Al-Mahmoud said that the meeting discussed the value of the funds provided and their analyzes, pointing to the readiness of the “Ruwad” Foundation to provide technical support and financial financing for pioneering projects that provide a competitive advantage and added value and contribute to promoting economic development, adding that the developments witnessed by the world in recent years allow many areas of business. New and innovative projects that have high growth opportunities in the future, calling on entrepreneurs to take advantage of modern technologies in searching for ideas and establishing qualitative projects in consultation with specialists and consultants, whether from institutions or individuals.
The committee reviewed a number of projects that applied to obtain financing from the “Ruwad” Foundation, and approved the financing of two projects at a value of 375 thousand dirhams, after ensuring that they comply with the conditions and standards set by the Foundation and providing opportunities for these projects to grow and develop. And a number of members of the committee presented a set of proposals to study and consider the possibility of implementation, including directing applicants for industrial projects to establish projects at the lowest cost through cooperation with other factories.
At the end of the meeting, the committee directed to identify options for the applicant regarding the default plan, such as: restructuring, introducing partners, changing the location, selling equipment, and adding the option to exit the market from among these options, in line with applicable laws and regulations and to protect the rights of stakeholders and at the same time to give projects the opportunity to develop. And rise again when facing challenges that may prevent them from continuing.
The committee emphasized that the “Ruwwad” Foundation is always ready to provide guidance and advice to project owners and to provide them with the necessary training to enable them to benefit from the opportunities available in the entrepreneurship sector.
