UAE-Based Ruwad Approves $430,000 for Three SME Projects

The Sharjah Foundation for Supporting Pioneering Entrepreneurs (Ruwad) has approved $430,000 in financing for three small and medium-sized enterprise (SME) projects during the third meeting of its Project Financing Committee this year.

An industrial project received $109,000 through Ruwad's direct financing programme, while a quality certification and standards consultancy secured $48,000 through the foundation's direct asset financing programme. The largest allocation, $272,300, was awarded to a hospitality venture established by five entrepreneurs through Ruwad's indirect financing programme in partnership with a local bank.

The latest package brings the total number of projects supported by Ruwad this year to seven, with cumulative financing reaching $874,000 by the end of July. The funding reflects Ruwad's continued efforts to support entrepreneurship and expand SME growth across sectors including manufacturing, professional services and hospitality.