Sharjah: The Project Financing Committee of "RUWAD", affiliated with Sharjah Economic Development Department (SEDD), held its 41st meeting at the department's headquarters, chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Department. The gathering was attended by committee members and Fatima Hassan Al Ali, Director of the Foundation and Chairperson of the Technical Committee for Project Financing.
According to Emirates News Agency, the committee reviewed the approved financing balance for 2026, along with decisions issued through the foundation's direct and indirect financing programmes via banks. Participants presented a list of projects that had submitted financing applications and requests for reconsideration of previous decisions on several projects. The committee discussed these requests and made the necessary decisions.
A notable outcome from the meeting was the approval of AED700,000 in financing for a sports sector project through the indirect financing system via a bank. This approval is part of the foundation's commitment to supporting economically viable projects in key sectors. With this decision, the total number of projects granted financing by the committee in 2026, up to the end of February, reached three, with a cumulative value of AED1.5 million.
The committee also directed the preparation of a comprehensive evaluation framework for financing applications. This framework will include criteria such as the applicant's credit report, deduction ratio, and the project owner's monthly salary. The aim is to enhance assessment accuracy and strengthen governance and transparency in financing mechanisms.
At the conclusion of the meeting, the committee reaffirmed its commitment to developing financing policies and programmes that empower Emirati entrepreneurs, support the sustainability of their projects, and enhance their contribution to Sharjah's economic growth and competitiveness.