Sharjah [UAE], March 11: The Project Financing Committee of the "RUWAD", affiliated with Sharjah Economic Development Department (SEDD) (SEDD), held its 41st meeting at the department's headquarters, chaired by Hamad Ali Abdullah Al Mahmoud, Chairman of the Department.
The meeting was attended by committee members and Fatima Hassan Al Ali, Director of the Foundation and Chairperson of the Technical Committee for Project Financing.
The committee reviewed the approved financing balance for 2026, as well as financing decisions issued through the foundation's direct financing programme and the indirect financing programme through banks.
The participants presented a list of projects that had submitted financing applications, along with requests for reconsideration of previous decisions on several projects. The committee discussed the requests and took the necessary decisions.
The committee approved AED700,000 in financing for a sports sector project through the indirect financing system via a bank, reflecting the foundation's support for economically viable projects in key sectors.
With this approval, the number of projects granted financing by the committee in 2026 up to the end of February reached three, with a total value of AED1.5 million.
The committee also directed the preparation of a comprehensive evaluation framework for financing applications. The framework will include criteria such as the applicant's credit report, deduction ratio and the project owner's monthly salary, with the aim of enhancing assessment accuracy and strengthening governance and transparency in financing mechanisms.
At the end 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.
Source: Emirates News Agency
