Ruwad’s Executive Committee approves funding 6 new pilot projects

SHARJAH, Ruwad Establishment, a division of Sharjah Chamber of Commerce and Industry, that backs small- and medium-sized enterprises (SMEs) run by UAE nationals, held its 12th periodic meeting chaired by Khalid bin Butti Al Muhairi, Chairman of the Ruwad Executive Committee in the presence of other officials.

During the meeting, the Committee approved the funding of 6 pilot projects with a total value of AED 2.3 million to be financed by either Sharjah Islamic Bank or through the Establishment’s direct financing programme.

Welcoming the attendees, the Chairman of the Committee reviewed the list of projects of the members from the date of issuing the membership decision until May 2018.

The Committee also reviewed the financing mechanisms used either directly or through banks, where the main ideas were discussed to facilitate and reduce procedures to expedite the access of members of the institution to the appropriate financing for their projects. The participants also discussed the ideas and proposals for the development of financing mechanisms for SMEs in light of the Establishment’s programmes plan for the current year.

Source: Emirates News Agency