Ruwad Establishment to fund five new projects

Ruwad Establishment, a division of Sharjah Chamber of Commerce and Industry, that backs small- and medium-sized enterprises (SMEs) run by nationals, plans to support and fund five new industrial and service projects. The projects are from a range of sectors, including commerce, industry and information technology, and support will be provided in a number of ways. Ruwad Establishment believes the projects will contribute greatly to Sharjah's development plans. In particular, Ruwad will help promote businesses and products, help owners deal with global economic crisis and assist with expansion of the projects both within and outside Sharjah. In addition, Ruwad's technical committee is organising training programmes to enhance the skills and understanding of SME owners in the fields of marketing, finance and management. The committee will develop a number of training initiatives and programmes that, coupled with Ruwad's services, will help SME owners to develop the necessary skills, experience and awareness and seek out opportunities, while avoiding the risks associated with competition. "The next phase will see the provision of new means of support and funding to help these projects obtain the most benefit from Ruwad's services," said Chairman Ahmed Al Midfaa. "We expect the number of approved projects to increase rapidly next year." Meanwhile, Ruwad is seeking to increase the contribution made by Islamic banks to the funding of small and medium-sized projects by establishing a framework that is compatible with Shariah law and the development goals set by Sharjah. The organisation says the move will reinforce the role played by Islamic banks in achieving economic development. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .