The Project Finance Committee of the Sharjah Entrepreneurship Foundation (Ruwad) has approved AED300,000 finance for a project that will work in the field of health fitness services by providing an integrated environment with advanced specifications for exercise and sports.
Ruwad said the approval was granted at the meeting, the second in 2022 and which discussed a new set of funding requests submitted by a number of small and medium enterprises in the Emirate of Sharjah.
Hamad Ali Al-Mahmoud, Director of Ruwad, said the funding requests presented to discuss about its service and commercial issues, and the necessary decisions were taken in light of the extent to which they meet and comply with the specifications, standards and conditions approved by the Ruwad for approval of its financing, including the ability of the advanced project for financing to provide new value to the market, as well as the chances of success of the project in dealing with current competitors working in the same activity.
The total approved financing amounts until the end of last February amounted to AED33 million, of which AED14.4 million were directly financed by the institution, AED18.6 million indirectly financed through Sharjah Islamic Bank, while the cumulative number of the total actually funded projects to date reached 73 projects.