Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Hamad Ali Abdullah Al Mahmoud, the Chairman of the Sharjah Economic Development Department, emphasized the crucial role that successful innovative projects led by Emirati citizens play in ensuring the ongoing and progressive economic transformation in Sharjah.
His comment was made in reference to the report on the results of the first half of 2024 issued by the Sharjah Foundation for Supporting “Ruwad”, which is affiliated with the SEDD.
Al Mahmoud also pointed out the significant economic progress seen in the emirate, particularly in the commercial, industrial, and professional sectors, including an upsurge in the entrepreneurship sector. This growth is nurturing a promising group of Emirati entrepreneurs. Their business mindset and innovative aspirations are focused on rejuvenation, originality, and ingenuity. They are characterized by their proficiency and expertise, essential for managing exceptional projects that can compete and deliver services and products that align with customers’ needs and expectations, ultimately contributing to the emirate’s GDP.
According to Fatima Al Ali, the Acting Director of the Sharjah Foundation for Supporting Entrepreneurial Projects, a total of 4 projects within the direct financing program have received funding approvals from the Foundation’s Project Financing Committee. The approved funding amounts to 1.05 million dirhams, with the projects spanning contracting activities, wood industries, beauty services, and e-commerce.
The institution saw 190 out of 252 submitted projects join its membership. These projects included 119 commercial projects, marking a 63% increase from the previous year. Additionally, 66 professional projects joined, signifying a 34% increase, while 5 new industrial projects joined, representing a 3% increase.
According to Al Ali, the membership data indicates that 55% of the projects are owned by male entrepreneurs, 42% by female entrepreneurs, and 3% are joint projects. The distribution of new projects reveals that Sharjah has the largest share with 86 projects (45.2%), followed by the Eastern Region with 64 projects (33.7%), the Central Region with 33 projects (17.3%), and 7 projects (3.8%) joining the virtual incubator “Masar”.
Throughout the first half, 129 projects were approved for membership renewal for the second or third year, entailing full exemption from government fees. Additionally, 70 projects were given the green light for membership renewal for the fourth and fifth years, making them eligible for a 50% reduction in government fees.
With regard to other services provided by Ruwad, the total number of consultations provided to project owners amounted to 47 consultations, and the foundation’s team conducted 68 field visits to its member projects.
The report shows that the foundation has successfully carried out 17 training programs, introductory workshops, and professional diploma programs over the last six months. These programs have benefited a total of 570 male and female entrepreneurs, with 164 male entrepreneurs and 406 female entrepreneurs. The participants had a total of 104 joint training hours and 2,361 hours individually. The satisfaction rate among the participants is estimated to be at about 95%. Among the programs, 16 were introductory programs and workshops, and one was a professional diploma program.
Several programs covered various topics and themes related to entrepreneurship, including introductory workshops on “Ruwad” services for employees of several federal and local government entities. These entities include the Federal Tax Authority, the Higher Colleges of Technology in Sharjah, the Sharjah Private Education Authority, the Sharjah Central Finance Department, the Sharjah Broadcasting Authority, and employees of the Central Region, as well as the Masar License in the cities of Khorfakkan and Dibba Al Hisn. Additionally, the fourth session of the “Make in Sharjah” program and the second edition of the “Entrepreneurship Ambassadors” program were organized, along with workshops focusing on pioneering innovation in agriculture, developing industrial projects, the impact of emerging technologies on entrepreneurship, and branding basics.
The foundation has allocated 15 projects to be based in business centers at its headquarters, in collaboration with partner businesses. The number of registered member projects in the Central Finance Department’s supplier system has increased to 106. Members have successfully secured a government procurement tender award valued at approximately AED 1,183,000. Furthermore, three deals have been finalized as part of the “Networking” initiative among member projects. Additionally, five projects actively participated in 16 internal and external events and exhibitions organized by the foundation.
During the first half of this year, “Ruwad” initiated a partnership plan aimed at fostering project development and seeking avenues of support by engaging in five mutual institutional visits. The institutions included the Sharjah Police General Command, the Sharjah Commerce and Tourism Development Authority, the Sharjah Events Committee, the Sharjah Government Media Bureau, and the Sharjah Entrepreneurship Center (Sheraa). Additionally, a visit to the Mara Lounge project was also conducted as part of this endeavor.
