Sharjah SME Ruwad, a program supporting small and medium-sized enterprises (SMEs) under the Sharjah Department of Economic Development (SEDD), reported a significant increase in membership during the first quarter (Q1) of 2024. A total of 109 new projects joined Ruwad, reflecting a positive response to the initiative's services and commitment to fostering Sharjah's entrepreneurial ecosystem.
This membership growth aligns with Ruwad's strategic goals of stimulating the emirate's entrepreneurial environment and empowering national SMEs. The program offers a comprehensive package of support, including financing, consulting, training, and partnership opportunities.
Highlighting the success of Ruwad's services, the organization announced the approval of two pilot projects for financing in Q1. These projects received a combined total of 550, 000 dirhams, demonstrating Ruwad's commitment to providing financial resources to budding businesses.
Furthermore, the Q1 report detailed a high rate of project engagement with Ruwad's offerings. Out of the 125 projects that approached Ruwad for various services, 109 received support, translating to an impressive 87. 2% success rate. This signifies the program's effectiveness in addressing the needs of Sharjah's SME sector.
The report also shed light on Ruwad's commitment to member retention. A total of 52 projects renewed their membership for the second or third year, while 42 projects extended their memberships for the fourth or fifth year. This indicates the program's long-term value proposition for established SMEs.
Ruwad's proactive approach extends beyond financial and technical support. The organization conducted 35 visits to member projects during Q1. These visits served the purpose of communication, follow-up, and evaluation, ensuring personalized guidance and fostering stronger relationships with participating businesses.
Additionally, Ruwad prioritized knowledge sharing and professional development for its members. The program conducted nine training and professional programs, attracting a total of 362 participants. This focus on capacity building equips entrepreneurs with the necessary skills to navigate the business landscape and achieve sustainable growth.
The positive results achieved by Sharjah SME Ruwad in Q1 2024 signify the program's crucial role in propelling Sharjah's entrepreneurial sector forward. With its comprehensive support system and commitment to member success, Ruwad is well-positioned to empower a new generation of SMEs and contribute to the emirate's economic diversification.