Ruwad records 54.3% growth in entrepreneurial project

Sharjah [UAE], May 28: RUWAD, affiliated with Sharjah Economic Development Department (SEDD), announced a 54.3 percent increase in the number of small and medium national projects joining its membership in 2024, with 449 new projects across various sectors in multiple cities.
Hamad Ali Abdullah Al Mahmoud, Chairman of the Sharjah Economic Development Department, stated that the growth in membership reflects diverse efforts to serve the entrepreneurial community in Sharjah. He emphasised the foundation's role in localising the business environment by providing comprehensive facilities and benefits to support the development of small and medium projects, aiming to advance them toward a strong future that aligns with the emirate's ambitious strategic goals.
Al-Mahmood confirmed the foundation's commitment to expanding the range of exemptions and privileges available to projects through membership, ensuring these services positively impact project development, reduce financial burdens, and facilitate administrative processes related to government entities.
He also noted that the foundation's success in forming strategic partnerships with various public and private sector organisations in the past year contributes positively to enhancing the range of benefits, services, and incentive programs for projects.
Detailing further, Fatima Al Ali, the Acting Director of RUWA, indicated that the total number of new projects joining the foundation in 2024 reached 449, compared to 291 in 2023, representing an increase of 158 projects and a growth rate of 54.3 percent.
Al-Ali explained that the foundation received 530 membership applications last year, with an acceptance rate of 84.7 percent. The new members included 279 projects in the commercial sector, accounting for 62.1 percent of new members, while the professional sector contributed 161 projects (35.9 percent), and 9 industrial projects (2 percent) joined the membership list.
She added that 57.5 percent of these projects are owned by male entrepreneurs, totaling 258 projects, while female entrepreneurs accounted for 175 projects (39 percent). Joint ventures between genders represented 16 projects, making up 3.5 percent.
In terms of geographical distribution, Sharjah City accounted for the largest number of new members in 2024, with 250 projects (55.7 percent). The Eastern Region had 134 projects (29.8 percent), while the Central Region saw 55 projects join (12.3 percent). Additionally, 10 new projects joined the virtual incubator "Masar," representing 2.2 percent of the total member projects.
She further stated that the food sector led new member activities with 143 projects (31.8 percent), followed by women's sewing with 38 projects (8.5 percent), and car maintenance and washing services with 27 projects (6 percent). The remaining projects spanned various activities and services, including beauty services for women, men's barbering, clothing trade, fitness clubs, flower sales, perfume trade, decoration services, legal services, and other commercial, industrial, and professional activities.
Concluding her remarks, the appointed director stated that 2024 saw the renewal and extension of memberships for a new group of projects. A total of 330 projects renewed their membership for the second and third years, exempting them from all government fees, while 135 projects received extensions for the fourth or fifth years, obtaining a 50 percent exemption from government fees.
Source: Emirates News Agency