Ministry Of Finance Signs Mou With Sharjah Foundation For Supporting Entrepreneurial Projects“RUWAD”

(MENAFN- Mid-East Info)

• In Line with the National Entrepreneurship Campaign – The Emirates: The Startup Capital of the World” national campaign

• Enabling national entrepreneurs to participate in the federal government procurement ecosystem

• Supporting innovation and enhancing the role of entrepreneurs in developing competitive projects locally and regionally

• Establishing mechanisms for cooperation in training, qualification and exchange of expertise and information

• Organising workshops on joining the federal suppliers register and participating in tenders

Younis Haji AlKhoori:“At the Ministry of Finance we believe that investing in entrepreneurs is investing in the nation's future, as it strengthens economic diversification and creates sustainable job opportunities.”

Hamad Ali AlMahmoud:“This strategic partnership with the Ministry of Finance enhances support for the entrepreneurial ecosystem in Sharjah.”

In line with the objectives of the National Entrepreneurship Campaign, The Emirates: The Startup Capital of the World” national campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to cement the UAE's position as a global hub for entrepreneurship and to provide comprehensive support to Emirati youth through an integrated set of initiatives and specialised programmes, the Ministry of Finance has signed a Memorandum of Understanding with the Sharjah Foundation for Supporting Entrepreneurial Projects“RUWAD”, an affiliate of the Sharjah Economic Development Department.

The MoU aims to strengthen joint cooperation in supporting national projects and empowering entrepreneurs and SMEs. It forms part of the UAE's efforts to develop the entrepreneurship ecosystem, expand private sector participation in economic development, and reinforce the integration of federal and local efforts to enable national projects to drive economic growth, innovation, digital transformation and job creation.

The MoU was signed in Dubai by His Excellency Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, and His Excellency Hamad Ali Abdullah AlMahmoud, Chairman of the Sharjah Economic Development Department.

The signing ceremony was also attended by Her Excellency Mariam Mohammed Al Amiri, Assistant Undersecretary for the Government Financial Management Sector at the Ministry of Finance; Nadia Sultan Al Ali, Director of the Federal Procurement Platform at the Ministry of Finance; and Fatima Hassan Al Ali, Acting Director of RUWAD, along with several specialists from the Ministry.

Objectives of the MoU:

The MoU opens opportunities for national entrepreneurs to participate in the government procurement ecosystem, supports innovation and enhances the role of entrepreneurs in developing competitive projects in the local market, and sets practical mechanisms for cooperation between both parties in training, qualification and the exchange of expertise, information and statistics.

It also seeks to leverage joint capabilities to enable entrepreneurs to benefit from available business opportunities and support the sustainability of their projects, thus contributing to the diversification of the national economy. In addition, it provides for organising training workshops on the benefits offered, registration mechanisms and participation in federal government tenders.

A Model for Innovation:

H.E. Younis Haji AlKhoori said:“Signing this MoU reflects the Ministry of Finance's vision to support national projects and empower entrepreneurs, opening new horizons for them to be genuine partners in the journey of economic development. It represents a practical translation of the campaign launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum to support entrepreneurship. The Ministry seeks to leverage its strategic partnerships to empower young people and turn their ambitions into successful projects capable of competing regionally and globally. At the Ministry of Finance we believe that investing in entrepreneurs is investing in the future of the state, strengthening economic diversification and creating sustainable job opportunities.”

He noted that the Ministry of Finance has given significant attention to empowering SMEs and entrepreneurs through multiple programmes and initiatives, formulating supportive policies and incentives to create opportunities that attract and encourage them to participate in procurement opportunities. This aligns with the government's Zero Government Bureaucracy Programme by streamlining registration procedures on the platform, which has led to the registration of more than 600 SME suppliers on the digital procurement platform since its launch.

These efforts have created a stimulating business environment, giving national projects the chance to grow and expand and turning creative ideas into successful and sustainable ventures.

He added:“The achievements of the Government Procurement Platform represent a model of innovation and transparency, facilitating procedures and increasing opportunities for national and entrepreneurial projects to participate in government supplies.

The Ministry of Finance remains committed to working with partners across institutions to support the business environment and enhance the role of national talents in the comprehensive development journey.”

Driving Development:

H.E. Hamad Ali Abdullah AlMahmoud said:“Signing this MoU with the Ministry of Finance is an important and qualitative step that reflects the commitment of the Sharjah Foundation for Supporting Entrepreneurial Projects 'RUWAD' to empower its Emirati SME members and expand their reach nationwide in line with the country's ambitious federal and local economic visions.

“This strategic partnership with the Ministry of Finance paves the way for further support for the entrepreneurship ecosystem in Sharjah. It will broaden the participation of national SMEs in the national economy and allow them to integrate more deeply into government value chains, reflecting the vital role these projects play in driving sustainable economic development.

“The Foundation, through its diverse strategic partnerships with various federal and government entities, is proud to participate with the Ministry of Economy and Tourism in the National Entrepreneurship Campaign launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum under the slogan'The Emirates: The Startup Capital of the World” national campaign.'

This new milestone will enhance the UAE's position as a preferred global destination for entrepreneurs. We all believe that integration and coordination are the best way to build a balanced economy capable of facing challenges, seizing opportunities and diversifying services and products to benefit society and improve the quality of life for all.”

Supporting Entrepreneurship:

The Ministry of Finance plays a pivotal role in the UAE Council for Entrepreneurship through its strategic participation in formulating policies and incentives that support SMEs and entrepreneurs.

Through the Mohammed bin Rashid Innovation Fund, the Ministry supports entrepreneurs and SMEs via the Guarantees Programme, which facilitates innovators' access to low-cost financing from banks and financial institutions backed by government guarantees provided by the Fund.

The Innovation Accelerator also offers specialised non-financial support including strategies, business models, market entry and financial planning, enhancing growth and investment opportunities.

These initiatives align with the new national campaign to support entrepreneurship and reaffirm the Ministry of Finance's commitment to continue providing a more competitive business environment capable of attracting entrepreneurs from inside and outside the UAE.

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