Sharjah: “Ruwad” or the Sharjah Entrepreneurship Foundation, an affiliate of the Emirate’s Department of Economic Development has launched “Ruwad Virtual Incubator”.
The Initiative targets students in the last 2 years before graduation, university and college graduates, and those wishing to enter the world of entrepreneurship.
Commenting on the occasion, Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Department of Economic Development, highlighted that the set up of the Virtual Incubator aligns with the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, who pays great attention to the development of the entrepreneurship environment and sector and places it in its list of government priorities to empower entrepreneurs and integrate them into the labor market.
The incubator would provide everything to enhance the emirate’s entrepreneurship environment. It would overcome the obstacles young people face while establishing their business. It would also provide all support and follow up with strategic partners to ensure the continuity and success of projects by continuously measuring their development and growth and preparing periodic reports.
Sultan Abdullah bin Hadda Al Suwaidi elaborated
The Department of Economic Development Chairman further added that the incubator will provide a set of facilities to its affiliated members. These include exemption from fees for government agencies in the emirate for three years from the date the project is established, fees for awareness workshops and training programs organized by the foundation, and granting the project owner a 50 percent discount on all fees. In addition, members will be allowed to participate in diplomas, specialized programs, and exhibitions and conferences organized by the Foundation and government agencies.
Meanwhile, Mr. Hamad Ali Abdullah Al-Mahmoud, Director of the Ruwad Foundation, detailed that the foundation would incubate the projects based on phases that extend over five years in exchange for encouraging fees commensurate with the stages of project development and its revenues.
The incubation of the project begins within the 1st phase in the first and second years within an incubator hypothetical for only $816.75 (AED3,000) per year. In the third and fourth years, the owner of the project gets a realistic incubator for only $1,633.50 (AED6,000) per year.
In the fifth year, the project offers the opportunity to obtain an independent office in the business centers of the Ruwad partners, with reduced fees. In addition, the incubator will enhance opportunities for trade exchange between members of the institution through the networking initiative and provide the possibility of extracting residencies for workers on a subsidized license with a maximum of three residencies, with the possibility of integrating and involving a category of non-nationals with professional and academic skills and specializations within the supported projects to gain and exchange experience.