Sharjah has started a new drive towards financing its startups during a time when regional companies are struggling to keep up with increasing economic demands. The Sharjah Entrepreneurship Centre (Sheraa) has launched the Entrepreneurs Resilience Fund.
This new project is aimed at supporting startups and SMEs to maintain their operations and flow of finances. This project highlights the government's role in promoting entrepreneurship.
The fund targets key sectors like manufacturing, agriculture, and health-related industries. It provides non-repayable grants that do not require equity. Additionally, it offers business operational, marketing, and advisory assistance. The total fund that Sheraa intends to raise is AED 5 million. Sheraa has an ongoing application process for its new program.
The initiative falls in line with the directives issued by H.H. Sheikha Bodour bint Sultan Al Qasimi, making it part of the broader strategy of Sharjah aimed at boosting the economy’s resilience in the future. As Sheikha commented, “The vision of Sharjah, in line with the UAE’s vision as a whole, lies in developing a resilient economy that is equipped with the capacity to innovate and be entrepreneurial.”
Abdulla bin Touq Al Marri, the Minister of Economy and Tourism, added that “the UAE, through the foresight of its wise leaders, is working towards developing the sector of entrepreneurship and small and medium-sized enterprises, enhancing their competitiveness and sustainability…and positioning the UAE as a leader in the startup and entrepreneurship landscape worldwide.”
Vice Chairperson of Sheraa Najla Al Midfa highlighted the significance of startups for economic resilience, stating, “Startups and SMEs are not an afterthought in the context of economic resilience; they are the very foundation of economic resilience…” adding that timely intervention will make all the difference.
Though the Entrepreneurs Resilience Fund clearly highlights the efforts of Sharjah in fostering sustainability within its ecosystem, the chances of under-delivery cannot be ignored. In case it fails to meet the AED 5 million mark or the grants are inadequate, the underlying deficiencies in the ecosystem might become evident. The shortcomings of the Entrepreneurs Resilience Fund will point towards the necessity for more substantial changes.
Through collaboration between various organizations, both private and public, the fund indicates the change that Sharjah has embraced. It no longer relies solely on symbolic measures but focuses on survival positioning that ensures continuity and liquidity.
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