RIYADH: In order to enable entrepreneurs to take advantage of available opportunities and expand their projects, the Sharjah Foundation for Supporting Entrepreneurship has raised the value of funding to pilot projects from 2.5 million dirhams ($680,676) in 2022 to 6 million dirhams for the current year.
This decision to raise the ceiling of direct financing by over 100 percent aligns with the objectives of the foundation, also known as Ruwad, in supporting the citizens of the emirate to enhance their contribution to the national economy.
The increase was approved during a meeting of the foundation’s Project Finance Committee.
Food and Agriculture Entrepreneurs Program launched
Designed to help young participants hone their skills in managing agriculture and livestock projects, the UAE’s Ministry of Climate Change and the Environment has launched a Food and Agriculture Entrepreneurs Program.
Set to be implemented from 2023 to 2025, the program forms part of the “Transformational Projects” initiative of the Council of Ministers. It offers an integrated system that enables its target audience to establish their own companies in the UAE agriculture sector.
“The Ministry of Climate Change and Environment is working to empower and encourage youth to play an active role in advancing the agriculture and livestock sectors, and to achieve national food security,” Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said.
She indicated that the ministry is working in collaboration with its strategic partners to empower young entrepreneurs in the fields of agriculture and food trade, develop their skills and train them to market their products.
Facilities package for housing program borrowers rolled out
To reduce the financial burdens of housing program borrowers, the Ministry of Energy and Infrastructure, in cooperation with the Central Bank of the UAE and in coordination with national banks, has started implementing a facilities package for them.
According to Minister of Energy and Infrastructure Suhail bin Mohammed Faraj Faris Al Mazrouei, the housing facilities implemented under the Sheikh Zayed Housing Program require borrowers to pay a down payment for their housing unit and raise the credit limit of borrowers from 50 to 60 percent.
This is the debt burden ratio or the percentage that beneficiaries or customers can afford to pay in the form of monthly installments out of their total salary or any income from a known specific source, while the credit limit for retirees has been raised from 30 to 50 percent, so they can benefit from housing loans.
Al Mazrouei stressed that the monthly deductions to housing loans are very low and do not exceed 16.75 percent of the total monthly income.
ADIB seeks to issue $8bn in debt instruments
Abu Dhabi Islamic Bank is seeking to issue debt instruments worth $8 billion after the shareholders of the bank, listed on the Abu Dhabi Stock Exchange, approved authorizing the bank’s board of directors for these issues.
Shareholders authorized the board of directors to issue sukuk with a value not exceeding $3 billion within a year, according to the bank’s disclosure on Tuesday.
The company’s shareholders have also authorized the board of directors in the extraordinary assembly to issue sukuk or other similar instruments that are not convertible into shares in a total amount not exceeding $5 billion, at the time specified by the board of directors.