Date: January 1, 2018
Ominvest (Oman International Development and Investment Company SAOG) through its financial leasing associate, National Finance, has extended support to Zubair Small Enterprises Centre (Zubair SEC)’s member Majed Saud Ahmed Al Battashi and his partner Mahmoud Al Amri to buy a specialised truck for their company “Recycling Services LLC”. This financing will enable Recycling Services to expand the scope of its business and cover wider work volume for recyclable waste collection services. The truck is fully equipped to safely collect and transport waste lead acid batteries (LAB) to recycling facilities. Zubair SEC had supported Majed Saud Al Battashi and Mahmoud Abdullah Al Amri through advisory services to prepare a feasibility study to buy the truck for the expansion and facilitated the securing of this financing with National Finance.
The new truck will help increase the waste collection capacity of “Recycling Services” company from the current 100 tons/month to 400 tons/month, and increase operational efficiency by reducing the number of needed manpower per collected ton from the current 6 employees/8 tons to 1 employee/8 tons, as well as reducing the time needed from 16 hours/8 tons to 1 hour/8 tons of collected recyclable waste.
Al Battashi and Al Amri, whose company specialises in waste management and promotes environmental responsibility through its operations, were among the 10 winners of the Zubair SEC’s flagship Direct Support Programme (DSP) for the year 2017. Zubair SEC had signed an agreement with Ominvest in 2016 to support small and medium enterprises (SMEs) and aspiring entrepreneurs to develop their business ideas in Oman under the DSP programme. As part of the agreement, Al Battashi and Al Amri were selected for the Ominvest seat within DSP which is a support programme for high-potential novice entrepreneurs and young business owners. Al Battashi and Al Amri had concurred to work with Ominvest to highlight the importance of raising a culture of environmental responsibility, especially waste management.
Abdulaziz Mohammed Al Balushi, Group CEO, Ominvest said, “As the leading and largest investment holding company in Oman, we are intensely invested in the future prosperity of Oman, with an emphasis on supporting aspiring entrepreneurs. We recognise start-ups and SMEs are crucial to achieving sustainable and inclusive growth. Ominvest has been a catalyst for empowering local businesses and creating opportunities for Omani nationals. We are delighted to support Al Battashi and his company. We are certain that he will create greater value and deliver a positive impact in the society through the environmental services his company offers. We appreciate the efforts of Zubair SEC in continually creating opportunity for new entrepreneurs. Zubair SEC has become a significant player which links large companies with Omani SMEs and start-ups.”
Robert Pancras, CEO of National Finance Company said, “We are pleased to help entrepreneurs such as Al Battashi to develop and grow their businesses. While we wish him the best in his endeavour, we are happy to offer competitive and convenient solutions that will help him in his journey. As it is well known, our company offers support to SMEs through new and used vehicle financing, equipment financing, debt factoring, corporate deposits, sale and lease back, and top up facility. We laud Zubair SEC for their support to the start-ups which enables them to fulfil their objectives and ambitions.”
Thanking all concerned for their support, Majed Al Batashi said, “First of all I would like to extend my profound gratitude to Zubair SEC for their extensive support and guidance. The feasibility study of this expansion in business operations was done with great support and guidance from Zubair SEC. I would like to thank Ominvest and National Finance for their much-needed support. They have constantly ensured that start-ups such as my company are supported and empowered to grow sustainably and thrive.”
Ali Shaker, Advisor – Business Development and Strategic Partnerships for Zubair SEC said, “We are extremely grateful to Ominvest for their support to our member. We are certain that support from large companies such as Ominvest will open doors for opportunities for new entrepreneurs. There would be a positive outcome since this support would set off a chain of similar backing from other companies. We sincerely thank Ominvest for offering the much-needed support that Majed Saud Ahmed Al Battashi required in order to facilitate his expansion plans. We thank National Finance for offering the right solution to enable him to buy a suitable truck that will help him offer services such as the collection of scrap lead acid batteries. Social and environmental responsibility has been a pivotal part of Zubair SEC’s advisory services to its members.”
Ali Shaker added, “Such collaborations will scale up the success stories of start-ups and encourage a positive trend as far as partnerships across all business sectors and stakeholders are concerned.”
In this context it may be recalled that Zubair SEC had in 2016 launched Tajseer; a business networking platform aimed at connecting small business owners and large companies. The initiative was launched to offer its members with an opportunity to network with representatives and decision makers of large companies, and facilitate business opportunities. The main purpose behind this initiative is to provide a solution for creating market access and instant connectivity for SMEs.
Ominvest is one of Oman’s largest companies with a well-diversified portfolio of investments in banking, financial services, commercial and industrial sectors of the economy. Zubair SEC, a social responsibility initiative of The Zubair Corporation, has been facilitating business development opportunities for its members since its establishment. National Finance is a financial institution engaged primarily in the provision of financial leasing activities and offers a range of financial products with a special focus on SMEs.