Bagpak brand operator Ocean of Majan International Commercial Services has obtained a Shariah-compliant financing facility from Sharakah, according to a press release posted on Zawya.
The funding arrangement is intended to support the company’s working capital requirements and allow for an increase in both manufacturing and supply operations.
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A memorandum of understanding (MoU) was signed between Sharakah, an SME development entity in Oman, and Ocean of Majan.
The agreement is part of Sharakah’s efforts to provide support to small and medium enterprises in important industrial segments within the country.
Commenting on the development, Sharakah CEO Ali Ahmed Muqaibal said: “Supporting SMEs that strengthen Oman’s industrial ecosystem remains a key priority for Sharakah.
“Our collaboration with Ocean of Majan International Commercial Services enables a growing local manufacturer to expand its capabilities and deliver reliable packaging solutions to multiple industries that are essential to the country’s economic development.”
Launched in October 2022, Bagpak manufactures polypropylene-based packaging products for industrial purposes. Its portfolio includes woven bags, FIBC jumbo bags, and cement bags, all made of polypropylene. These items are used by a variety of sectors in Oman.
The company’s packaging solutions are aimed at meeting the requirements of industries such as cement production, sugar refining, petrochemicals, food processing, mining, and logistics.
Ocean of Majan International Commercial Services representative Falah Ali Al Kaabi commented: “Sharakah’s financial support comes at an important stage in our growth journey.
“The working capital facility enhances our ability to manage production cycles, maintain consistent supply, and respond effectively to the increasing demand for durable industrial packaging solutions in Oman.”
