Sharakah to assist OFP to set up manufacturing unit in Nizwa


Muscat: OFP has signed an agreement with Sharakah to receive financial support to set up a manufacturing unit in Nizwa Industrial Estate. Sharakah and OFP will jointly invest to set up the factory. The agreement was signed by Abdullah Al Jufaili, general manager of Sharakah and Loay Al Haj, board member of OFP.
OFP will set up a medium size manufacturing unit in Nizwa Industrial Estate to cater to the huge demand from petrochemical, fertiliser, power, desalination, waste water and other industries.

Speaking at the signing ceremony Loay Al Haj, board member of OFP said, "We are delighted to have signed this agreement with a professional institute as Sharakah to assist us in setting up the unit. The market shows great potential for our product given the demand from large projects in various sectors. We have teamed up with experts to produce quality products."

Loay has over 11 years of experience in the Oil and Gas industry locally in Petroleum Development Oman (PDO) and another 7 years internationally from the United States and the Netherlands. Throughout his career, he has worked in various positions as a technical consultant, senior production engineer and thermal WRM team leader.

Zuwaina Al Badai, investment manager at Sharakah said: "OFP is a project that deserves recognition for it is the first project to avail the Sharia-compliant equity scheme, it is identified in the list of In-Country-Value (ICV) by the Omani Oil and Gas companies, it covers a need in the local and regional market, it would provide more than 60 employment opportunities at least 30 per cent of them will be for Omanis, and it helps transfer knowledge and expertise in the local market. We are delighted that they have chosen Sharakah as a partner and we ensure them that our partnership goes beyond financing. We are truly excited to support this project for its objective of ultimately maximizing Oman ICV."

The unit will start setting up during the second quarter of this year and is expected to start production towards the end of the year.

Sharakah believes in the potential of local businesses to grow nationally and regionally. Indeed, it is the business development, follow up and monitoring post financing that ensures keeping the business on the right path.