227 Muscat – In a step towards bolstering the circular economy, Oman Environmental Services Holding Company – be’ah – is planning to develop a waste trading and collection platform. This digital move aligns with the company’s strategic ambition to harness waste streams and recover valuable resources. A major catalyst for the recycling industry in Oman, the platform aspires to enhance recycling rates and maximize the value retention of waste generated in the Sultanate. According to be’ah, the service will provide an online marketplace for auctions and offer real-time pricing references. The company announced a tender earlier for the development of the platform, with bid submission closing on Monday. The platform will simplify transactions of recyclable materials in the local market. It intends to serve as a transparent hub where waste generators, recyclers, and traders can actively engage in live auctions. ‘Additionally, the platform will provide services such as estimates, seamless online payment gateways, and monitor waste-flow post-transaction,’ be’ah’s tender document stated. The platform’s revenue model will lean on a mix of subscription and transaction fees. Because be’ah caters to major waste generators, the platform plans to offer collection services, ensuring waste is transported from the source to designated areas efficiently. ‘Services will incorporate tracking the movement of recyclables and the accompanying financial transactions.’ Tasked with overseeing solid waste management services in Oman, the state-owned enterprise announced its intention to develop a first-of-its-kind platform to facilitate auctions and trading in recyclable waste in September 2022 to give momentum to the circular economy in the Sultanate. Ensuring transparency remains at the forefront, the trading platform will showcase live waste prices pegged to a local pricing index, which be’ah is currently formulating. Despite vast amounts of recyclable waste streams produced in the country, be’ah reports that only a modest percentage is currently captured and recycled. This presents a substantial opportunity for investments, promising not only economic benefits but also support for SME growth, job creation, and broader economic development. The company has highlighted potential investment areas such as scrap copper, fish waste, engine oil, glass, wood, used tires, and plastic. You Might Be Interested In Stagnation in UK Economy: GDP Shows No Growth Insurers in Asia-Pacific to Prioritize Investment Risk Management Amid Economic Slowdown Headline: Paving the Way for Carbon Capture’s Global Impact Strategic Move: M&T Bank Corp Bolsters Investment in Coca-Cola Europacific Partners Goldman Sachs Forecasts Egypt-IMF Financial Deal to Reach $12 Billion Retail Sector Sees Growth Prospects Despite Investor Caution
