Oman’s leading SME development firm, Sharakah, has signed a Memorandum of Understanding to provide a Shariah-compliant financing facility to Ocean of Majan International Commercial Services LLC, the manufacturer behind the Bagpak brand. The strategic capital will support the company’s working capital requirements as it scales its industrial packaging operations across the Sultanate.
Quick Facts
- Sharakah provides Shariah-compliant SME financing facility.
- Ocean of Majan produces Bagpak industrial packaging.
- Capital funds manufacturing expansion and working capital.
Scaling Oman’s Industrial Packaging Capabilities
Established in October 2022, Ocean of Majan specializes in manufacturing polypropylene (PP) packaging solutions tailored for industrial use. Operating under the Bagpak brand, the company produces PP woven bags, FIBC jumbo bags, and cement bags.
These materials serve as critical components for several major sectors operating within Oman. The company currently supplies customized packaging to industries spanning cement manufacturing, sugar processing, petrochemicals, food production, mining, and logistics.
The newly secured financing from Sharakah will directly support the manufacturer’s working capital needs, enabling it to expand both its manufacturing output and supply chain operations to meet domestic demand.
Driving SME Growth in the Manufacturing Sector
Ali Ahmed Muqaibal, Chief Executive Officer of Sharakah, emphasized the strategic focus of the partnership in developing local manufacturing capabilities.
“Supporting SMEs that strengthen Oman’s industrial ecosystem remains a key priority for Sharakah,” Muqaibal noted.
He added, “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.”
For Ocean of Majan, the capital injection arrives at a critical expansion phase for the young manufacturing business.
Falah Ali Al Kaabi, a representative of Ocean of Majan International Commercial Services, highlighted the operational impact of the funding.
“Sharakah’s financial support comes at an important stage in our growth journey,” Al Kaabi said.
He explained, “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.”
About Sharakah
Incorporated by Royal Decree in 1998, Sharakah is one of Oman’s foundational SME development initiatives. The organization provides comprehensive support to local projects across various sectors through financial backing, awareness campaigns, training programs, and consultation services. Sharakah focuses on strategically developing the SME ecosystem in the Sultanate and driving positive economic impact through the empowerment of Omani enterprises.
About Ocean of Majan International Commercial Services
Ocean of Majan International Commercial Services LLC is an Omani manufacturing SME established in October 2022. The company produces the Bagpak brand of industrial packaging solutions, specializing in polypropylene (PP) woven bags, FIBC jumbo bags, and cement bags for the logistics, petrochemical, food, and mining sectors.
Source: Zawya
