Sharakah extends financial support to Star Wooden Pallets for expansion
Sharakah, Oman's leading SME development firm, has extended financial support to Star Wooden Pallets Company (SWP) to expand its operations and boost production capabilities.
This financing is facilitated through Rawafid, a fintech innovation crowdfunding platform.
The financial support agreement was signed by Ahmed Ali Said Al Kathiri, the founder of Star Wooden Pallets Company, and Ali Ahmed Muqaibal, CEO of Sharakah.
A spokesperson from Sharakah expressed enthusiasm about this partnership, highlighting how it aligns with their mission to support local businesses and contribute to their long-term strategies.
He said: 'This collaboration with SWP represents a significant opportunity to drive innovation, enhance operational efficiency, and support the company's future growth. The spokesperson also noted that Sharakah is proud to back SWP as it transitions to a fully automated production line, which will boost efficiency and help meet the growing demand for high-quality wooden pallets. Through such partnerships, Sharakah aims to provide valuable resources and support to SMEs, empowering them to achieve sustainable growth and success.'
Star Wooden Pallets Company, established in 2020, specialises in the manufacture of wooden pallets and operates from its headquarters in Raysut Industrial City (Madyan), Salalah. Despite being a relatively young company, SWP has rapidly scaled its operations due to high local demand, serving major clients. With the new term loan facility, SWP plans to finance part of the purchase of a fully automated pallet production line that incorporates advanced German technology, sourced from a Turkish supplier.
An SWP spokesperson described the partnership with Sharakah as a landmark moment in the company's growth journey and said: 'Sharakah's invaluable support opens doors to new opportunities and strategic growth.'
This collaboration between Sharakah and Star Wooden Pallets Company reflects Sharakah's ongoing commitment to empowering SMEs in Oman. As Oman continues to focus on diversifying its economy and promoting entrepreneurship, such initiatives play a vital role in shaping a resilient and dynamic business landscape, the company said. – TradeArabia News Service
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