MUSCAT: Plans for the establishment of a first-ever Waste Trading Platform are being firmed up in the Sultanate of Oman – a move that will impart strong impetus to the commercialization of recyclable waste and the growth of a new economy around this sector.
The initiative is being spearheaded by Oman Environmental Holding Services Co (be’ah) – part of Oman Investment Authority (OIA) – which is overseeing the management of solid waste in the country, with a mandate to harness the economic potential of this sector.
Last week, be’ah floated a tender for the design, development, installation and maintenance of an e-platform to support the collection of, and trade in, recyclable waste streams. Interested bidders have until September 18, 2023 to submit their offers.
This initiative is in “fulfillment of be’ah’s strategic goals, which include the development of waste streams and recover lost value from waste on a commercial basis,” the company noted in a brief introduction.
“The development of this platform will support the promotion of the recycling industry in Oman, leading to an increase in Oman’s recycling rate and ensure maximizing waste value retention and in-country value.”
Studies have pointed to a proliferation of Omani small and medium size enterprises (SMEs) operating in the collection, segregation, recycling and export of products and commodities emerging from the country’s nascent circular economy. In addition to players specializing in the collection and recycling of paper and cardboard waste, scrap metal, plastics and lead acid batteries (LABs), several new investors have ventured into used cooking oil (UCO) and waste tyre recycling as well.
According to be’ah, the platform aims to facilitate and streamline transactions in recyclable materials in the local market. Modelled as an online marketplace for auctions, it will link auctions to approved live pricing indexes. Consequently, market players encompassing waste generators, recyclers, traders and others will be able to post and bid on live auctions to conduct deals in a competitive and transparent manner.
Furthermore, in designing the platform, the successful bidder is required to offer integrated services including estimation services, online payment through integration with bank gateways, and monitoring of waste-flow post transactions, said be’ah.
Notably, the operator of the e-platform will be able to charge subscriptions, as well as fees per transaction in line with a business model to help fund the initiative.
Additionally, the platform will offer collection services for major generators of special waste streams, enabling the safe movement of the waste from the generation point to the designated areas per stipulated procedures. Other services provided via the platform include monitoring and tracking the movement of recyclables along with the associated financial flow.
These initiatives are expected to spur the growth of jobs, as well as SMEs, to support a new ecosystem unlocked by the drive to promote the circularity of waste in Oman.
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