be’ah, the public entity responsible for managing solid waste services in the Sultanate of Oman, says it is developing a one-of-a-kind platform to facilitate waste auctions and exchanges recyclables – an initiative designed to further strengthen the growth of a circular economy in the country.
be’ah – part of Oman Investment Authority – said the initiative will help optimize waste retention in the country and spur investment in recycling and value-added businesses across multiple waste streams.
The proposed exchange platform, Be’ah said, “will allow all stakeholders to have a complete overview of available recyclable waste, quantities, generators and quality of waste, etc.
“A smart digital system is expected to be developed over the coming year to support this initiative and create value for the recycling industry in Oman. The exchange platform will display live waste prices based on the local price index (which be’ah is also developing) incentivizing transparency in the process,” be’ah said, adding that A proposal to this effect has already been shared with the relevant stakeholder. government agencies.
In recent years, be’ah has worked with the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), among other government departments, to introduce the recyclable waste sector as a lucrative area for investment through in-country value creation (ICV). .
Studies have highlighted a proliferation of Omani small and medium-sized enterprises (SMEs) operating in the collection, separation, recycling and export of products and goods 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 batteries (LAB), several new investors have embarked on the recycling of used cooking oils (UCO) and used tires.
According to be’ah, only a modest percentage of the large volumes of recyclable waste streams generated in the country are currently captured and recycled. This opens up significant investment opportunities with economic benefits in the form of SME growth, job creation and economic development.
Investment opportunities related to copper scrap, fish scrap, motor oil scrap, glass scrap, wood scrap, used tire scrap and plastic waste are particularly promising, he said. He underlines.
Market experts agree that the proposed business platform will help connect recyclers to industrial consumers who can benefit from the availability of local resources at competitive prices compared to more expensive imports.
Currently, many local recyclers prefer to ship their recyclables out of the country to benefit from higher market prices. But this outflow of commercially valuable waste robs local manufacturers, as well as the national economy, of the opportunity to further turn waste into higher value products – a process that also creates jobs.
A live trading platform, working in conjunction with regulations that prohibit the export of certain types of recyclable waste (which is currently in effect), will go a long way to spurring the growth of a thriving circular economy.
2022 © All rights reserved to Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).