Oman's first public P2P crowdfunding campaign concludes successfully

BUSINESS REPORTER

MUSCAT, JULY 3

Ethical and Shariah compliant crowdfunding platform operator, Ethis Investment Platform LLC (EthisX), has announced the successful conclusion of its inaugural peer-to-peer (P2P) crowdfunding campaign. The campaign, named Rakwa Roastery, showcases a remarkable milestone as the Sultanate of Oman's first-ever successful public P2P crowdfunding initiative. The campaign surpassed its minimum target of RO 40,000 and went on to be overfunded, reaching the maximum target of RO 50,000 ($130,000), entirely sourced from public contributions.

Rakwa Roastery, a coffee roastery SME with its primary operations based in Nizwa, attracted both local and global retail investors. The campaign presented an enticing opportunity, offering a projected return on investment (ROI) of 15% over a one-year term. The raised funds will be allocated towards acquiring specialized packaging machinery, expanding inventories, and venturing into new markets.

The success of Rakwa Roastery's crowdfunding campaign marks a significant milestone for EthisX and the Sultanate of Oman, highlighting the growing demand for ethical and Shari'a compliant investment opportunities in the Sultanate of Oman. Through the collective support of local and global investors, EthisX successfully demonstrated the power of enabling public participation to fuel sustainable economic growth and empowering small and medium enterprises (SMEs).

Riza Ismail, Chief Operating Officer (COO) of EthisX, expressed immense gratitude for the successful fundraising of Oman's inaugural public P2P campaign, emphasizing their unwavering commitment to bolstering local SMEs through the active involvement of both domestic and international investors from a network expanding across 80 countries.

The COO shed light on the potentially huge impact of EthisX as a trusted platform for foreign direct investment (FDI) alongside GCC and Omani investors to fund Omani businesses in unprecedented ways. With the innovative EthisX platform, Omani businesses of all sizes now have the opportunity to attract the attention of international investors and overcome the limitations of traditional fundraising methods. This opens up a realm of possibilities for Omani SMEs to proudly showcase their potential and seize global opportunities.

“EthisX is paving the way for Omani businesses to thrive on a global stage, creating a brighter future for economic growth and success”, she concluded.