Trading platform for recyclable wastes under development
A digital platform envisaged as an online portal for enabling commercial transactions around recyclable waste commodities is currently in the early stages of development, according to the Oman Environmental Holding Services Co (be’ah), the stateowned entity overseeing the management of municipal and solid wastes in the country.
Dubbed the ‘Trading Platform and Collection System’, it seeks to unlock the significant economic potential of Oman’s recyclable waste sector across all key waste streams, aimed at attracting investment inflows into this emerging circular economy, as well as spawning the growth of SMES and jobs across this promising industry.
At the same time, the proposed trading platform will strengthen regulation of the recycling industry, primarily with the goal of promoting the onshoring of recycling and reuse activities, thereby curbing the outflow of recyclable commodities to overseas markets.
According to be’ah, development of the platform was kicked off with a “thorough initial market screening to evaluate the diverse range of available solutions for the trading platform and collection system”.
“This comprehensive assessment involved scrutinising various systems and vendors to identify the most suitable options that align with the project’s objectives and requirements,” be’ah, part of Oman Investment Authority (OIA), stated in its recently published 2023 Sustainability Report.
Following the completion of the market screening exercise, be’ah floated a tender inviting proposals from interested vendors. “These proposals were rigorously evaluated based on both technical and financial criteria to ensure the selection of the best possible solution for the project’s needs,” it added.
be’ah officials have previously said that the platform will have an important regulatory function as well.
Once operational, it will mandate all generators, collectors, transporters and recyclers of all types of recyclable wastes to transact their business via this portal.
Consequently, all of the respective participants in the supply chain, starting from the generators all the way to the recyclers, will be required to register on the platform — a measure designed to shut out of shadowy operators blamed for siphoning commercially valuable recyclable wastes to overseas markets to the detriment of Oman’s fledgling recycling industry.
The overarching objective is to maximise value creation through the development of a circular economy around wastes, encompassing used cooking oil, metal scrap, aluminium cans, used tyres, electronic and electrical waste, paper and card, glass bottles and plastic, among other waste streams.