EthisX, part of, Ethis Group, has launched a P2P crowdfunding campaign for Al-Naamani, one of the oldest tailor chains in the Sultanate of Oman, and owned by Mazin Humaid Al Mahruqi Trading L.L.C for a maximum raise of OMR100k.
The project, which runs for one year, is to fund the expansion of the business through the
purchase and direct import of filament and spun fabric from Indonesia, Korea and Japan. The main shareholder of the company, Mazin Humaid Khalfan Al Mahruqi, who fully acquired the Al-Naamani menswear business in 2021, is an experienced local entrepreneur. Al-Naamani recorded an annual revenue of more than OMR 300K in 2021 despite the challenges brought on by the COVID-19 pandemic.
“EthisX has a flexible financing scheme that fits our business requirements. The team is incredibly sharp and analytical, and their due diligence and risk analysis process was thorough, particularly on the specificity required for each campaign,” said Mazin Humaid Khalfan Al Mahruqi, the CEO of Mazin Humaid Al Mahruqi Trading L.L.C.
“It is truly an honour to be the first campaign launched on the EthisX platform, and as a local company, I hope our campaign will resonate well with fellow Omani investors,” he said. “For a fairly low entry point of OMR250, investors gain a competitive ROI of 10%. We have high hopes for this campaign, and we see it as an avenue for Omanis who would like to contribute back to the MSME ecosystem in the Sultanate of Oman.”
The first-of-its-kind cross-border Ethical Private Capital Marketplace, EthisX offers direct
shariah-compliant investments into SME companies and special purpose vehicle (SPV) projects from around the globe. Approved by the Capital Market Authority (CMA), the Sultanate of Oman’s regulator and supervisor of the capital market and insurance sector, EthisX is managed by Ethis Investment Platform LLC based out of Muscat, the Sultanate of Oman, and in Kuala Lumpur, Malaysia.
“For EthisX, we are fully focused on bringing in new sources of capital into Oman by tapping on local Omani investors but more importantly our global base of investors from more than 80 countries,” said Riza Ismail, Chief Operating Officer of EthisX.
“The need for new sources of capital aligns with Oman vision 2040, which according to Dr Yousuf Hamed Al Balushi, the Chief Economist of the Oman Vision 2040 taskforce, calls for a change in key elements and factors that determine the future growth of businesses in Oman, including capital, and this can be obtained from foreign direct investments and local private sources.”
“Through EthisX, we are well-positioned to support Omani businesses attract sizable FDI to
enable the country to move on a new path of development based on investments, production and exports that will help the country in dealing with its two greatest challenges: economic diversification and job creation, in the post-pandemic era,” she said.
Established in 1979, Al-Naamani is one of the oldest tailor chains in the Sultanate of Oman. It provides made-to-measure tailoring and ready-to-wear for the formal and casual Omani
menswear, the dishdasha—similar to a thobe, and which is obligatory to be worn in all official places, and culturally, also worn daily. Al-Naamani has a total of 30 branches spread across the Sultanate of Oman, covering major cities. They also sell their ready-made dishdashas to some prominent hypermarkets in the Sultanate of Oman.
The Omani menswear fabric market comprised several types, mainly synthetic fabric, as well as spun, filament and knitted fabrics. Al-Naamani relies on regional distributors and wholesalers to procure fabric, mostly from the United Arab Emirates, but most of the fabrics are manufactured in the South East Asian region, as well as in Korea and Japan. Al-Naamani has a factory which also functions as a tailoring centre in Bidbid town, staffed by more than 70 well-trained tailors.
“Al Namaani is where I always get my neat-looking Dishdasha, not only for me but for all my siblings and my father—the store is our go-to when we are looking for high-quality, comfortable and bespoke Dishdasha. It’s always been a family tradition,” said Mohammed Alruqaishi, a loyal customer and an Associate at EthisX.