MUSCAT: Even though in a nascent stage, crowdfunding is soon becoming more popular in the Sultanate of Oman. And, EthisX is leading the way to provide an alternative financing platform for companies to raise capital directly from global and local investors.

“Crowdfunding is a new concept in Oman. But ever since we received our license in March 2022, we’ve started receiving applications from companies in Oman. The response we’ve received so far is very good. Our team has already started working on some of these applications,” said Riza Ismail, Chief Operating Officer at EthisX Oman in an exclusive interview with The Arabian Stories.

So far the company has received applications from medical, agriculture and traditional handicrafts sectors which can boost the tourism industry, Ismail revealed.

“We are also looking to contribute to the growth of SMEs industry in Oman, but we are not restricting ourselves to one industry alone. We are also looking at areas such as agriculture and recycling,” she added.

Regulated by Sultanate of Oman’s Capital Market Authority, EthisX is a cross-border Ethical Private Capital Marketplace platform that focuses on sustainable and impact-driven crowd-investments and financing.

EthisX officially launched its first event, “Entrepreneurship Haven – From Idea to Profit through Crowdfunding” to raise awareness on crowdfunding and its importance in growing the local entrepreneurship ecosystem on June 23, 2022.

The Capital Market Authority had announced earlier this year that companies planning to engage in crowdfunding activities will not be required to pay licensing fees until 2023. This move was taken by the authority in a bid to to boost the local market, which is anticipated to grow even further.