Saif Amor Al-Maamary first came to GroFin in 2013 for a loan facility for his electronics trading business, Ibn Amor Al-Maamary Electronics (IAAE). At that time, Saif was looking at expanding IAAE’s operations to include manufacturing, which placed the business in a higher risk profile.
GroFin believed in Saif and funded his foray into manufacturing, allowing him a five-month capital moratorium that gave Saif the flexibility to complete the setting up of the factory and to acquire the necessary equipment and machines to make it operational.
Accordingly, since mid-2014, the company is operating a factory for HVAC (Heating, Ventilation and Air Conditioning) systems in the Samail industrial area. However, IAAE currently outsources the services for painting and binding of these systems, making the process more costly and time consuming.
In order to meet the ever growing demand for air conditioning systems, Saif wanted to complete the end-to-end process in-house, including the painting and binding of these systems.
Saif once again turned to GroFin, which did not show any hesitation in approving yet another sizeable loan in favour of IAAE to fund the setting up of the new powder coating line, taking its cumulative investment upward of US$ 1.5 million.
Apart from its faith in the entrepreneur, the project’s potential for end-to-end development of local capacities in the manufacturing industry in Oman makes it an attractive investment in GroFin’s eyes.
Currently, there is no such factory in Oman while there are only a total of three (in Qatar, UAE & Saudi Arabia) across the entire Gulf region. Their long delivery time, inability to offer custom made products and fairly high prices translate into a substantial inconvenience for the local market which IAAE’s initiative is mitigating, providing much-needed relief to the consumers of such electronics.
Apart from finance, GroFin is also providing business support to the client in his recruitment and marketing efforts for the proposed expansion, which is expected to take staff levels up to 50 from the current 43.