Bahrain-basedMira Packaging Factory manufactures disposable paper cups and other foodpackaging solutions to the GCC and African F&B industry. It was establishedin Bahrain with Private Foreign DirectInvestment and the support of the Bahrain Economic Development Board (EDB) –the Kingdom's investment promotion agency. Since its inception in 2015, MiraPackaging has experienced high demand both locally and regionally for itsproducts. This latest round of funding on Beehive is testament to the company'sgrowth, in terms of both demand for its products and the expansion ofoperations with new machinery and equipment.
Beehive, launched in Dubai in 2014, is MENA's first regulated peer to peerlending platform and one of the region's leading fintech pioneers. The Beehiveplatform uses innovative technology to eliminate the cost and complexity ofconventional finance by connecting businesses directly with investors. Theresult is a more efficient, streamlined process that gives businesses fasteraccess to lower cost loans and investors better returns on their money anddiversified risk.
Muneeb Rashid,Mira Packaging Director of Operations highlighted "The high demand for ourproducts is directly associated with our service and flexibility that we offerto our large portfolio of customers in Bahrain, Saudi Arabia and the regional neighbouring countrieswhich include international airlines, global HORECA brands and local coffeeconcepts. The Company will utilize the new round of funding for expanding itsoutput as well as diversifying its product portfolio to suit customer'sneeds."
Craig Moore,Beehive CEO commented: "We're delighted to have facilitated funding forour first SME in Bahrain, which will be thefirst of many. Mira Packaging Factory proved their eligibility for peer to peerfinance after Beehive's thorough credit assessment, which determines thecompany's ability to repay the loan and provide excellent returns to our globalinvestors. This is great news for both the company and the economy in Bahrain, which relies heavily on SMEs."
Dalal Buhejji, Senior Manager,Business Development – Financial Services, Bahrain EDB said: "This is yetanother example of Bahrain's bold and innovativeregulation catalysing growth in the Kingdom. It's fantastic to see businessesfrom our fintech and manufacturing sectors now able to drive growth together inthis way. I look forward to watching Mira Packaging and Beehive continue totake advantage of Bahrain's unique, supportiveecosystem as they expand across this region and beyond."
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