Asyad Group Eyes Global Expansion in Port Operations

Muscat, Oman — Asyad Group, supported by Oman’s sovereign wealth fund, is actively seeking opportunities to either buy or manage ports in Southeast Asia, India, and Africa to expand its influence in the global shipping market. According to Chief Asset Management Officer Ahmed Al Bulushi, the company is currently in talks to manage a port in Malaysia, although specific details were not disclosed.

Al Bulushi mentioned that Asyad is also pursuing deals across the African continent, with some agreements expected to be finalized next year. The company plans to finance these ventures internally, leveraging its $4 billion in assets.

Expanding Global Footprint

Asyad Group aims to extend its reach beyond its Middle East base, capitalizing on the growing demand for shipping driven by global economic expansion. The company’s shipping division already operates 91 vessels that transport crude oil, LNG, chemical products, and other supplies. The supply of container vessels is anticipated to increase in both 2023 and 2024, according to an industry organization representing over half of the world’s fleet.

“There are discussions and we’re looking to manage international ports whether in the Asian market, India or Africa or any other opportunity that we think is reasonable,” said Al Bulushi. “By having a port we can leverage our assets like shipping lines and we can capitalize on access to that market and that area.”

Strategic Investments

Asyad prefers majority stakes or full ownership in its port ventures, aligning with its strategic direction. The company currently operates three major ports in Oman: Sohar (in partnership with the Port of Rotterdam), Duqm (with Antwerp Port as a partner), and Salalah (with Maersk). Additionally, Asyad offers drydock services and manages logistical economic zones. Al Bulushi also revealed plans to award a contract soon to develop Oman’s first airport free zone, which will include roads, utilities, warehouses, and offices.

Initial Public Offering (IPO)

Asyad’s subsidiary, Asyad Shipping Co., is preparing for an initial public offering (IPO) by the end of the year. This plan was confirmed following a Reuters report that the company has selected banks to advise on the IPO.

The group’s revenue saw a compound annual growth rate of 21% last year, primarily driven by its shipping division, Al Bulushi noted.

Asyad’s ambitious expansion strategy underscores its commitment to playing a larger role in the global shipping industry, leveraging its assets and expertise to capitalize on new market opportunities in Asia, India, and Africa.