Omani Logistics Company Seeking to Acquire Ports in Malaysia, India and Africa
Asyad Group, the largest logistics (warehousing and supply chain management) and transportation (maritime and land) company in Oman, supported by the country’s sovereign wealth fund, has announced its intentions to acquire or manage ports in Southeast Asia (Malaysia), India, and Africa.
Ahmed Al Balooshi, CEO of Asset Management at Asyad, mentioned ongoing negotiations to manage a port in Malaysia.
Al Balooshi also stated that Asyad is seeking to conclude deals in other regions of the continent, with some expected to finalize next year. He emphasized that these projects would be internally funded.
Al Balooshi further explained, “We are negotiating to manage international ports in the Asian market, India, Africa, and other suitable opportunities. By managing a port, we can leverage our assets such as shipping lines and gain access to those markets and regions.”
He added that Asyad only seeks majority shares or full ownership, as this approach aligns with the company’s strategic direction.
Al Balooshi believes that managing international ports would enable Asyad to utilize its assets like shipping lines and access new markets.
The CEO also confirmed that Asyad Shipping, a subsidiary, plans to sell shares through an initial public offering by the end of this year. This move corroborates a Reuters report stating that the company has selected banks as its advisors.
Al Balooshi noted that the group’s revenue grew at a compound annual growth rate of 21 percent last year, primarily driven by shipping services. He added, “We aim to reduce the contribution of shipping to around 60 percent by 2027, focusing more on the development of other sectors and enhancing Asyad’s logistics services.”
Asyad Group Oman
Asyad Group Oman is one of the largest logistics (warehousing and supply chain management) and transportation (maritime and land) companies in Oman. Established to develop logistics infrastructure and services within the country and improve trade connections with other regions of the world, the group operates under the umbrella of Oman’s sovereign wealth fund. Asyad’s diverse activities include maritime transportation, port management, logistics, and supply chain services.
