According to the chief executive of Oman’s state-owned ASYAD Group, the company is exploring the possibility of buying ports and terminals overseas and may sell assets outside of its core logistics business, such as a college and a project management operation, according to a Reuters article written by Hadeel Sayegh and Davide Barbuscia.
The plans by the company, which is controlled by the Oman Investment Authority, are in line with the small Gulf state’s overall aim to diversify its revenue sources away from petroleum and grow its non-oil sectors.
“International growth has been part of our strategy, whether it is ports or freight forwarding. Our objective is to look at all the assets that the government has invested in – in Oman – put them together and integrate them,” Chief Executive Abdulrahman Salim Al-Hatmi told Reuters.
ASYAD specializes on logistics, transportation, port services, shipping, and free zones, with $5 billion in assets.
Freight forwarding, courier and package services, and a temperature-controlled supply chain, according to al-Hatmi, are still lacking from the company’s portfolio.
“We have a fantastic wealth of fishery in Oman, we want to support the food market in Oman, so we are looking at expanding some activities in that area that can help us fill the gap,” Al-Hatmi said.
He stated that the firm wished to grow in areas such as shipping, land and air transportation in anticipation of a post-pandemic economic recovery in East Africa and India.
He also mentioned that ASYAD was considering divesting from Hutchison Ports Sohar, a joint venture between ASYAD Group, Hutchison Ports, and other owners. It operates a container terminal in Sohar Port, which is located near the major Strait of Hormuz shipping channel in the Gulf of Oman.