Asyad Group, a company backed by Oman’s sovereign wealth fund, is setting its sights on Southeast Asia, India, and Africa. The company is keen to acquire or operate ports in these regions to secure a larger share of the global shipping market.
The company is currently in discussions to manage a port in Malaysia, according to Chief Asset Management Officer Ahmed Al Bulushi. While he did not provide specific details, he mentioned that the company is also pursuing deals in other parts of the continent, with some likely to be finalized next year. The company plans to finance these acquisitions internally.
Leveraging Global Economic Growth
With $4 billion in assets, Asyad Group is eager to expand beyond its Middle East base and play a larger role in the global economy. This ambition is fueled by the expanding demand for shipping as economic growth accelerates worldwide.
The company’s shipping division currently owns or operates 91 vessels that transport a variety of goods, including crude oil, LNG, and chemical products. By acquiring ports, Asyad Group aims to leverage its shipping lines and capitalize on market access in these regions.
Strategic Direction and Future Plans
Asyad Group is interested in acquiring majority stakes or full ownership of ports, as this aligns with its strategic direction. The company currently operates three major ports in Oman and provides a drydock and logistical economic zones.
In addition to its port acquisition plans, Asyad Group’s shipping unit, Asyad Shipping Co., is planning an initial public offering by the end of this year. The group’s revenue saw a compound annual growth rate of 21% last year, primarily driven by its shipping operations.
By 2027, the company aims to reduce the contribution of shipping to close to 60% by growing other verticals and focusing more on Asyad Logistics. The company’s goal is to increase the logistics unit’s share to as much as 40% of overall revenue.
In summary, Asyad Group is actively working to redraw the supply chain map in the area, with a strategy to reach every corner of the world.
