Asyad Group, supported by Oman’s sovereign wealth fund, is exploring opportunities to acquire or operate ports in Southeast Asia, India, and Africa to expand its global shipping market share. Chief Asset Management Officer Ahmed Al Bulushi mentioned in an interview that the company is currently negotiating to manage a port in Malaysia. Additionally, Asyad Group is pursuing deals in other regions of the continent, with some expected to be finalized next year. The company plans to finance these ventures through internal resources.
The firm, which has $4 billion in assets, is eager to extend its reach beyond the Middle East to take on a more prominent global role as economic growth drives increased demand for shipping. According to an organization representing over half of the world’s fleet, the supply of container vessels is expected to grow both this year and next. Asyad’s shipping division currently owns or operates 91 vessels that transport crude oil, LNG, chemical products, and other goods.
“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”, Al Bulushi said. “By having a port we can leverage our assets like shipping lines and we can capitalize on access to that market and that area". Asyad wants only majority stakes or full ownership because that suits its “strategic direction”, he said.
The company manages three of Oman’s major ports. Sohar, located in the north, is a joint venture with the Port of Rotterdam, while Antwerp Port partners in Duqm and Maersk in Salalah. Additionally, the company offers drydock services and logistical economic zones and is nearing the award of a contract to develop roads, utilities, warehouses, and offices for the country’s first airport-free zone, according to Al Bulushi. Asyad Shipping Co., a subsidiary of the group, plans to launch an initial public offering by the end of the year, with banks already appointed as advisers, as confirmed by a Reuters report. The group’s revenue grew at a compound annual growth rate of 21% last year compared to the previous year, primarily due to shipping activities, Al Bulushi added.
“We aim to reduce the contribution of shipping by 2027 to close to 60%” by growing “the other verticals and by focusing more on Asyad Logistics”, he said. The company’s target is to increase the share of the logistics unit to as much as 40% of overall revenue, he added. “We’re trying to redraw the supply chain map in the area”, Al Bulushi said. “Our strategy is to reach everywhere in the world”.