Asyad Looks Abroad for Possible Expansion

(Photo: Asyad)

(Photo: Asyad)

Oman’s state-owned Asyad is thinking about getting ports and also terminals abroad and also might unload properties outside its core logistics company, such as an university and also job monitoring procedure, its president claimed on Thursday.

The strategies by the firm, which is possessed by the Oman Investment Authority, line up with the little oil making Gulf state’s more comprehensive technique to minimize dependence on unrefined incomes and also increase its non-oil sectors.

Chief Executive Abdulrahman Salim Al Hatmi informed Reuters the firm’s required consisted of involving with the economic sector in Oman and also drawing in international financial investment.

“International growth has been part of our strategy, whether it’s ports or freight forwarding,” he claimed. “Our objective is to look at all the assets that the government has invested in – in Oman – put them together and integrate them.”

Asyad, with $5 billion of properties, concentrates on logistics, transport, port solutions, delivery and also complimentary areas.

Hatmi claimed there were still some absent components in the firm’s profile, such as products forwarding, carrier and also parcel solutions and also a temperature-controlled supply chain.

“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,” he claimed.

He claimed the firm wished to increase in locations such as delivery, land transportation, and also air transportation in advance of an anticipated post-pandemic financial enter East Africa and also India.

To sustain its growth strategies and also natural development, Asyad would certainly choose by the end of the year whether to increase financial debt through bonds or lendings, Hatmi claimed, including that bonds were “one of the instruments we are looking at”.

Hatmi claimed the firm was thinking about unloading non-core properties, that included an university, in addition to job monitoring and also public transportation tasks, such as buses and also ferryboats.

He additionally claimed Asyad was thinking about unloading from Hutchison Ports Sohar, a joint endeavor driver possessed by Asyad, Hutchison Ports and also various other investors. It runs a container center at Sohar Port which hinges on the Gulf of Oman, near the hectic Strait of Hormuz delivery lane.

(Reporting by Hadeel Al Sayegh; Editing by Edmund Blair)

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