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3 Minutes to Read by 3 Minutes to Read by 3 Minutes to Read by 3 DUBAI, United Arab Emirates (Reuters) – According to the chief executive of Oman’s state-owned Asyad, the company is investigating buying ports and terminals abroad and may sell assets outside of its core logistics business, such as a college and a project management operation. The company’s intentions, which are controlled by the Oman Investment Authority, are in line with the small Gulf state’s overall strategy to diversify its revenue sources away from petroleum and boost its non-oil businesses. The company’s mandate, according to Chief Executive Abdulrahman Salim Al Hatmi, includes collaborating with the private sector in Oman and recruiting foreign investment. “Whether it’s ports or freight forwarding, international growth has always been a component of our strategy,” he said. “Our goal is to take a look at all of the assets that the government has invested in – in Oman – and combine and integrate them.” Asyad focuses 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 Hatmi, are still absent from the company’s portfolio. “We have a tremendous resource of fishery in Oman,” he added. “We want to support the food market in Oman, so we’re looking at extending certain activities in that area to help us fill the gap.” He stated that the corporation wished to develop in areas like as shipping, land transportation, and air transportation in anticipation of a post-pandemic economic recovery in East Africa and India. Asyad will decide before the end of the year whether to raise debt through bonds or loans to fund its development goals and organic growth, Hatmi said, adding that bonds are “one of the vehicles we are looking at.” Hatmi stated that the corporation was considering selling non-core assets such as a college, project management, and public transportation services such as buses and ferries. He also mentioned that Asyad was considering selling its stake in Hutchison Ports Sohar, a joint venture between Asyad, Hutchison Ports, and other owners. It operates a container terminal in Sohar Port, which is located near the busy Strait of Hormuz shipping lane in the Gulf of Oman. Hadeel Al Sayegh contributed reporting, and Edmund Blair edited the piece./nRead More

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