Asyad wants only majority stakes or full ownership because that suits its “strategic direction”
Asyad Group, backed by Oman’s sovereign wealth fund, is looking to buy or operate ports in southeast Asia, India and Africa as it seeks a bigger share of the world shipping market. The company is in talks to manage a port in Malaysia, Chief Asset Management Officer Ahmed Al Bulushi said in an interview, without providing details, Bloomberg reports.
Chasing deals elsewhere
It’s also chasing deals elsewhere in the continent and some are likely to be concluded next year, he said. The company will finance these internally, he said.
The firm with $4 billion of assets is keen to branch out from its Middle East base to play a larger global role as economic growth expands demand for shipping.
91 vessels
Supply of container vessels is likely to rise both this year and next, according to an organization whose members account for more than half of the world’s fleet.
Asyad’s shipping division owns or operates 91 vessels that transport crude, LNG, chemical products and other supplies.
Asian market
“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.
Three of Oman’s major ports
The company operates three of Oman’s major ports. Sohar in the north is an equal venture with the Port of Rotterdam, while Antwerp Port is a partner in Duqm and Maersk in Salalah.
The company also provides a drydock and logistical economic zones, and is close to awarding a contract to build roads, utilities, warehouses and offices for the country’s first airport free zone, Al Bulushi said.
Arm operating of maritime
Asyad Line is Asyad Group’s container shipping arm operating a network of maritime routes served by Asyad’s state-of-the-art fleet and connecting Oman’s ports with key global markets in the GCC, India, Southeast Asia and beyond.
Global supply chains.
In addition to its leading container shipping solutions, Asyad Line offers a wide range of logistics services, from storage and transportation to customs clearance services, all within a flexible, trusted integrated logistics offering that appeals to local, regional and global customers.
Asyad Line leverages its maritime network to connect Oman’s main ports of Sohar, Duqm and Salalah to the largest shipping hubs around the globe, providing the local and international business communities with tailored solutions and strengthening the global supply chains.
