Omani free zones under the umbrella of Asyad Group attracted more than RO 1 billion in foreign direct investments in 2023, showcasing the country's robust investment attractiveness amidst ongoing efforts by the government to diversify the economy.
The majority of this amount, totaling RO 727.5 million, was directed towards Salalah Free Zone, the oldest free zone adjacent to ports in Oman. This investment was spread across seven projects that saw usufruct agreements signed with foreign investors in the previous year, as reported by Oman Investment Authority (OIA), the overseeing body of Asyad Group.
Following Salalah, Sohar Freezone also benefited significantly from FDI, with a total of 10 project agreements amounting to RO 135.8 million. Khazaen Economic City, located in South Al Batinah Governorate, attracted RO 56.6 million through 15 project agreements with international investors in the same period. Additionally, RO 115.4 million in foreign investments were injected into other assets of Asyad Group throughout the year, as highlighted in the 2023 Annual Report by OIA.
Asyad Group, with its extensive presence across 16 entities in various sectors such as shipping, ports, transportation, logistics, ship repairs, and free zones, reported revenues of RO 465 million in 2023, marking a 5% increase from the previous year. Profits also saw a 4% rise to RO 47 million during the same period.
The Annual Report highlighted the remarkable accomplishments of Asyad Group's subsidiaries and joint ventures. Asyad Drydock, previously known as Oman Drydock Company, achieved net profits for the third consecutive year, with a 4% growth in the number of vessels serviced at the Duqm yard.
Additionally, Asyad Shipping, which manages a diverse fleet of cargo ships, secured an agreement with Oman LNG to lease two advanced LNG carriers for over eight years. This deal is anticipated to bring in direct and indirect value exceeding RO 200 million and foster collaboration among OIA Companies, as per the report.
Bahri Shipping, a Saudi national shipping company, agreed to transport approximately 600,000 metric tonnes of urea over a year for RO 4.6 million under a separate contract.
Furthermore, a direct partial shipment service was initiated to connect Khazaen Dry Port (part of Khazaen Economic City) with Nhava Sheva Port on India’s west coast through Sohar Port.
In another notable achievement, Asyad Shipping’s Singapore office achieved revenues of RO 32 million in its first year of operation, confirming the Group’s strategic decision to establish a presence in this key South Asian maritime center.
During the same period, Asyad Ports welcomed a total of 138 cruise ships carrying more than 430,000 tourists, marking a 92% increase from the previous year. Additionally, Asyad Ports was appointed as the operator of a newly inaugurated Container Terminal at the Port of Duqm.
Mwasalat, the national bus and ferry operator, reported a 21% growth in revenues driven by an increase in passengers and successful commercial agreements, as highlighted in the Annual Report.
Expanding its business portfolio, Asyad Group was entrusted with the operation, development, and management of the Free Zone at Muscat International Airport. This announcement was made by the Public Authority for Special Economic Zones and Free Zones (OPAZ).
