ASYAD to focus on ports, shipping, e-commerce
MUSCAT: The Board of Directors of ASYAD Group has decided to restructure its business units in line with its efforts to focus on key logistics activities, such as port services, free zones, shipping, dry-docks, e-commerce services, and last-mile delivery. The decision comes as part of ASYAD’s efforts to boost its local and international commercial presence, in light of its plans to grow and enhance its performance.
The restructure of the sector will result in the dissolution of the Oman Roads and Transport Management Company (ORTMC). The Ministry of Transport, Communications and Information Technology will supervise all transport and road responsibilities previously assigned to ORTMC according to the Ministry’s jurisdiction under the new state administrative apparatus.
The dissolution of ORTMC comes following a review of the company’s objectives and its profitability forecasts in the future. The evaluation indicated that the activities of ORTMC do not fall within the scope of integrated logistics activities that the ASYAD Group focuses on.
ASYAD’s Board of Directors has put in consideration that there are no negative impacts on the employees because of this decision. As such, the employees will be redeployed across ASYAD Group companies, and the employees seconded to ORTMC will return to their respective companies. Contracts related to existing projects will be automatically transferred to the Ministry of Transport, Communications and Information Technology.
Looking forward, ASYAD will focus on embodying the direction of Oman Investment Authority (OIA) in cooperating with the private sector by empowering it, and partnering and integrating with it, which constitutes a fundamental pillar of its new operating model. As such, several projects for partnership with the private sector have been identified.
OIA is positive about the remarkable development in the performance of ASYAD Group, which has been achieved during the short period operationally and financially, as well as the expansion of the scope of its service, which contributed to the ranking of the Sultanate’s ports as the first globally in container handling.
OIA affirms its support for all efforts that would advance the Group to achieve its goals and contribute to the economic diversification efforts adopted by the Sultanate.
OIA emphasises that it continues the implementation of its strategy to maximise the financial and economic returns of its entities by reviewing the organisational and operational structures. OIA works on preparing the investments of these companies for mergers, exits, partnerships with the private sector, or listing in public capital markets to promote promising industries in the Sultanate and enhance its position on the global economic map to achieve the aspirations of Oman Vision 2040. — ONA