Asyad, Oman’s state-owned shipping company, is set to invest $2.7 billion this year to expand its fleet by over a third. Established in 2003 and owned by Oman’s sovereign wealth fund, Asyad currently operates 89 vessels. The expansion, planned for 2025, will add 33 ships, including oil tankers, gas carriers, and cargo vessels, to meet growing demand for shipping services in Europe and Asian markets such as Japan and South Korea.
“Asyad aims to capitalise on growing market dynamics with our European and Asian partners while focusing on sustainable growth, profitability, and enhancing shareholder value,” the company said in a statement.
The fleet expansion will be funded through medium-term loans from local and international banks.
In addition, Asyad plans to list 20% of its shipping operations on Oman’s Muscat Stock Exchange in the first quarter of this year. The IPO is expected to raise funds for future growth, including container and storage facility expansion at ports in Salalah, Sohar, and Duqm.
This move is part of Oman’s broader privatisation strategy to attract foreign investment, alongside fiscal reforms that have helped the sultanate reduce its debt.
Asyad is reportedly seeking a valuation of at least $1 billion for the IPO and aims to pay an annual dividend of $150 million in 2025 and 2026, according to a company statement cited by Bloomberg.
