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Oman Business News

Sohar and Salalah free zones receive $500mn FDI in 2019

Asyad, the end-to-end logistics solutions provider in the Middle East on Wednesday said the total foreign direct investment (FDI) in Sohar and Salalah free zones has reached US$500mn this year, already surpassing the total amount invested in 2018.

Asyad also said that it has achieved a rapid growth due to sales increases and have developed new revenue streams. It also forecast a 23 per cent overall growth in revenue in 2019.

Majlis ASYAD, a group-wide employee meeting was held on Wednesday at the Oman Convention and Exhibition Centre to showcase the group’s performance in the first half of 2019 and also to outline its keynote initiatives for the second half of the year.

Speaking at the event Abdulrahman al Hatmi, Group CEO, said, “I am pleased to say that 2019 is set to deliver our best group financial performance to date.”

He said, “Asyad has delivered rapid growth in the last six months due to sales increases and new revenue streams, resulting in a Ebitda growth of 14 per cent and a forecast of 23 per cent growth overall for 2019.”

On the group’s performance outlook for 2019, Hatmi said, “Our strength as a group comes from our integration - sharing in each others’ progress to secure Asyad and the sultanate’s position as a global logistics leader. The upcoming rollout of our hub project, connecting freight from ship to last-mile shipment, is a great example of how we are all working together to add new capabilities across the value chain,” he said.

He added that the other priority for Asyad is the digitisation of all services and the adoption of new technologies such as big data, artificial intelligence, Internet of Things and blockchain into their operations - ensuring that Asyad offers one of the most competitive, advanced, efficient and technologically-integrated logistics solutions worldwide.

Majlis ASYAD event, which was attended by 500 employees and stakeholders from across the group, featured overview presentations on current operations and upcoming plans. The event aimed to build alignments and synergy through all the operating companies that are part of the Asyad Group.

Source Link:

  • Asyad Group
  • Oman
  • Sohar
  • Salalah Free Zone
  • Investments
  • $500 Million
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