In 2024, Asyad Group accelerated its global growth strategy, expanding its logistics operations into new markets, unlocking strategic investments, and reinforcing its position as a global integrated logistics provider at the heart of international trade.
Marking a defining moment in its journey, Asyad completed its first international acquisition, expanding its operational presence to over 90 global locations. This milestone underscores the Group’s commitment to building a worldwide logistics network that connects Oman to global markets and reflects the strength of its vision and the execution excellence of its teams.
Asyad closed the year with a 55% increase in net profit and a compound annual revenue growth rate of 17% since 2016, testament to its sustained financial strength and global competitiveness. In 2024, the Group recorded revenues of OMR 493 million (USD 1.28 billion) and net profits of OMR 52.8 million (USD 137.3 million), maintaining its trajectory of steady financial performance.
The year also witnessed a significant boost in foreign direct investment, with Asyad’s free zones and economic cities attracting OMR 2.41 billion (USD 6.26 billion), a 133% year-on-year increase. This was driven by the launch of the Muscat Airport Free Zone, the first of its kind in Oman, set to become a strategic magnet for regional and international investors.
Across its ports and terminals, Asyad Ports achieved double-digit growth in throughput: general cargo volumes rose by 12%, and container volumes surged by 38%, reinforcing operational resilience and the capacity to meet rising global trade demands. Salalah Port’s capacity was also increased to 6.5 million TEUs, while a new concession agreement was signed to expand Suwaiq Port, and feasibility studies commenced for future developments at Port Sultan Qaboos.
| Read More: Asyad Expands Talent and Logistics, Wins Duqm Project Award |
In maritime transport, Asyad’s fleet grew to over 90 multi-purpose vessels serving more than 200 ports across continents. The Group also achieved a 6% reduction in fleet carbon emissions, advancing its clean energy transition goals.
At Asyad Drydock, 232 ship repair and maintenance projects were completed, setting a new operational benchmark and expanding its reach into new international markets with world-class service delivery.
Asyad Logistics continued its upward momentum in 2024, powered by the acquisition of Skybridge Freight Solutions. This strategic move amplified operational efficiency and leveraged the Group’s presence in over 90 markets. Freight forwarding volumes recorded triple-digit growth: 349% via sea, 198% via land, and 160% via air, reflecting the scale and agility of Asyad’s integrated network.
Preparatory works for the joint Oman-UAE railway project were launched by Hafeet Rail, led by national talent from both countries. This transformative initiative aims to drive greater regional connectivity and build a next-generation transport ecosystem.
As part of its global strategy, Asyad expanded its presence across 22 cities, scaled maritime assets, launched new terminal operations, optimized drydock capabilities, and grew its warehousing network from 3 local to 11 regional hubs.
In 2024, the Group onboarded 122 Omani seafarers and created 619 new jobs, reaffirming its role in enabling national talent and strengthening Oman’s logistics sector for the future.
