Management Discussion and Analysis Report
In-Country Value (ICV) and SME support Asyad Shipping is dedicated to enhancing In-Country Value (ICV) and supporting small and medium-sized enterprises (SMEs) in Oman. In 2024, the company contributed significantly to local value creation by deploying containers in Omani waters and transporting local cargo. Over half “56.3%” of the Dry Bulk cargoes carried by its fleet were Oman-based, with 8.75% loaded or discharged at Omani ports. The company also collaborates with Mina Marlow and V Ships, global crewing agencies with offices based in Oman, ensuring service fees go to local banks and prioritizing the employment of Omani seafarers and Omani employees in their offices, benefiting the national economy. In terms of bunkering, Asyad Shipping maintained partnerships with two key suppliers, Trafigura and O Bunkering, spending a total of USD 5.2 million in 2024, reflecting the company’s commitment to local supply chain optimization and supporting Oman’s economic growth. The total contracts value for the year amounted to USD 185.2 million, with 12.7% dedicated to national suppliers and 5.7% spent on local suppliers not registered under Riyada. Importantly, the company allocated 7.1% to SMEs, including those registered under Riyada. Additionally, the total orders value of USD 88.3 million, the company sourced significant portions from foreign registered suppliers (FRS) amounting to 76.5% and foreign non-registered suppliers (NRS) totaling 16.7%. Asyad Shipping also supported local SMEs, spending 4.3% with SMEs not registered under Riyada and 2.3% with those that are Riyada-registered. These figures highlight the company’s ongoing focus on creating value within Oman by promoting local procurement, fostering SME growth, and supporting national economic objectives.
Government Support Asyad Shipping operates in alignment with Oman’s strategic logistics vision, benefiting from a stable regulatory environment and government-backed maritime initiatives. On behalf of the Board Members, I extend our heartfelt gratitude to H.M. Sultan Haitham bin Tarik, the Government of the Sultanate of Oman and the stakeholders for their ongoing support. Their assistance has contributed significantly to the company ' s growth and its establishment as a prominent player in the global logistics industry. Finally, we extend our sincere thanks and appreciation to all our employees for their dedication and hard work. We anticipate the company ' s continued success and growth in the years ahead.
24 | Asyad Shipping Annual Report 2024
Asyad Shipping Annual Report 2024 | 25
Made with FlippingBook - Online catalogs