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ASYAD GROUP ANNOUNCES ITS DIVESTMENT OF IMCO

  • Academic expertise of the private sector leveraged to bring highly qualified graduates into the logistics sector.
  • The divestment is aligned with Oman Investment Authority’s national exit plan aimed at maximizing the returns on government investments
  • This move translates OIA’s vision on actively engaging the private sector to maximize returns for all stakeholders.
  • The change in ownership reinforces Asyad Group’s commitment to focusing on its core integrated logistics services for future expansion.
  • IMCO pursue its offerings with growth potential in its course portfolio under the academic support of NUST.

Keeping with its strategic commitment to boost the logistics sector by working hand in hand with the private sector, Asyad Group announced its divestment of the International Maritime College Oman (IMCO) in favour of the National University of Science and Technology (NUST), one of Oman’s most prestigious private postgraduate institutions, to bring competitive talent into the local and regional logistics markets and leverage external sector expertise.

This move strategically aligned with Oman Investment Authority’s (OIA) directives requesting its companies to undergo a strategy review and gear their plans towards focusing on the core business and expanding their operations to help increase the private sector’s contribution to the GDP. It will also maximize the financial revenues and economic impact of the government investments.

Commenting on the divestment, Ahmed Ali Al Balushi, Acting Group Chief Asset Management Officer, said, “The handover of IMCO to NUST, a pioneer in the field, comes in line with the Group’s strategic plans to cultivate effective partnerships and work closely with the private sector in all commercial, economic, and educational fields. It also reflects the Group’s vision to build local competitive talents that can drive development and lead Oman’s economic growth.”

"This step is part of Asyad's extensive efforts to implement its business strategy and restructure its business units and operational processes. We aim to focus primarily on our main business activities and better utilize our resources and investments to provide integrated and competitive logistics solutions that can meet today’s market demand and bolster the Sultanate's global logistics competitiveness,” Mr Al Balushi added.

Speaking of the role of IMCO, Dr Amer Hamoud Amer Al Habsi, Deputy Dean for Academic Affairs, stated, “Since its inception in 2005, IMCO has been consistently supplying local and regional logistics sectors with qualified graduates and proficient sector leaders.”

He continues to explain that Asyad Group has been instrumental in supporting and training Omani graduates and transferring its vast sector experience to enable them to work and shine across the Group.

"We are delighted today to join the National University of Science and Technology and look forward to leveraging its highly experienced academic staff and wide range of specialized courses to continue developing young talents. This union will allow us to equip our future professionals with the knowledge and skills necessary to take on the competitive labour market and become an employers’ first choice,” he stated.

On behalf of NUST, Dr Ali Saud Al Bimani, President of NUST, said, “We are honoured to embrace this new addition and put our vast experience of more than 25 years in higher education at the service of IMCO students. Our programs accredited by the Oman Academic Accreditation Authority and the Institution of Engineering and Technology as well as our world-class facilities and infrastructure will be at their full disposal, to have an outstanding and successful academic experience.”

The International Maritime College Oman, established in 2005, offers programs that combine theoretical learning, simulations and apprenticeships. With over 500 students graduating in 2021, IMCO supplies the local and regional markets with skilful graduates trained in maritime transport, marine engineering, logistics and transportation management, and process engineering for various sectors such as oil and gas refining, petrochemicals, power generation and other industries.

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