Asyad Drydock Sets New Record in 2024: Implications for Global Business Opportunities in Oman
DUQM: Asyad Drydock, a prominent member of the Asyad Group, marked a historic achievement in 2024 by completing 232 projects, the highest annual total since the facility commenced operations in 2011. This milestone brings the cumulative number of completed projects to over 2,000.
Ahmed bin Ali al Balushi, CEO of Asyad Drydock and Infrastructure Services, announced that the drydock has catered to more than 800 clients from 70 countries beyond Oman, reflecting its growing reputation and the confidence in its technical and operational expertise.
Al Balushi emphasized the facility’s significant role in the economic development of the Duqm Special Economic Zone. By attracting substantial international marine repair and maintenance projects, Asyad Drydock is not only generating employment but also enhancing support services and stimulating further industrial and logistics investments, thereby solidifying Duqm’s position as a leading maritime hub in the region.
He also highlighted the company’s commitment to in-country value (ICV), noting that in 2024, Asyad Drydock awarded contracts worth RO 8.4 million to small and medium enterprises (SMEs) and RO 11.1 million to other local businesses, which constituted 82% of all contracts awarded. Local procurement spending reached RO 14 million, including RO 5.8 million for services and RO 2.3 million on locally manufactured goods.
As part of its supplier development initiative, Asyad Drydock has transferred over RO 414,000 in purchases from international to local suppliers, particularly in industrial diving and technical materials, thereby strengthening Oman’s national supply chain.
In terms of quality and sustainability, the company achieved significant milestones, including obtaining American Bureau of Shipping (ABS) certification for repairing mega-vessel propeller blades, adopting eco-friendly painting techniques, and implementing robotic hull cleaning technologies.
Revenues for the first half of 2025 saw a 15% year-on-year increase, indicating ongoing financial growth. Al Balushi affirmed that the company is pursuing its expansion strategy with an emphasis on digital transformation, skills development, and establishing international partnerships.
Additionally, Asyad Drydock is exploring new business opportunities, particularly in the oil and gas sectors, aiming to provide offshore platform services and expand into key international markets such as Africa, Japan, and the United States. These initiatives are anticipated to bring more vessels to Duqm and enhance customer satisfaction. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
The record success of Asyad Drydock signifies a robust opportunity for businesses in Oman, particularly in marine repair and industrial services—fostering local employment and attracting further investments to the Duqm Special Economic Zone. However, smart investors should remain vigilant to competitive dynamics as the facility expands into new international markets, such as Africa and the U.S., which may present both challenges and opportunities for market entry. Overall, a focus on supply chain localization and sustainable practices will be crucial for leveraging growth in the region.
