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Success stories
ASYAD Oman’s shining example of ESG-driven success The solution Dr Essam Al Sheibany, Group VP Sustainability
How is Asyad thriving? Asyad is a leading example of ESG-led success in Oman, owing to its explicit commitments to reform. By prioritising sustainability in its business strategy and culture, the Group has achieved record-breaking profits, secured key funding to further expand its fleet, and achieved a Gold Rating on the Oman Sustainability Index for two consecutive years. Asyad’s commitment to promoting positive change attracts top talent to the organisation.
Asyad began developing ESG strategies in 2022, placing them at the centre of a wider transformation with a clear focus on KPIs for 2023. This ESG framework didn’t just focus on the decarbonisation of the business but was split into four key areas: environmental leadership, thriving workplace, community engagement, and robust governance and sustainable growth. Asyad also established a culture of transparency by implementing disclosure mechanisms to maximise accountability and setting quantifiable milestones to track progress across its multiple units. This not only enhances Asyad’s reputation as a sustainable and responsible business, but it also enables the Group to attract funding from ESG-led investors.
The challenge Sustainability is currently the most prominent trend transforming the energy industry, and Oman-based integrated logistics solutions provider Asyad recognises the importance of evolving and adapting to sustainability demands for its future success. Asyad is committed to decarbonising its operations, not only to meet regulatory changes, but also to play an impactful role in the global drive to net zero. To that end, the company is undergoing a comprehensive transformation, with particular focus on its shipping business and deep seaports. Sustainability is deeply ingrained into the company’s values and culture, reflecting the impetus with which Asyad approaches this issue. The logistics group acknowledges that achieving true sustainability, as a global enterprise, is a challenging task that cannot be accomplished alone. It requires collaboration and partnerships to drive innovation and the sharing of knowledge and best practices.
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EIC Survive and Thrive
The benefits of this approach are already apparent. Asyad became the first Omani company to secure sustainability link loans based on its low CO2 emissions, securing US$35m in funding to purchase two new vessels. Beyond financing, Asyad has received a Gold Rating on the Oman Sustainability Index for two consecutive years and is publishing its first Sustainability Report in 2023, which will also undergo an international ESG rating process to verify its measurement and commitment mechanisms. Furthermore, Asyad has recognised major international shipping lines’ increased demands for ports to disclose ESG commitments and decarbonisation plans, as well as regulatory and operational demands for reporting on carbon footprint and emissions targets. The sustainability transformation has also enabled Asyad to better meet ESG and regulatory demands worlwide, with its expansive portfolio comprising three deep ports, two free
2023