74 1 July 2024 Success Stories
EIC Survive & Thrive 2024
EIC Survive & Thrive 2024
21 Success Stories July 2024
Story type #environmental sustainability (main category) #culture, #transformation
ASYAD Oman’s shining example of ESG-driven success Essam Al Sheibany VP of Sustainability
How is ASYAD thriving? ASYAD is a leading example of ESG-led success in Oman, putting into action its unwavering commitment to reform. By prioritising sustainability in its business strategy and culture, the group achieved record breaking profits, secured key funding to expand its fleet, and achieved Gold Rating on the Oman Sustainability Index for two consecutive years. This steadfast commitment to promoting positive change attracts top talent to the Oman’s logistics powerhouse. The challenge - Sustainability is today’s futuristic force transforming the energy industry. As Oman’s global integrated logistics provider, ASYAD Group recognizes the importance of proactively evolving and adapting to sustainability demands to ensure future success. ASYAD is committed to decarbonizing its operations, not only to meet regulatory changes and manage market pressures but to play an impactful role in the national and global drive to net zero. To that end, the group is undergoing a cross-cutting transformation, focused on its shipping business and deep seaports. Beyond operations, sustainability is deeply ingrained into the company’s values and culture. ASYAD, as a responsible global citizen, acknowledges that achieving true sustainability is a challenging, collaborative journey that requires strong partnerships to drive innovation and share knowledge and best practices. The solution - To advance its sustainability transformation, ASYAD began developing its ESG strategy in 2022 as the cornerstone of its wider business PKI-centered transformation for 2023. This ESG framework does not focus solely on decarbonizing the business, it extends to four key areas: environmental stewardship, thriving workplace, community engagement and robust governance. ASYAD also created a culture of transparency by implementing disclosure mechanisms to maximize accountability and setting quantifiable milestones to track progress across its business units. This not only enhances Asyad’s reputation as a sustainable and responsible international business, but it also enables the group to attract additional funding from ESG-led investors. The benefits of this approach are already apparent. ASYAD became the first Omani com-
Benefits ▸ Record profit in 2022 and new self-sustaining segments. ▸ ESG entirely embraced and reputation elevated.
Key findings pany to access sustainability link loans based on its low CO2 emissions, securing USD 35 million loan to fund the purchase two new, more eco-efficient vessels. Financing is not the only arena where ASYAD shines. The Group in 2023 has achieved the highest ranking in the ESG Category (Platinum) during the Oman Sustainability Awards and is publishing its first public Sustainability Report in 2023 which will also undergo an international ESG rating process to verify its measurement and commitment mechanisms through the Global Reporting Initiative. Furthermore, ASYAD has recognised major international shipping lines’ increased demand 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 transformation has also enabled ASYAD to better meet ESG criteria and regulatory requirements in various markets throughout its extensive portfolio. The sustainability impact of this strategy will echo globally given the depth of Asyad’s asset lineup that includes three deep ports, two free zones, an economic zone, and a last-mile delivery provider. In addition, ASYAD Group operates a wide array of maritime services, with one of the largest drydocks in the middle east and a diversified fleet of more than 75 vessels, supported by a sea transport network that connects Oman to key ports across the region. This global reach offers a unique opportunity to disseminate sustainability worldwide. Despite many challenges in retaining talents equipped with the expertise and know-how to accelerate its sustainability ambitions, as well as the increasing cost of adopting key sustainability technologies and solutions, ASYAD has remained unwavering in its commitment to change. Partnerships have proven key, with the group collaborating with Sultan Qaboos University on biofuel projects and building partnerships with international corporations to develop clean fuel alternatives and unlock new frontiers for emission reduction. Through these efforts, ASYAD has established itself as a shining beacon and corporate role model not just for Oman, but internationally. The group’s credibility in the industry has
For industry ▸ Build your strategy to evolve under ESG. For government ▸ ESG should be self-driven, regulation is a key enabler to take businesses in this di-rection.
ASYAD at a glance: Key products and services: integrated logistics solutions Main industries served: ▸ Oil and gas – 90% ▸ Others – 10% Headquarters: Muscat, Oman Year established: 2016 Number of employees: +8,000 Revenue: £1.02bn Revenue from exports: N/A
enabled it to attract promising talents and a wider client base, garnering a reputation as one of the world’s elite energy transporters in terms of sustainability. As a result, ASYAD has been able to secure better financing to sustain its business growth and fleet expansion goals. In fact, 2022 was a record-breaking year for ASYAD in terms of profit, with business units that were previously underperforming financially becoming self-sustaining. Overall, the group’s commitment to sustainability has been crucial to its success and its capacity to develop, adapt to and surpass sustainability requirements. This robust and forward-thinking approach is proving to be the key to Asyad’s bright future. By integrating sustainability into its core values and culture, and emphasising transparency, collaboration, and partnerships, ASYAD has become an example of ESG-led success.