Sovereign wealth fund the Oman Investment Authority (OIA) is reportedly weighing plans for an IPO of logistics firm Asyad Group, as part of a larger divestment and privatization drive by the Omani state, Bloomberg reports, citing people with knowledge of the matter. The OIA has tapped banks for pitches for the share sale, the sources said. Details on the timeline for IPO or a potential valuation of Asyad were not disclosed.

This would be the latest in a string of IPOs: An Asyad IPO would fall in line with a wider trend that has seen banks tapped for pitches on another three IPOs in Oman since the beginning of the year, as the GCC state attempts to shore up its capital markets and procure funds, Bloomberg writes. These include national energy company OQ SAOC’s exploration and production business and the power utility, with the OIA’s divestment strategy possibly seeing “several dozen listings” over the next five years, in a bid to bump Oman’s economy to an emerging market status.

Where would the raised funds go? Funds gathered from Oman’s privatization drive would finance investments in the sultanate’s energy, transport, and tourism sectors, Bloomberg writes. This is part of a larger regional trend with KSA and the UAE also pursuing similar strategies to diversify their non-oil economies.

About Asyad: The logistics provider has a portfolio including three deep water ports, a dry port, two freezones, an economic zone, and a road network. The outfit also operates a fleet of 80 vessels.

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