Who We Are
Muscat National Development and Investment Company (ASAAS) was founded in 2014 through the concerted efforts of 10 key government entities. ASAAS aims to increase the contribution of non-oil and gas sectors by initiating and developing economically sustainable projects to meet the needs of the public and enrich life in Oman.
ASAAS’ business strategies challenge the status quo by adopting a holistic approach to deliver sustainable economic returns, impactful social value and attractive investment returns through the integrated development of core sector supply chains. Over the next 5-10 years, the company’s collaboration with public and private players in tourism, logistics, retail, transportation, healthcare and education will see the formation of a project portfolio with a target valuation of OMR 1bn.
Undertakings include an extensive range of project-based possibilities, ranging from hotels and mixed-use developments with residential and commercial components to leisure-based attractions. ASAAS’ investments, co-investments, funding and asset management will however remain focused on opportunities that connect people with the national agenda of economic diversification. One of ASAAS’ anchor projects is Oman’s first budget airline, which is anticipated to advance the nation’s tourism and aviation sectors.
Vision, Mission, Values
ASAAS’ vision is to enrich life in Oman with a strong commitment to generating sustainable economic returns. In its mission to initiate, collaborate and deliver businesses that improve the wellbeing of society, as well as driving shareholder value and contributing to the national agenda for economic diversification, ASAAS operates under a number of core brand values:
ASAAS’ business model evolves around the collaboration of the public and private sectors’ efforts to best achieve the company’s goals. The key partnership also lies between ASAAS’ employees and partners.
ASAAS’ key competency is built upon its ability to identify investment opportunities, as well as its commitment to meet public demand with intelligent solutions that counter existing challenges, and its pursuit of original ideas defined by resourcefulness, efficiency and pragmatism.
Building an entrepreneurial mindset, taking measured risks, increasing shareholders’ wealth, and exploring new business initiatives that contribute to the growth of Oman as a nation are what define ASAAS’ approach to business.
ASAAS’ success is simply based on delivery and execution. Delivering more than promised is an entrenched working culture that serves the company as a strong driver of achievement.
As a local developer for local people, ASAAS sought well-established and recognisable partnerships to meet the demands of regional and international investors. ASAAS’ well-established shareholder base is positioned across multiple sectors, as per the following:
State General Reserve Fund
Civil Service Pension Fund
The Sultan Special Force Pension Fund
Ministry of Defense Pension Fund
Public Authority of Social Insurance
Royal Oman Police Pension Fund
Oman National Investment and Development Company
Internal Security Service Pension Fund
The Royal Office Pension Fund
Board of Directors
Abdullah Al Mammary
Chairman, Special Forces Pension Fund
Sheikh Rashid Al Saadi
Board Member, Tanmia (Oman National Investment and Development Company)
Abdullah Al Harthy
Deputy Chairman, State General Reserve Fund
Sheikh Abdulaziz Al Saadi
Board Member, Civil Service Employees Pension Fund
Ahmed Al Busaidi
Board Member, Ministry of Defense Pension Fund
Sheikh Dr. Abdulaziz Al Hanai
Independent Board Member
Yaser Al Wazzan
Independent Board Member
Oman has become an increasingly energetic landscape in its strategic infrastructural development, with each domestic industry having proven fertile ground for economic growth. In its proud commitment to continue driving socio-economic progress nationwide, ASAAS serves the Sultanate as an enabling corporate body that effectively enriches life in Oman.
Through its diversified development and investment mandate, ASAAS leads a broad range of projects that reach across almost every established market. With a specific focus on delivering local opportunities through the Multiplier Effect Model, ASAAS ensures that Omani businesses and the SME sector are the primary beneficiaries of each project it undertakes. Driving shareholder value, diversifying economic revenues, and enhancing social benefits through proposals that yield tangible socioeconomic gains, aptly characterise ASAAS’ approach to project management, development and finance.
With a view to become one of the Sultanate’s main development and investment arms, ASAAS has produced a strategy centered on sustainability and operational efficiency. Its workforce is comprised purely of national talent and the quality that has established Oman as an attractive investment climate of prosperity. The shareholders of ASAAS alone are a profound testament to this. By harnessing some of the nation’s finest business leaders and principal corporate practitioners, ASAAS is now striving to evolve as a brand of excellence for local people, as well as the ‘partner of choice’ in Oman.
Khalid Al Yahmadi
Chief Executive Officer