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:

Collaboration

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.

Ingenuity

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.

Initiative

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.

Commitment

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.

Shareholders

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

Muscat Municipality

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

ASAAS Abdullah Al Mammary

Abdullah Al Mammary

Chairman, Special Forces Pension Fund

ASAAS Abdullah Al Harthi

Abdullah Al Harthy

Deputy Chairman, State General Reserve Fund

ASAAS Al Syeed Shabib Al Busaidi

Al Sayed Shabib Al Busaidi

Board Member, Muscat Municipality

ASAAS Mukhtar Hassan

Mukhtar Hassan

Independent Board Member

ASAAS Mohammed Al Lawati

Mohamed Sadiq Jawad

Board Member, Tanmia

ASAAS Faisal Al Farsi

Faisal Al Farsi

Board Member, Public Authority of Social Insurance

CEO’s Message

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
@khalidalyahmadi