Oman’s ship repair yard posts first-ever net profit

Oman’s ship repair yard posts first-ever net profit

MUSCAT - Asyad Dry Dock (formerly known as Oman Dry-Dock Company) has turned a first-ever profit since its establishment just over a decade ago as the country’s first ship repair and maintenance yard

Oman Investment Authority (OIA), the investment arm of the Omani government, made the announcement in its newly published Annual Report for the June 2020 – December 2021 period. Asyad Dry Dock is a subsidiary of Asyad Group, the government’s logistics and supply chain business, which in turn is affiliated to OIA.

“Asyad Dry Dock registered net profits for the first time since its incorporation in 2011 as a result of establishing new sources of income, rationalising spending, increasing productivity, and targeting projects with high-profit margins,” said OIA in its Annual Report.

Established within Port of Duqm, Asyad Dry Dock offers an expanding suite of services encompassing ship repair, ship conversion, mega yacht repair, offshore rig repair, shipbuilding, and industrial fabrication. Equipped with a 2,800-metre quay and two graving docks, the yard can handle vessels up to 600,000 DWT.

Since the commencement of operations in 2011, Asyad Dry Dock has handled over 1,100 vessels. In 2021, the yard received a total of 163 vessels, representing a 21 per cent increase over corresponding