New ASYAD outfit to operate Muscat Port

MUSCAT, DEC 16 - ASYAD Group, the nation’s logistics development flagship, has set up a dedicated entity to operate and manage ports and related maritime infrastructure in the Sultanate. ‘Marafi’, as the new outfit is called, will assume responsibility for the operation and management of Port Sultan Qaboos in Muscat with effect from January 1, 2018. This follows a decision by the Ministry of Transport and Communications to grant a licence to wholly government-owned ASYAD to run the port from next year, effectively ending the long-running reign of Port Services Corporation (PSC), a publicly listed undertaking until recently, as operator of the Sultanate’s oldest maritime gateway. “As Oman’s flagship logistics group, we are honoured to announce the launch of a new company within ASYAD Group — ‘Marafi’ — specialising in port operations management,” said ASYAD in a recent tweet. A high-level official of PSC confirmed to the Observer that the transfer of operatorship of Port Sultan Qaboos to Marafi is expected to be smooth going into the new year. “We already have a team of senior Omani staff working with Marafi to facilitate the transition. No hiccups are anticipated especially as most of the technical and operational staff are in the process of moving to Marafi, thereby ensuring a seamless handover.” It is understood that most of PSC’s Omani staff, as well as a handful of expatriate technical employees, will relocate to the new entity. Any nationals not inducted into Marafi will be absorbed by ASYAD subsidiaries, thereby ensuring there are no job losses among Omanis as a result of the transition. Additionally, upon the expiry of PSC’s existing concession agreement on December 31, 2017, the process of dissolving and liquidating the Corporation will be initiated by Moore Stephens in line with a resolution adopted at PSC’s Extraordinary General Meeting earlier this year. Assets owned by the Corporation, as well as its substantial investments, are expected to be liquidated as well. Oman Investment Fund (OIF), a sovereign wealth fund of the Sultanate, owns the government’s 35.5 per cent stake in PSC. Conrad Prabhu