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Pearl of AI excellence: Minister wants UAE to be world leader

The UAE has been seamlessly incorporating AI into people’s daily lives

Nida Sohail
Nida Sohail

23 January, 2025

Pearl of AI excellence: Minister wants UAE to be world leader
Image credit: Oracle Middle East/Twitter

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Just as the UAE was a leader in pearl diving 150 years ago, the country is now aiming to become the number one nation in artificial intelligence, according to the country’s Minister of AI.

Read: Oracle boosts UAE cloud capacity fivefold as GCC embraces AI

The UAE has been seamlessly incorporating AI into people’s daily lives, Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said at the Oracle CloudWorld Tour, held in Dubai on Wednesday, January 22nd.

Must know: Oracle unveils world’s first zettascale cloud computing cluster

A clear example of this is the seamless passage of travelers through Dubai Airport (DXB). Passengers can move through the smart tunnel or smart gates, exiting the plane without interacting with a single human or showing their passports. After experiencing that, any other airport in the world feels slow and inefficient.

“That’s the power of AI when deployed effectively”, Al Olama reiterated.

Digital Dubai

Digital Dubai also represents the city’s fourth revolution, building on the Dubai government’s vision and the smart city mission.

Important: Sheikh Hamdan reveals Dubai’s ‘Universal Blueprint for Artificial Intelligence’

“One major achievement has been the launch of a unified medical system in 2017, where most city processes are integrated, allowing for seamless interactions within the government’s digital ecosystem. This has greatly improved service delivery and reduced inefficiencies”, Khalifa Al Marris, CEO of Shared Government Service Sector, Digital Dubai Government Establishment, Digital Dubai said at the keynote session at the Oracle CloudWorld Tour.

Dubai has already established itself as a leader in digital transformation. Many other governments are now looking at its model to improve their own operations and enhance service delivery, Al Marris emphasised.

AI-driven growth

According to a sectoral report, issued by the Abu Dhabi Chamber of Commerce and Industry (February 2024), the following UAE sectors are expected to grow astronomically through the incorporation of AI strategies into their day-to-day functioning:

  • The adoption of AI in the financial sector is expected to increase GDP by 14 per cent by 2035
  • The healthcare market size is expected to witness an expansion of CAGR (Compounded Annual Growth Rate) 42 per cent to reach over Dhs3bn by 2029
  • The tourism and hospitality sector of the UAE is also expected to generate an estimated output increase in current prices of Dhs3bn by 2030
  • The construction arm of the UAE economy is also primed to add Dhs39bn upon the integration of AI tools into its functioning
  • The world as we see it today is jumping on the AI bandwagon, with the UAE leading the way to becoming a world leader in this technology.

This is evident in the fact that the UAE is the only country in the world to have had a minister for AI since 2017 and the UAE government ranks 18th on the Oxford AI Readiness Index 2021 out of 160 countries.

According to a PwC report, the potential impact of AI for the Middle East is expected to be $320bn by 2030, with the UAE expected to see the largest impact of close to 14 per cent of 2030 GDP.

Keyper’s CEO shares how it’s enabling a seamless tenant-landlord experience

Omar Abu Innab, its CEO and co-founder, shares the story behind Keyper’s creation, its market impact, and the exciting developments shaping the platform’s future

Neesha Salian
Neesha Salian

23 January, 2025

Keyper’s CEO shares how it’s enabling a seamless tenant-landlord experience
Image: Supplied

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Keyper is redefining the rental landscape in Dubai with an innovative approach that blends convenience, flexibility, and security for both tenants and property owners. The pioneering platform, designed to simplify rental transactions, is redefining how tenants and landlords engage with the city’s dynamic real estate market.

From the launch of the “Rent now, pay later” (RNPL) model to the development of advanced property management tools, Keyper is shaping the future of real estate in Dubai.

In this interview, Omar Abu Innab, its CEO and co-founder, shares the story behind Keyper’s creation, its market impact, and the exciting developments shaping the platform’s future.

Tell us about the vision behind Keyper and what inspired you to create a platform that caters to both tenants and property owners.

Keyper was born out of a deep understanding of the challenges faced by tenants and landlords in Dubai’s dynamic real estate sector. The vision was clear: create a platform that simplifies the complexities of rental transactions while addressing the needs of both stakeholders through efficiency, transparency, and trust, stemming from personal struggles as both a landlord and renter.

Tenants sought the flexibility of monthly payments to better manage their cash flow, but landlords often insisted on fewer payment cycles for security.

We realised that both parties could benefit from a model that retained landlords’ preferred payment terms—one, two, or 4 payments per year—while offering tenants the option of monthly payments. To make this possible, Keyper takes on the financial risk through advanced tenant screening and data-driven decision-making, ensuring security for landlords without compromising tenant convenience.

The result is a platform that doesn’t just digitise transactions but also redefines the experience of renting and leasing real estate in Dubai. We aim to empower tenants to manage their finances effectively while giving landlords tools to maximize their investment returns.

With Keyper, renting isn’t just a transaction — it’s a seamless, mutually beneficial relationship that reflects the future of real estate in the UAE.

One of Keyper’s standout offerings is the ‘Rent now, pay later’ (RNPL) model. How does this innovative solution address the financial challenges both tenants and property owners face, and how has the response been from the market?

The model is a transformative concept that addresses two key concerns in Dubai’s real estate market: tenants’ desire for financial flexibility and landlords’ need for stable income.

For tenants, Keyper’s RNPL allows monthly rent payments, tenants can align their rental obligations with their monthly salary cycles. Eliminating the strain of large upfront payments, enabling tenants to preserve their savings for other priorities.

For landlords, we offer unparalleled assurance. By maintaining their original payment preferences — whether one annual payment or two or four instalments — they continue to enjoy predictable cash flows. Additionally, Keyper provides an ‘upfront rent’ service, enabling landlords to cash out the entire remaining lease value at any time, offering unmatched liquidity.

To address the inherent risks of monthly payments, we implemented a rigorous tenant screening process that includes income verification through secure open banking. This ensures that only financially capable tenants qualify for RNPL.

The market response has been phenomenal. Over 90 per cent of the over 20,000 RNPL applications have been accepted, underscoring the immense demand for a solution that balances flexibility with reliability.

Notably, tenants who benefit from RNPL often recommend it to others, creating a ripple effect of organic growth. This enthusiasm highlights RNPL’s ability to redefine the relationship between landlords and tenants, making it a cornerstone of Keyper’s mission to modernise real estate in Dubai.

Keyper offers a wide range of tools for property owners, such as automated rent collection and live property valuations. How have these digital solutions changed the way property owners manage their investments, and what impact has this had on the overall real estate market in Dubai?

Keyper’s platform equips property owners with state-of-the-art tools designed to optimise their asset management, providing a level of control and insight that was previously inaccessible.

Features such as automated rent collection, live property valuations, and detailed financial reporting transform the traditionally cumbersome process of managing real estate into a streamlined, digital experience.

Automated rent collection, for instance, not only ensures timely payments but also eliminates administrative burdens. Landlords no longer have to chase tenants or deal with manual processes. Instead, rent is seamlessly debited from the tenant’s account and transferred to the landlord’s, fostering a stress-free rental process. Live valuations give property owners a real-time view of their portfolio’s performance, helping them make informed decisions about the market whether they are leasing or selling.

The ripple effects of these advancements are felt across Dubai’s real estate market. By introducing greater efficiency and transparency, Keyper has instilled confidence among investors, making Dubai a more attractive destination for real estate investments. Furthermore, features like market insights and transaction comparisons empower landlords to stay competitive, adapt to market trends, and maximize their returns. This fusion of technology and strategy is reshaping property management in Dubai, setting new standards for efficiency and professionalism.

As the company grows, Keyper has forged key partnerships within the real estate ecosystem. How have these collaborations strengthened your platform, and what role do they play in the future of real estate in Dubai?

Collaborations are at the heart of Keyper’s strategy to enhance its platform and contribute meaningfully to Dubai’s real estate ecosystem. Our partnerships with escrow agencies, regulatory bodies, and financial institutions ensure that our platform is not only reliable but also aligned with market standards and government directives.

These collaborations strengthen our offerings in several ways. For instance, working with escrow agencies bolsters trust by safeguarding rental payments, while partnerships with financial institutions enable secure, automated transactions. Additionally, our collaboration with regulatory bodies allows us to align with Dubai’s vision of a paperless economy, ensuring all our transactions are digital, efficient, and environmentally conscious.

Looking forward, these alliances will play a pivotal role in driving transparency and innovation in Dubai’s real estate market. By fostering a network of trusted partners, Keyper aims to create an integrated ecosystem where tenants, landlords, and investors can interact seamlessly. These partnerships not only enhance our platform’s capabilities but also position Keyper as a key player in shaping the future of real estate in the UAE.

Keyper’s marketplace exclusively showcases properties with flexible financial options. How do you see the demand for flexible rental terms evolving in Dubai’s rental market, and how does Keyper plan to further adapt to these shifts?

Flexible rental terms are no longer just a preference — they are becoming a necessity in Dubai’s evolving real estate market. With an increasing number of tenants seeking financial solutions that align with global standards, monthly payment options with Keyper’s RNPL are rapidly gaining traction.

Keyper’s marketplace is uniquely positioned to cater to this demand by exclusively listing RNPL-approved properties, making it easier for tenants to find homes that suit their financial capabilities.

As demand continues to grow, we plan to expand its marketplace offerings by integrating predictive analytics to personalize property recommendations. This will ensure tenants can discover rental options tailored to their needs. Additionally, we are exploring partnerships with new developers and agencies to increase the inventory of RNPL-enabled units, giving tenants more choices and landlords greater exposure.

The demand for flexible rental terms represents a significant shift in tenant expectations, and Keyper remains committed to adapting and evolving alongside these changes. Our focus on tenant-centric solutions and data-driven enhancements ensures that we stay ahead of the curve, consistently meeting the needs of Dubai’s diverse rental audience.

What sets Keyper apart from traditional property management models in the UAE, and what do you believe are the key factors that will drive the continued success and growth of the platform in the years ahead?

A: Keyper distinguishes itself from traditional property management models by offering an entirely digital-first approach, redefining how real estate transactions and management are handled in the UAE. Unlike conventional methods that rely heavily on manual processes and periodic updates, Keyper delivers real-time insights, automated solutions, and comprehensive tools that streamline every aspect of renting and managing real estate.

One of our standout features is the seamless integration of technology into financial processes. Landlords benefit from automated rent collection, live portfolio valuations, and advanced analytics, enabling them to make data-driven decisions without the operational burden of traditional methods. For tenants, our RNPL feature introduces financial ease, transforming the often rigid rental system into one that aligns with their cash flow and lifestyle.

What drives our growth is our ability to adapt to market needs and anticipate future demands. By staying attuned to tenant and landlord preferences, we ensure our platform evolves to meet emerging challenges. For example, our strong focus on tenant screening not only reassures landlords but also enhances the quality of the tenant-landlord relationship. Furthermore, our ability to foster collaborations with stakeholders, from real estate developers to regulatory bodies, ensures that Keyper remains a trusted and innovative partner in the UAE’s real estate landscape.

Keyper’s long-term success will also hinge on our commitment to transparency, efficiency, and sustainability. By continuing to refine our platform with cutting-edge technology and building on the trust we’ve cultivated with users, we aim to lead the Proptech transformation in the UAE and set a benchmark for digital property management globally.

What are some of the most exciting developments or features Keyper is working on to further enhance the experience for both tenants and property owners in the UAE?

The future at Keyper is brimming with exciting advancements aimed at further enhancing the experience for both tenants and property owners. One of our primary focuses is expanding the capabilities of our RNPL model. We are developing enhanced financial tools for tenants, including tailored payment plans and predictive rent analytics, which will provide greater financial control and insight.

For property owners, we are revolutionising portfolio management by introducing an expanded dashboard that offers even more granular data on property performance. This includes detailed transaction histories, market trend analysis, and predictive valuation models to help landlords optimize returns. In addition, we’re working on integrating advanced property lifecycle management tools that will allow owners to track maintenance schedules, refurbishment costs, and occupancy trends in a single, intuitive interface.

Another exciting area of development is our marketplace expansion. By onboarding more RNPL-compatible real estate and partnering with leading developers, we aim to provide tenants with a broader range of options while boosting visibility for landlords. We’re also exploring AI-driven personalization to ensure that both tenants and landlords receive recommendations tailored to their specific needs and goals.

Moreover, our strategic collaborations with Dubai’s regulatory bodies mean we’re actively participating in the government’s push toward digitization. From paperless transactions to blockchain-enabled lease agreements, Keyper is at the forefront of these innovations, ensuring our platform aligns with the UAE’s vision of a sustainable, tech-enabled economy. These advancements promise to elevate the Keyper experience and reinforce our position as a leader in the proptech revolution.

Given the rapid growth of the prop-tech sector, how do you view the future of technology in real estate, and what role do you see Keyper playing in shaping that future in the UAE and beyond?

A: The future of technology in real estate is poised to be transformative, with digital tools and data-driven strategies becoming the norm across the industry. As proptech continues to evolve, we foresee increased reliance on automation, AI, and blockchain to bring greater transparency, efficiency, and personalization to real estate transactions and management.

We are not just adapting to this future — we are actively shaping it. By embracing cutting-edge technologies like Open Banking integrations for tenant screening and AI-driven analytics for market insights, we are setting new standards in the way real estate is rented and managed. Our focus on tenant-centric models, such as RNPL, and landlord-friendly tools, like upfront rent options, ensures that both sides of the market benefit from this technological shift.

Looking beyond the UAE, Keyper’s model has immense potential for global application. Cities around the world face similar challenges of affordability, transparency, and operational efficiency in real estate. By leveraging our expertise and proven success in Dubai, we aim to export our solutions to other markets, adapting them to local needs while maintaining the core values of flexibility, reliability, and innovation.

Keyper’s role in shaping the future of real estate will be defined by our ability to foresee industry shifts and respond proactively. Whether it’s adopting emerging technologies, forming strategic alliances, or continually enhancing our platform, our commitment to leading the digital transformation of real estate remains steadfast.

By staying ahead of trends and prioritising user needs, we aim to solidify our position as a global proptech pioneer.

Power Letters 2025

The region’s key business leaders share their plans and outlook for 2025, revealing the strategies  and game-changing trends that will define the year ahead

Neesha Salian
Neesha Salian

23 January, 2025

Power Letters 2025

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The region’s most influential business leaders share their strategic vision and key initiatives for 2025, offering a deep dive into the priorities that will shape the next wave of economic growth and innovation.

In this exclusive series, leaders from across sectors — ranging from technology and manufacturing to healthcare and sustainability — reveal their roadmap for navigating global challenges, capitalising on emerging opportunities, and fostering resilience.

Their plans not only reflect the evolving dynamics of the business landscape but also highlight the transformative shifts, from digital transformation to sustainable development, that will define success in the coming years.

With a keen focus on long-term growth and adaptability, these leaders discuss the bold steps they are taking to future-proof their organisations, align with shifting consumer demands, and leverage new technologies to stay ahead of the curve.

Paul Griffiths

CEO, Dubai Airports

Aziz Koleilat

President and CEO – METCIS, GE Aerospace

Mohamed Abdelbary

Group CEO, Abu Dhabi Islamic Bank

Ahmed Abdelaal

Group CEO, Mashreq

Engineer Bader Al Lamki

CEO, ADNOC Distribution

Saif Humaid Al Falasi

Group CEO, ENOC

Engineer Hamad Al Ameri

MD and group CEO, Alpha Dhabi Holding

Abdulla Belhoul

CEO, TECOM Group

Prateek Suri

Chairman and CEO, Maser Group

Kiril Evtimov

CEO, Core42

Dr Tariq Bin Hendi

Board member and MD, Astra Tech

Othman Aljeda

CEO, Aramex

Frans Hiemstra

Regional GM MEA, Uber

Imran Farooq

CEO, Samana Developers

Vikas Papriwal

Leader, FTI Consulting Middle East and Africa

Mutasem Dajani

CEO, Deloitte Middle East

Dr Azad Moopen

Founder and chairman, Aster DM Healthcare

Giuseppe Saba

CEO and Board Member, Dubai Humanitarian

Samir Ranavaya

CEO and co-founder, Innerspace Furniture Trading

Thomas Pramotedham

CEO, Presight

Mahdi Amjad

Founder and executive chairman, OMNIYAT

Mufazzal Kajiji

CEO, Zurich International Life Middle East

Muzzammil Ahussain

CEO, Almosafer

Yousef Ahmed Al Mutawa

CEO, Sharjah Sustainable City

Pierre Santoni

President, Infrastructure EMEA at Parsons Corporation

Rahul Singh

MD, Car Rental Division, Dollar and Thrifty UAE

Saudi Arabia’s Elm to acquire Thiqah from PIF for $907m

The fund said that the deal will strengthen the local ICT sector, contributing to its goal of creating high-skilled jobs and driving economic growth through digital transformation

Kudakwashe Muzoriwa
Kudakwashe Muzoriwa

23 January, 2025

Saudi Arabia’s Elm to acquire Thiqah from PIF for $907m
Image credit: Matthew Stockman/Getty Images

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Saudi Arabia’s Public Investment Fund (PIF) said on Wednesday that it is selling business services firm Thiqah to Elm for $907m (SAR3.4bn) as the wealth fund seeks to boost its coffers to ramp up local investments to accelerate the kingdom’s economic diversification programme.

Information and communications technology (ICT) is a priority investment sector for PIF. The fund emphasised that the deal will strengthen the local ICT sector, contributing to its goal of creating high-skilled jobs and driving economic growth.

The acquisition is expected to close once regulatory approvals are received and certain conditions under the agreement are met. Elm said in a bourse filing that it would fund the deal in cash through its own resources and facilities.

Thiqah is wholly owned by PIF, which also holds a 67 per cent stake in Elm after it sold shares in the company in an initial public offering in 2022. Elm’s stock has risen over 800 per cent since then.

Elm expects the acquisition to support its strategic growth plan and strengthen its position as a key player in Saudi Arabia’s digital services market. By expanding its market reach and offering a wider array of complementary services, the company can better serve its existing customers and capitalise on the growth of key market segments.

“PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localise technology and drive innovation,” Shahd Attar, head of Technology and Media, MENA Investments at PIF.

Meanwhile, PIF, which has nearly $1tn in assets under management, is the main engine of Prime Minister and Crown Prince Mohammed bin Salman’s strategy to wean Saudi Arabia’s economy off its dependence on the oil that made it one of the world’s wealthiest nations.

The plan, known as “Vision 2030”, aims to develop new sectors and create more sustainable revenue streams. Since 2017, the $925bn sovereign fund has created 95 new companies and over 644,000 direct and indirect jobs.

Last October, PIF Governor Yasir Al Rumayyan said that the fund’s focus was shifting to the domestic economy as it looked to develop new industries and promote economic diversification. The fund raised SAR3.86bn from selling a 2 per cent stake in telecoms firm stc Group in November.

Read: Saudi Arabia’s PIF raises $1bn from stc Group stake sale

Oracle boosts UAE cloud capacity fivefold as GCC embraces AI

The appetite for cloud growth and AI capabilities in the region is “phenomenal”, says Oracle’s executive vice president for technology in EMEA

Gareth van Zyl
Gareth van Zyl

23 January, 2025

Oracle boosts UAE cloud capacity fivefold as GCC embraces AI
Richard Smith, Oracle’s executive vice president for technology in EMEA. (Image: Supplied)

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Oracle is increasing its capacity in UAE hubs, such as Abu Dhabi, by fivefold as the GCC accelerates its adoption of cloud and artificial intelligence (AI) technologies.

This is according to Richard Smith, Oracle’s executive vice president for technology in EMEA, who was speaking to Gulf Business along the sidelines of the Oracle CloudWorld Tour in Dubai this week.

Oracle is in the process of adding significant infrastructure, including GPUs, to its data centres in the UAE capital Smith said. The company further expects demand to keep pace with its expansion.

“In the Middle East, the appetite for cloud growth and AI capabilities is phenomenal,” Smith told Gulf Business.

He noted the region’s transformative agendas, including Saudi Arabia’s Vision 2030 and the UAE’s national goals. He also emphasised that these initiatives have galvanised focus and driven rapid advancements in digital infrastructure.

The surge in AI adoption is also reshaping the technology landscape across the region.

“AI adoption in the Middle East and Africa is among the fastest globally,” Smith said, attributing the trend to transformative governmental agendas.

Oracle is positioned to support this demand with its deep AI partnerships, including collaborations with OpenAI, Microsoft, and Meta, and its extensive AI infrastructure.

The switch to sovereign cloud

The GCC’s shift towards sovereign cloud solutions has been a key driver of Oracle’s growth. The company’s Alloy platform is designed to meet the region’s data sovereignty requirements, ensuring sensitive data remains within national borders.

“Oracle has signed several sovereign agreements, including with STC in Saudi Arabia, du in the UAE, and others in Bahrain and Kuwait, to deliver high-end Oracle Cloud Infrastructure (OCI) services through our Alloy platform,” Smith said.

These agreements allow organisations to manage and protect sensitive public sector data while accessing over 100 cloud services tailored to regional needs.

In the UAE, telecommunications giant du is leveraging Oracle Alloy to provide sovereign AI services and cloud capabilities to business, government, and public sector clients.

The telecom company’s deployment of Alloy enables it to run these services from its own UAE-based data centres, giving its customers greater control over operations, location, and security. The platform also allows du to accelerate the adoption of AI technologies, such as machine learning and generative AI, in the public sector.

“Ultimately, the Middle East’s strong demand for sovereign cloud solutions is driven by political structures and transformative agendas,” Smith added, underscoring the importance of balancing modernisation with data security.

From on-premise to modern cloud infrastructure

Many GCC organisations are transitioning from on-premise systems to modern cloud solutions, Smith said.

“Many customers here already run Oracle applications on-premise, and transitioning to Alloy helps modernise while meeting sovereignty requirements,” he told Gulf Business.

This shift allows organisations to move from static environments to dynamic cloud platforms that receive regular updates, including incremental AI capabilities. Bahrain, for example, is using Alloy to modernise its systems while maintaining compliance with regulatory requirements.

Global tech investments signal AI’s future

Smith’s comments around the growing demand for AI in the region come amid some of the world’s most prominent names in tech pledging to inject $500bn into building artificial-intelligence infrastructure in the US earlier this week.

The joint venture, known as Stargate, is led by OpenAI and global tech investor Softbank. Oracle and UAE tech investor MGX are also equity partners in the venture.

As part of the plan, new AI data centres are set to be built in the US.

“The past year has been an explosion of AI innovation and adoption. For Oracle, AI isn’t new: we’ve been in machine learning and data for 47 years,” Smith said.

“Data has always been at the core of AI, and we’ve developed systems like the autonomous database, which is self-provisioning, self-orchestrating, and self-repairing.

“What has changed is the intelligence in both software and hardware, enabling us to process petabytes of data and use natural language querying to make decisions. This goes beyond tools like ChatGPT, enabling deep data understanding and insights. AI is a burgeoning area of growth, and Oracle is at the forefront, from building capacity to deploying advanced hardware and generative AI layers,” he concluded.

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Asyad Shipping transports LNG, crude oil, and other products and counts BP, Shell and trading firm Trafigura among its customers and partners

Reuters
Reuters

23 January, 2025

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO
Image credit: Asyad Group

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Oman’s state-owned logistics firm Asyad Group plans to sell shares in its shipping unit through an initial public offering, it said on Wednesday, as part of the Gulf country’s privatisation drive.

The group, owned by Oman’s sovereign wealth fund, plans to sell a stake of at least 20 per cent in Asyad Shipping Company and float it on the Muscat Stock Exchange, it said in a document detailing its intention to float.

“The intended listing would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy,” the company said.

Oman is pushing forward with a privatisation drive to attract foreign investors.

That strategy, along with fiscal reforms, has helped the Sultanate pay down debt and turn its large fiscal deficit of recent years into a surplus since 2022.

Asyad Shipping transports liquefied natural gas (LNG), crude oil, and other products. Its customers and partners include energy firms BP and Shell and trading firm Trafigura.

Reuters reported in July last year that Asyad was planning an initial public offering of the subsidiary and had selected Jefferies Group and EFG Hermes as advisers.

The offering will be made in two tranches, with 75 per cent going to eligible investors in Oman and qualified institutional and other foreign investors. The firm said that 30 per cent of the 75 per cent tranche had been earmarked for anchor investors, but it did not name them.

The remaining 25 per cent will be sold to retail investors in Oman.

The subscription period is expected to start next month after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually for the first six months of this year, beginning in September 2025.

The company posted an adjusted core profit margin of 69 per cent for the first nine months of last year, up from 65 per cent for the same period in 2023.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as a joint global coordinator and issue manager.

Credit Agricole and Societe Generale are joint bookrunners.

Read: Oman’s OQ to raise $490m from IPO of methanol, ammonia unit

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