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.