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Oman’s Asyad Group has acquired UAE-based freight forwarding firm Skybridge Freight Solutions (SFS) in a bid to expand its global reach, according to a press release. The group’s first international acquisition will broaden Asyad’s logistics activities in key cargo origin markets including China, India, Europe, the GCC, and the US. The financial details of the transaction have not been disclosed.
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Why is this important? The acquisition will enhance Asyad’s freight forwarding capabilities, leading to advances in supply chain, ports, and container lines, the statement said. Asyad will leverage SFS’ wide network to position itself as a hub for international enterprises seeking comprehensive GCC logistics solutions via Oman’s strategic location.
What SFS offers: The company offers freight forwarding services across air, sea and land and warehousing and distribution services to diverse industries including food, energy, automotive, pharms and construction, the statement notes. The acquisition will help strengthen Asyad’s connectivity to global trade routes via unrestricted multimodal freight solutions and streamlined trade operations, resulting in growth and an expanded global footprint.
Asyad is already on a growth streak: Asyad Group reported a 21% compound y-o-y growth in revenues and a 73% compound y-o-y increase in net income in 2023, according to the statement.
