(Bloomberg) -- The Oman Investment Authority is planning an initial public offering of Asyad Group, the sultanate’s logistics company, as the Gulf nation ramps up its divestment program.

The OIA has asked banks to pitch for the share sale, according to people familiar with the matter, who asked not to be identified as the information isn’t public. 

Details on the valuation or timing of the IPO were not immediately available. Representatives for the OIA weren’t available for comment.

Asyad Group describes itself as a $4 billion enterprise backed by an initial $26 billion in government infrastructure spending. Its assets include deep ports, dry ports, free zones and a fleet of over 80 vessels. It also offers delivery services through Asyad Express.

The move is part of Oman’s efforts to deepen its capital markets and raise funds. Banks have been invited to pitch for another three IPOs in the Gulf nation since the start of 2024, including state energy company OQ SAOC’s exploration and production business and the power utility, Bloomberg News has reported.

Oman, the largest non-OPEC oil producer in the Middle East, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That’s part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.

The OIA has said that its divestment plan may include several dozen listings over the next five years as it chases an upgrade to emerging-market status. Together with Bahrain they are the only countries in the six-nation Gulf Cooperation Council not classified as emerging markets by MSCI Inc.

Last year OQ floated its gas pipelines business in a record $749 million IPO for the country, as well as its oil-drilling unit Abraj Energy Services SAOG. Shares in OQ Gas Networks SAOC have risen 4% from their IPO price while Abraj Energy is trading 27% higher.

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