Oman Fisheries Company (OFC), a subsidiary of Fisheries Development Oman (FDO), has signed a commercial fishing agreement with Irish firm Atlantic Dawn for the utilisation of its fishing vessels.
In a filing to the Capital Market Authority (CMA), publicly traded Oman Fisheries said the agreement will enable the Irish firm to utilise the fishing quotas granted by the Omani Ministry of Agriculture, Fisheries and Water Resources.
The move will help Oman Fisheries “secure sustainable supplies, in addition to enhancing export operations”, said Sulaiman al Ghannami, CEO.
Under the deal, Atlantic Dawn will bring a small pelagic fishing vessel targeting 30,000 metric tonnes of small pelagics that, if achieved, will result in boosting Oman Fisheries’ financial performance and margins. The ship will be deployed in Omani waters by the next fishing season in 2022, the CEO added.
FDO, which groups Oman Fisheries, is wholly owned by Oman Investment Authority (OIA) – the integrated sovereign wealth fund of the Sultanate of Oman.
In March, Gulf Japan Food Fund (GJFF), an international private equity fund focused on the food and beverage industry, acquired 31.4 per cent of Oman Fisheries’ capital for a consideration of $10 million. GJFF said it would provide support and assistance to help Oman Fisheries achieve its long-term growth objectives.
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