Oman is becoming an increasingly important regional fish producer. With over 3,165 kilometres of coastline on four different bodies of water – the Arabian Gulf, the sea of Oman, the Indian Ocean, and the Arabian Sea and a very long coastline compared to its neighboring gulf countries. Oman has an exclusive economic zone area of 535,912 sq km with a shallow continental shelf (narrow to 10-20km in places) and a shelf area of circa 58,000 sq km. The fisheries sector in Oman has witnessed a paradigm shift recently with a higher increase in growth than planned in total fisheries volume, value of production and overall contribution to GDP while Al Wusta region’s fish reserves is among the largest in the world.
The long coastal line and the different seas adjacent to Oman contribute highly to the fish biodiversity and fish population richness in the country producing a rich mix of fishes ranging from high value large pelagic fisheries shared amongst coastal states and foreign flagged nations, to low value straddling stocks such as lantern fish shared with neighboring countries, as well as a complex mix of inshore demersal and pelagic stocks fished domestically.
The Sultanate of Oman’s fisheries and aquaculture resources are a potential source of considerable prosperity for all Omanis and the sector is also receiving considerable support from the government, which recognizes it as a pillar of economic development due to its renewable resources and in 2015 developed a comprehensive Fisheries and Aquaculture Vision for the next 25 years development. However, current fisheries industry is underutilized and is has less economic productivity while having the aquaculture industry is in its infancy.
The overall objectives for the fisheries sector are:
- Development and modernization of fisheries sector
- Development of fisheries exports
- Enhancement of economic diversification of the country through fisheries development
- Development of fisheries-related industry
- Development of aquaculture projects and
- Enhancement of the future production and value of Oman's coastal fisheries and the well-being of the people and coastal communities.
There are countless investment opportunities in the Fisheries Industry Value Chain which can be as follows;
In Upstream
Harvesting (Aquaculture and fishing using Commercial & Coast fishing methods). Supply (Sorting fish quality according to markets and customer requirements and transporting) and Cold Storage (Freezing to preserve the storage of fish through blast, plate, immersion or spray freezing).
In Mid-stream
Fish Preparation (Freezing to preserve the storage of fish through blast, plate, immersion or spray freezing), Processing (VA) Value add; Smoking, Sun-dry & Salting, Canning, Jars, Pouches/ filleting, Marinating, Other additions; olive oil, water, oil, vinegar, spicing. In Storing (Storing Fish, Finished products).
In Downstream
Particularly in Distribution/Retailing in Selling to end Markets/ Consumers
In addition, Key projects in fisheries include but not limited to:
- Aquaculture
- Commercial fishing
- Primary products processing like Packaging, cold-chain, warehousing, logistics,
- Processing by-products by fishmeal, fish oil, fertilizer, biofuel
- Seafood processing plant that transforms fish and other marine organisms to food products (such as burgers, fish fingers, etc.).
- Services such as a fish clinic, laboratory, medicine, and feed
- Fabrication and maintenance of fishing fleet
- Manufacturing and recycling of fishing equipment, workers village and support services.
In conclusion, Oman is one of the few countries blessed with a promising and thriving fisheries sector that inspires to lead Oman’s economic growth and development. This makes it a pre-condition to change current traditional practices to be more innovative, creative, and modern. This can be achieved by joining hands with countries that have taken similar approaches as well as gaining insights and knowledge from multinational companies to ensure that Oman’s future ambitious goals are met.
Dr Yousuf Hamed al Balushi
yousufh@omaninvestgateway.com
www.omaninvestgateway.com
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