Two Omani business enterprises have firmed up their partnership with Blue Aqua International, a leading Singapore-based global aquaculture technology provider, by investing in the city-state’s expanding aqua farming industry.
Well-known business houses Bahwan Group, represented by its wholly-owned subsidiary Bahwan Services and Trading LLC (BSTL), along with Muscat Investment House LLC (MIH), signed agreements in Singapore City on Friday, pledging investments in Blue Aqua Singapore, a subsidiary of Blue Aqua International.
Blue Aqua Singapore said in a statement that the investments will accelerate the growth of its farming operations, notably the development of a high-tech trout farming project, and the production of aquafeeds for export.
Friday’s pact builds on a strategic partnership between the three players that was first unveiled in March this year. That announcement affirmed a joint commitment to developing major aquaculture projects in Singapore as well as the Sultanate of Oman, as part of a broader goal to support the sustainable growth of the aquaculture industry and to strengthen global food security as well
Blue Aqua International also announced at the time that it is joining hands with Bahwan Group and Muscat Investment House in the implementation of a major aquaculture project in Oman. Envisaged for development in multiple phases, the proposed project includes a 3,000-tonne capacity high-tech trout farm, a 1,000-tonne capacity super-intensive shrimp farm based on Blue Aqua’s patented mixotrophic system, and a 30,000 tonne-capacity state-of-the-art aqua feed mill. Omani-Singaporean firms strengthen partnership in aquaculture development
The three partners also emphasized the Omani project’s role in strengthening food security locally and internationally, as well as supporting the country’s economic diversification goals in line with Oman Vision 2040.
With funding support from both Bahwan Service & Trading and Muscat Investment House, Blue Aqua Singapore is pushing ahead with the establishment of Singapore’s first high-tech trout farm with a capacity to produce around 3,000 tonnes per annum of trout. The project is slated for completion by 2024.
Welcoming the Omani investment into the Singapore seafood industry, Dr Farshad Shishehchian, CEO of Blue Aqua International. "This investment demonstrates a strong vote of confidence in Singapore's aquaculture industry. The growth of Blue Aqua will not only meet the rising demand for sustainable seafood in the region but also contribute to Singapore's food security objectives. Once the farm construction is completed in 2024, Blue Aqua is projected to produce 50 per cent of Singapore's seafood."
Significantly, the latest agreement also deepens Blue Aqua International’s association with Oman’s aquaculture industry. A year ago, the global shrimp farming specialist signed an MoU with Fisheries Development Oman (FDO), the wholly state-owned fisheries investment and development group, to support the rapid growth of Oman’s vital aquaculture sector.
A project in Shinas, based on Blue Aqua’s technology, is also envisioned.
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