Although the fisheries sector is of great importance in the Omani economy, the government and the private sector have not benefited from this sector during the past years, as we see in other maritime countries. The existence of the Omani Fish Company since 1988 did not produce good results for the local economy, if the government had not spent on it to cover its annual losses as one of the subsidiaries of the Omani Investment Authority.
From this standpoint, the OIA began during the last period to re-evaluate the losing companies, and lay out new plans for them to launch them again in several sectors including fish and other promising ones. This helps in providing more business for Omanis as well as expatriates.
Recently, the Authority began to support its new companies, including the establishment of the "Oman Fish Development Company", which was launched in 2019. Today, this company includes many subsidiary companies under the new umbrella, including the losing "Oman Fish Company", in addition to other companies specialized in fish farming sector and the marine products. They will have new production process and integration among them in exporting the products to the markets, besides increasing the yield of fish industries, enhancing their commercial aspects, and investing in profitable projects that can show their economic value to investors. Also, the aim of establishing this company is to seek to explore and invest in more local and international opportunities in this sector, and to work to enhance the profitability and sustainability of this important sector on a global scale.
The presence of Oman Fish Company in its various subsidiaries will increase the country’s competitiveness in the global markets as well as strengthen and stimulate the Omani economy by creating attractive investment opportunities for investors, opening wider areas for local small and medium enterprises, and enhancing their added value at the local level. The company is also working today to achieve sustainability by nurturing and developing its local workforce with the aim of creating local economic leaders and technical experts.
Recently the company has been supported by a specialized fishing vessel imported from Spain, the “Aquila” vessel, which was designed according to the highest international standards in order to practice sustainable fishing and benefit from Omani pelagic fish that breed in the local seas and the Indian Ocean. This ship will work on catching different types of tuna fish in international waters while maintaining the highest levels of quality in the field of marine fishing, which will enhance the Sultanate’s position for investment in the fish sector, and as an attractive investment destination for local and international investors. This step also helps to improve the fishing potential of the Omani fisherman, who still relies on the usual daily catch of small fish through simple fishing tools.
The development projects of the Oman Fish Company aim at the sustainable exploitation of the fish wealth resources in the Omani seas and to enhance the capabilities of the younger generations to enter this rich sector, and to specialize in those important fields, taking advantage of Oman’s maritime history.
This makes the Sultanate to become one of the important countries in the delivery of fish to neighboring countries, Arab and foreign countries of various fish products with high-quality ones.
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