Pact signed to drive growth of Oman’s aquaculture industry

MUSCAT, OCT 13

Leading Malta-based international fisheries consultancy firm AquaBioTech has announced that it has secured an advisory services contract from Fisheries Development Oman (FDO) – the fisheries sector investment arm of the Omani government – to help spur the growth of Oman’s aquaculture industry.

The announcement comes as FDO – part of Oman Investment Authority (OIA) – prepares to merge with fellow OIA subsidiary Nitaj (Oman Food Investment Holding Company) to create a potentially multibillion dollar food industry powerhouse in the Sultanate of Oman encompassing virtually all aspects of the food value chain. Besides unlocking synergies for investment and value creation in various segments of the food economy, the merger will also lend a new boost to Oman’s food security objectives.

According to AquaBioTech, a prominent provider of aquaculture and fisheries development solutions with a presence in 55 countries globally, the advisory services contract will support wholly state-owned FDO in delivering on key aspects of its national mandate.

Central to this commitment is a pledge to co-invest in and develop industries across the fisheries, aquaculture and biotechnology segments. This commitment is already attested by its shareholding in a number of key subsidiaries, notably Blue Waters (focusing on marine finfish aquaculture), Oriental Shrimp Aquaculture (which operates a major shrimp farm in Jalaan Bani Bu Ali), Simak (the owner of a major fish canning and processing plant at Duqm) and Oman Pelagic, the group’s commercial fishing arm. Additionally, FDO is an investor in Marsa Al Duqm, the operator of an industrial fisheries port at the Port of Duqm.

Also in FDO’s sights are plans to invest in, among other areas, aquafeed production; microalgae production; mussel farming; broodstock development for various fish and shrimp species; abalone farming; algae farming; sea cucumber farming; oyster farming; ornamental fish and coral propagation; tuna ranching; seriola farming; land-based RAS farming for various species, including salmon, grouper and seabass; as well as bioprospecting of molecules from marine sources, said AquaBioTech in its statement.

FDO’s Group Director – Business Development, Badar Said al Naabi, was quoted as stating: "The fisheries sector is a vital pillar of Oman’s economy. Through FDO's strategic investments and initiatives, we aim to enhance Oman’s standing in international fisheries markets while unlocking the untapped potential for aquaculture development."

Shane Hunter, CEO of AquaBioTech Group, commented: "FDO's ambitions for Oman's aquaculture sector are both bold and attainable, and through this partnership, we are dedicated to realising these goals."