Muscat: Oman Investment Authority has announced the completion of the steps required for a merger between Blue Water, Al Wusta Fishery Industries and Oceanic Shrimp Aquaculture under the new name Oman Fisheries Development.

The new entity will be able to boost the investment efficiency and performance governance as well as achieve the unified economic and investment objectives.

This step will lead to a headway in the shrimp farming project located in Bar Al Hikman area which is expected to become the second largest project of its kind in the Middle East and North Africa (MENA) region with a total space estimated at 40,000 hectare and a capacity to produce 200,000 tonnes of shrimp per annum. — ONA

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