In a major boost for Oman’s ambitious shrimp farming industry, Fisheries Development Oman (FDO) – the fisheries sector investment and development arm of the government – has signed a Memorandum of Understanding (MoU) with the National Aquaculture Group (Naqua) of Saudi Arabia centering on cooperation in the development of the former’s shrimp farming project at Al Jazer on the Sultanate's Al Wusta coast.

The agreement was signed on the sidelines of an investment forum under way in Muscat as part of the three-day visit of a high-profile Saudi business delegation to the Sultanate.

Announcing the signing of the pact, FDO said in a tweet: “Within the activities of the Saudi-Omani Investment Forum, we were pleased today to sign a memorandum of understanding with the Saudi National Aquaculture Group (?@NaquaSeafood?) to discuss aspects of cooperation and investment opportunities in the Al Jazer project for shrimp farming.”?

Oman Investment Authority (OIA), the parent holding company of FDO, added in a post: “The agreement embodies the principle of economic cooperation and integration between the Sultanate and Saudi Arabia in key sectors that support both countries’ visions.”

Naqua Seafood is a major player in the thriving fisheries and seafood sector of Saudi Arabia.

The company owns and operates, among other ventures, one of the world’s largest fish processing plants on the Red Sea.

Its expertise in aquaculture development – a key growth sector in the Sultanate – will prove useful for wholly government-owned FDO as the company embarks on an ambitious programme of investments across multiple facets of the fisheries value chain.

Al Jazer Shrimping Farming Project is one of the largest fisheries initiatives envisaged in the Sultanate as part of the country’s drive to establish a thriving aquaculture industry.

Total investment in the venture, covering an area of 1,650 hectares, is estimated at $137 million across multiple phases. At full capacity, shrimp production is projected at 18,000 tonnes per annum.

According to details shared by OIA, Al Jazer Shrimp Farming project will feature four breeding sites, a hatching unit, two post-larval production units, shrimp processing plant and genetic improvement unit.

Just north of Al Jazer, FDO has plans to set up one of the world’s largest shrimp farming projects at Mahout, also on Oman’s Al Wusta coast.

The Bar Al Hikman Shrimp Farming project will be developed with an investment of around $325 million (RO 125 million) in the first phase. Output is projected at 43,000 tonnes of Indian White Shrimps per annum.

Various subsidiaries of FDO, a joint-stock company and a subsidiary of OIA, are also investing in finfish, shellfish and seaweed ventures, as well as commercial pelagic fishing and processing.

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