February 4, 2020

Four Saudi Arabia aquaculture companies have merged in a US$133 million deal

According to state news agency SPA, the companies that have merged are Tabuk Fisheries Company, Aquaculture Sharq Farms, Tharawat Seas and the aquaculture division of Jazan Energy and Development Company (Jazadco), reported Reuters.

The new merged entity, Advanced Aquaculture Company, will be able to produce 60,000 tonnes of aquaculture produce, which includes sea bass, sea bream and shrimp.

Abdulrahman al-Fadhli, Minister for Environment, Water and Agriculture said the new merger of these aquaculture firms will contribute to boosting local aquaculture productivity, and expects more mergers in the industry in future.

He added that the Saudi Arabia aquaculture industry is also expected to receive investment from government and semi-government sources.

Advanced Aquaculture Company aims to double its production capacity in its second phase, but no exact timeline was provided. By 2035, the company aims to hit 300,000 tonnes output.

-      Reuters