June 29, 2020
Oman merges aquaculture ventures into single entity
Oman will create a new company called Fisheries Development Oman by merging aquaculture ventures Blue Water, Al Wusta Fishery Industries and Oceanic Shrimp Aquaculture.
According to a government statement last week, the consolidation will include the dissolution of the boards of directors of the three companies to be brought under one board of directors, in addition to the integration of their operations under one umbrella and one legal and investment entity.
The consolidation will boost "the efficiency of investment and performance governance, as well as work to achieve unified economic and investment goals," the statement explained. The move is expected to expedite plans for the Barr Al Hikman shrimp farm, which is currently under the auspices of the Oman Aquaculture Development Company (OADC), a subsidiary of the Oman Investment Fund (OIF).
If completed, this 8,000-hectare project would be the second largest of its kind in the Middle East and North Africa (MENA) region, with an annual production capacity of 43,000 tonnes of Indian white shrimp (Fenneropenaeus indicus).
Oman is aiming to achieve an annual aquaculture output of 200,000 tonnes by 2040.
- The Fish Site