October 16, 2024

AquaBioTech enlisted to help develop Oman's seafood industry

Fisheries Development Oman (FDO) has hired In-Naggar, Malta-based AquaBioTech Group to assist it in developing Oman's seafood industry.

FDO is the fisheries investment arm of the Oman Investment Authority, the sultanate's sovereign wealth fund worth an estimated US$50 billion. AquaBioTech Group is an independent aquaculture, fisheries, and marine environmental consulting, testing, research, and development company operating projects in 55 countries.

Under the contract, AquaBioTech Group will contribute consulting and advisory services, including business strategy development and technical due diligence services, to help Oman develop sustainable aquaculture and fisheries sectors.

"This development contract underscores FDO's strong commitment to aquaculture and opens the door to new and emerging market opportunities," AquaBioTech Group chief executive officer Shane A. Hunter said in a press release. "FDO's ambitions for Oman's aquaculture sector are both bold and attainable, and through this partnership, we are dedicated to realising these goals."

With a budget of US$1.2 billion, FDO has been given the mandate to co-invest in aquaculture, fisheries, and marine biotechnology industries across Oman to catalyse fishery sector growth.

"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," FDO's business development director, Badar Said Al Naabi, said.

The push is an effort to diversify Oman's economy and help ensure both its own food security and export growth, Oman Pelagics CEO and FDO board member Dawood Al Wahaibi previously told SeafoodSource.

In September this year, FDO was merged with Oman Food Investment Holding Company (NITAJ) by the Oman Investment Authority in a move to create efficiencies at both organisations.

- SeafoodSource