A regional fund, for the growth of aquaculture, set up with the backing of private as well as sovereign and GCC investment funds, has earmarked USD 80 million (EUR 60 million) for an aquaculture farm in Oman. Once operational, the farm is expected to produce 13,000 metric tons (MT) of fish annually, of which 10,000 MT would be giant tiger prawns.
Initiated by Emirates Star Fisheries, the Dubai, Food Security Growth Fund was initially planned as a private fund to support fish farming activity in the coastal Arabian Peninsula in particular and around the world.
“However, there has been a good response from the local governments, high net worth individuals, sovereign funds, GCC investment funds as well, and so far we have targeted USD 150 million (EUR 112.2 million) which is likely to grow in the years to come,” Prathapachandra Shetty, executive director, Emirates Star Fisheries, told Muscat Daily.
