Riyadh, Saudi Arabia-based Saudi Fisheries Company (SFC) has created a new aquaculture company, betting that a government goal to increase fish-farming output along the country's 2,600-kilometer coastline will pan out.
In early October, Saudi Fisheries’ board of directors approved the establishment of a new aquaculture affiliate firm that will be wholly owned by SFC and have starting capital of SAR 100,000 (USD 26,600, EUR 24,500).
The proposed aquaculture company, the official name of which has yet to be disclosed, will also be based in the Saudi capital of Riyadh and now awaits necessary government approvals before launching operations.
The move marks one of the first SFC has made since it announced plans to restructure …
