Dubai, United Arab Emirates-based Aqua Bridge Group, which provides services and management expertise for the aquaculture industry globally, is considering an initial public offering on the Dubai Nasdaq stock exchange.
The company, which a year ago won a contract to build a multi-species hatchery in the Maldives and, in 2020, struck a deal with Aqua Green Israel for the development of recirculating aquaculture systems to address demand for seafood in the Middle East, said it had posted 143 percent revenue growth in 2022 and expected additional 425 percent growth in 2023.
"We are at a juncture where going public is not only the logical progression for our organization but also a pivotal step towards nurturing the phenomenal growth we've achieved thus far,” Aqua Bridge Group CEO Mohammad Tabish said. “The Dubai Nasdaq presents an exceptional platform to further elevate our presence in the global market."
Tabish said Aqua Bridge had 16 current projects in the U.K., Greece, Saudi Arabia, Kuwait, the U.A.E., and the Maldives, including long-term contracts secured through 2043, and has no liabilities or outstanding loans.
“This strategic move towards an IPO is poised to infuse the company with the capital required to catalyze its growth and solidify its position as an industry leader,” Tabish said.
Additionally, on 10 December, Aqua Bridge announced the creation of a Kuwaiti subsidiary, in partnership with EnerTech Holding Company, is a Kuwaiti sovereign-owned investment firm. The joint venture “aims to decarbonize Kuwait's food supply chains, reduce reliance on imports, and fortify its aquaculture and fisheries sectors, in line with the state's national food security objectives,” Tabish said.
"Aqua Bridge Kuwait is more than a joint venture; it is a commitment to sustainability and resilience. We are excited to join hands with Enertech Holding to lead the development of the aquaculture sector in Kuwait, addressing global challenges in line with the critical climate dialogues hosted at COP28 on environmental stewardship,” Tabish said.
The joint venture will focus on projects that strengthen food production in Kuwait and that reduce the carbon footprint of the country’s seafood supply chain, according to EnerTech CEO Abdullah Al Mutairi.
“Building a resilient food-water-energy resource nexus requires urgent and innovative action. To do this, we must develop solutions that bridge the interlinked challenges of climate change, population growth, and food insecurity,” Al Mutairi said. "EnerTech's collaboration with Aqua Bridge aims to significantly reduce the carbon footprint of our food supply chains and systems, while meeting the increasing regional demand for a sustainable source of seafood."
Photo courtesy of Aqua Bridge
