Singapore-based aquaculture service provider Blue Aqua International has signed a memorandum of understanding with Fisheries Development Oman (FDO) to develop an aquaculture project in Oman.
The agreement aims to strengthen the two companies’ existing relationship, which will take advantage of Blue Aqua’s expertise in shrimp-farming technology to support FDO’s shrimp farms in Oman. Blue Aqua received SGD 8.8 million (USD 6.33 million, EUR 6.25 million) in funding from Oman-based Muscat Investment House in July 2022, helping the company build its recirculating aquaculture system-based trout farm in Singapore.
"With a vision to be a world-class leader for growth and driving a sustainable fisheries future, we are pleased to collaborate with Blue Aqua International to transfer the best practices in aquaculture and its technology for enabling the growth of this business and attracting investment," FDO CEO Nabil Salim Al Bimani said. "This MoU, with no doubt, will open up a great opportunity to flourish the aquaculture in Oman."
The two companies will begin their collaboration by implementing a project in Shinas, Oman.
“The plans for the project are still underway. The main objective of the project is to develop the plot of land into an urban farming metropolis comprising of the full aquaculture supply chain of businesses and farming operations to support sustainable aquaculture,” Blue Aqua Vice President of Marketing Nathalie Lim told SeafoodSource.
FDO was formed by Oman’s Ministry of Agriculture, Fisheries, and Water Resources, and Oman Investment Authority (OIA) with a mission to develop a sustainable commercial aquaculture and fishing sector in Oman. It serves as a “catalytic initiator” for the development of large-scale projects in the sector, which include a commercial fishing fleet and marine finfish- and shrimp-farming operations.
Blue Aqua CEO and Founder Farshad Shishehchian said his company will provide sustainable aquaculture technology for the project in Oman. The Singaporean company hopes to make it a “successful and sustainable model for urban farming globally.”
FDO is also in the process of reviewing an offer to invest in Blue Aqua. Blue Aqua said it is also in talks with other potential investors from Europe and Southeast Asia.
Photo courtesy of Fisheries Development Oman
