Singapore-based aquaculture service provider Blue Aqua International announced on 12 July that Oman-based Muscat Investment House will invest SGD 8.8 million (USD 6.25 million, EUR 6.23 million) in its subsidiary, Blue Aqua Singapore.
The investment will be allocated towards Blue Aqua Singapore’s operations in high-tech trout farming, and help the farming subsidiary boost distribution and aquafeed manufacturing, Blue Aqua International said in a statement.
Blue Aqua has expertise in super-intensive shrimp farming, providing customers with solutions for health optimization and animal nutrition. It currently runs a major land-based shrimp farm in Singapore, which uses its patented green technology for urban farming. The company currently serves more than 4,000 customers globally.
In early 2022, Blue Aqua announced a plan to build the first high-tech fish farm for producing trout in Singapore that will apply super-intensive technology production.
The project is part of Blue Aqua’s plan to invest SGD 45 million (USD 32 million, EUR 31.84 million) in the Singapore aquaculture sector to support the city state’s food security initiatives. The farm will use a proprietary recirculating aquaculture system (RAS) provided by Denmark-based Assentoft Aqua. It is expected to produce 1,200 metric tons (MT) of rainbow trout per year to serve as a high-quality fish for consumers in Singapore.
Currently 90 percent of Singapore’s food supply is from imports, and its seafood is mainly sourced from Malaysia and Indonesia. The city state aims to produce 30 percent of its nutritional needs domestically by 2030.
With the investment in Blue Aqua Singapore, Muscat Investment House is taking steps to focus more on sustainable aquaculture.
"We are pleased to join Blue Aqua on its mission to expand its scope of work and enable it to expand its aquaculture business in Singapore. This investment will be of mutual benefit to both companies and projects in Singapore and the Sultanate of Oman," Muscat Investment House said.
Blue Aqua is also in talks with other potential investors from Europe and Southeast Asia to participate in this round of funding, they said.
Photo courtesy of Blue Aqua
