Oman Aquaculture Company, a part of Muscat, Oman-based Muscat Overseas Group and South Africa-based abalone farming company Abagold Ltd., has commenced operations of an OMR 10 million (USD 25.9 million, EUR 25.5 million) abalone project in Oman, the Oman Observer reported.
The project, which is located in the Dhofar Governorate with annual capacity of 600 metric tons, had been delayed by the outbreak of the COVID-19 pandemic. The project was originally supposed to be completed in the fourth quarter of 2021.
Abagold said in a previous statement to shareholders construction of the project, which sits on an area estimated to be 37,240 square meters with a built-up area of 8,900 square meters, had been held back by cap-ex delays “due to work stoppages from multiple COVID-19 lockdowns, resulting in the completion of phase one now being scheduled for mid-2022.”
“The phase one operation is scheduled to receive its first animals into the hatchery and to start stocking the first farming unit soon after,” Abagold said.
Oman Aquaculture Company, which will be operating the project, expects to make its first sales in 2023, anticipating at least 200 metric tons the first harvest “while the planned infrastructure will support further expansion towards the full implementation of a 600-ton production farm by 2024.”
“Success in the first phase will be measured against key performance milestones, agreed with management and the joint venture partner,” Abagold said.
The inauguration of the abalone project on 7 August, 2022, presided over by Oman Agriculture, Fisheries, and Water Resources Minister Saud bin Hamoud al Habsi and Dhofar Governor High Highness Sayyid Marwan bin Turki, is a part of Oman’s efforts to woo more private investors into the country’s fisheries sector in order to boost food security and meet increasing global demand for the haliotis mariae abalone species.
“The project is one of the vital value-added initiatives that will help achieve the ministry’s vision of investing in the field of fish farming as well as contributing to serve the local community and creating job opportunities for Omani youth,” Saud al Habsi said.
Photo courtesy of Yousif Zeera/Shutterstock
