The Sultanate of Oman is exceeding its fisheries sector growth targets so far in 2021.
Oman’s fisheries sector saw 21.9 percent growth in the first six months of 2021, nearly 13 percentage points above the full year target of 9 percent, as the country intensified implementation of its 10th Five-Year Development Plan, which commenced in January 2021.
This growth comes despite altered projections in the new plan made amid challenges caused by the COVID-19 pandemic and declining global oil prices, the Muscat Daily reported.
The growth of Oman’s fisheries sector started in earnest during the 8th Five-Year Development Plan, between 2011 to 2015, when Oman licensed private investors to set up aquaculture ventures – with a focus on shrimp.
Production increased to 1,130 metric tons (MT) valued at OMR 2.7 million (USD 7 million, EUR 6.2 million) for the five years, with a further increase to 1,685 MT valued at OMR 3.2 million (USD 8.3 million, EUR 7.3 million) in the subsequent five years of the 9th Five-Year Development Plan (2016-2020).
In the 10th Five-Year Development Plan, which ends in 2025, Oman projects a further 0.6 percent growth in its fisheries sector, supported by the implementation of its Fisheries and Aquaculture Vision 2040 plan. The plan aims to bring together the Ministry of Agriculture and Fisheries Wealth, the World Bank, and other seafood industry stakeholders to collaborate on increasing the country's seafood production, envisioning a “profitable world-class sector that is ecologically sustainable and a net contributor to Oman’s economy."
Oman’s total wild-capture production has been described by the Food and Agriculture Organization (FAO) as stable between 2005 and 2011 until 2012, after which it “started growing significantly,” reaching 347,600 MT by 2017.
“This growth was due to both small pelagic and tuna species,” FAO said.
In 2017, Oman’s exports and re-exports of fish and fishery products were valued at USD 114.5 million (EUR 101.6 million), while imports at USD 63 million (EUR 55.9 million) according to the FAO, with the Sultanate’s average annual per capita consumption of fish estimated at 28.7 kilograms, above the global per capita average of 20.5 kilograms.
Meanwhile, despite the growth of Oman’s seafood market, the country’s biggest seafood company, Oman Fisheries Company, posted an 8.62 percent loss in total revenues for the first six months of 2021 and a 38 percent decline in net profit in the same period.
The poor performance resulted in changes in the company’s management, with the company approving the appointment of Sulaiman Shutayiet Sueiliem Al-Ghannami as its new chief executive officer with effect from 1 October, 2021.
Photo courtesy of the Food and Agriculture Organization
