Fisheries Development Oman has hired In-Naggar, Malta-based AquaBioTech Group to assist it in developing its seafood industry.
FDO is the fisheries investment arm of the Oman Investment Authority, the sultanate’s sovereign wealth fund worth an estimated USD 50 billion (EUR 44.9 billion). AquaBioTech Group is an independent aquaculture, fisheries, and marine environmental consulting, testing, research, and development company operating projects in 55 countries.
Under the contract, AquaBioTech Group will contribute consulting and advisory services, including business strategy development and technical due diligence services, to help Oman develop sustainable aquaculture and fisheries sectors.
"This development contract underscores FDO's strong commitment to aquaculture and opens the door to new and emerging market opportunities,” AquaBioTech Group CEO Shane A. Hunter said in a press release. “FDO's ambitions for Oman's aquaculture sector are both bold and attainable, and through this partnership, we are dedicated to realizing these goals."
With a budget of USD 1.2 billion (EUR 1.1 billion), FDO has been given the mandate to co-invest in aquaculture, fisheries, and marine biotechnology industries across Oman to catalyze fishery sector growth.
"The fisheries sector is a vital pillar of Oman’s economy. Through FDO's strategic investments and initiatives, we aim to enhance Oman’s standing in international fisheries markets while unlocking the untapped potential for aquaculture development,” FDO Business Development Director Badar Said Al Naabi said.
The push is an effort to diversify the country’s economy and to help ensure both its own food security and export growth, Oman Pelagics CEO and FDO Board Member Dawood Al Wahaibi previously told SeafoodSource.
The government has already made significant investments in several industry projects, including a sea bream farm operated by Blue Waters, semi-intensive shrimp farms in Oman’s Al Sharqiyah South governorate, and the construction of a fishing port in Duqm.
FDO said it is also interested in developing mussel, abalone, oyster, sea cucumber, tuna, seriola, and seeweed farms; land-based farming technology; aquafeed production facilities and broodstock development; and bioprospecting of molecules from marine sources.
In September 2024, FDO was merged with Oman Food Investment Holding Company (NITAJ) by the Oman Investment Authority in a move to create efficiencies at both organizations.
