The Ministry of Agriculture and Fisheries in Oman has a range of seafood and aquaculture projects worth in excess of USD 2 billion (EUR 1.7 billion) under consideration as part of its broader strategy to reduce the country’s dependence on its oil and gas sector.
Implementation of these projects and others focused on the fishing sector is expected to double the Sultanate's fish harvest over five years, to 500,000 metric tons (MT) per annum by 2020.
Seafood projects are gaining momentum in Oman. Its largest construction company Galfar Engineering and Contracting SAOG was recently awarded a OMR 60.7 million (USD 157.6 million, EUR 131.9 million) contract to construct a major fishing harbor at Duqm's Special Economic Zone. Due for completion in 2020, the new harbor has been designed to accommodate more than 60 processing plants and related facilities.
Most of Oman borders the Arabian Sea, giving the Sultanate an advantage over its neighbors for developing its fishing industry. Furthermore, the prohibition of trawling in Oman's Exclusive Economic Zone (EEZ) and minimal pollution have helped the country's fish stocks to flourish.
In 2016, its fishing sector’s income increased by 12 percent, contributing more than OMR 200 million (USD 519.4 million, EUR 434.7 million) to Oman's GDP.
In aquaculture, the state-owned Oman Aquaculture Development Company and the Ministry of Agriculture and Fisheries formalized a cooperation agreement in June last year to establish, operate and manage the Aquaculture Farming Center in Al Bustan. This project aims to enable fish farms in the Sultanate to restock with locally-grown fish, as opposed to incurring the expense of importing stocks from abroad.
The government has awarded a further 19 licenses for aquaculture ventures, with total investment estimated at OMR 128 million (USD 332.4 million, EUR 278.2 million).
Tanfeedh, the national program for enhancing economic diversification that was launched last year, focuses on five key business sectors – manufacturing, transportation and logistics, tourism, mining and fisheries.
