Muscat: The Sultanate and the Kingdom of Saudi Arabia have signed a memorandum of understanding to promote and encourage joint investment during the Omani-Saudi Investment Forum.
The signing of a memorandum of understanding was between the Oman Fisheries Development Company and the National Aquaculture Group in Saudi Arabia 'Naqwa' to establish a shrimp farming project in Al-Jazer, Al-Wusta Governorate.
Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, also discussed with Eng. Khalid bin Abdulaziz Al Faleh, Minister of Saudi Investment, on prospects for trade and investment cooperation and promising investment opportunities to meet the priorities of the Sultanate and Saudi Arabia.
The shrimp farming project will be developed on 1,650 hectares with a production capacity of 18,000 tons per year.
The project includes a farm with four breeding sites, a hatching unit, two post larval production units, a shrimp processing plant, and a genetic improvement unit.