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Oman-US JV to begin work on food innovation project next year

Food oasis: Vital Foods Technologies – a partnership of Oman Investment Authority (OIA) and MycoTechnology of the United States – will commence construction work on state-of-the-art mushroom-based protein project in H1 2023.
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Newly established joint venture Vital Foods Technologies LLC – a partnership of Oman Investment Authority (OIA) and US-based alternative proteins specialist MycoTechnology Inc – is expected to kick off construction work during the first half of 2023 on the region’s first-ever plant for the production of high-quality mushroom-based protein from locally produced dates.


The landmark project, slated to be operational by the second quarter of 2025, will bring to fruition a joint initiative of OIA – the integrated sovereign wealth fund of the Sultanate of Oman – and MycoTechnology that aims to eventually position Oman as the Middle East’s leading innovation hub for food technology.


As a first step, the two parties signed an agreement earlier this year to support the implementation of a major alternative foods-based project in the Sultanate of Oman.


Vital Foods Technologies, the JV that will own and operate the project, will capitalise on MycoTechnology’s proprietary fermentation technology to produce alternative protein from Omani dates. The goal is to enable the production of a variety of healthful, nutritious and dietary foodstuffs based on this alternative protein, thereby advancing the country’s food security objectives.


Established in 2013, MycoTechnology’s proprietary mushroom fermentation process harnesses the natural power of mycelia – the invisible root system of mushrooms – to develop a range of alternative protein-based foods that address sugar reduction, sustainable protein, nutrient density, and other nutrition-based factors.


When operational, the state-of-the-art plant will process up to 16,000 tonnes of Omani dates per annum on a 10-hectare site described by MycoTechnology as an ‘innovative food oasis in the desert’. This intake capacity will account for just a fraction of the estimated 400,000 tonnes of dates produced in the country annually. By processing these dates into mushroom-based protein, the partners hope to upcycle a potentially valuable national resource - more than half of which is either used as animal feed or is simply wasted.


Importantly, the project will also spur food innovation and economic diversification on a significant scale, according to Ibrahim al Eisri, Director of Private Equity at OIA.


"In our international investments at OIA, we target localising advanced modern technologies. Our partnership with MycoTechnology will deliver substantial local benefits as we pioneer the proteins of tomorrow. It will support our mission to enhance food security, diversify the Omani economy, and create well-paying jobs in an eco-friendly new sector. This joint venture will be the foundation that enables Oman to foster a new generation of talent in the sphere of food technology, here and further afield," Al Eisri said in a press statement issued by MycoTechnology over the weekend.


Alan Hahn, MycoTechnology CEO, added: "MycoTechnology is excited to be cooperating with Oman Investment Authority to build this highly innovative food oasis in the desert. It represents a breakthrough in the quest to bring food security to Oman and the wider region. This initiative will be transformative – and not just for the Middle East. We are foraging for the future, unlocking the ancient power of culinary mushrooms to feed the world's growing population with a solution that's been beneath our feet all along."


Significantly, the strategic partnership between OIA and MycoTechnology aligns with the goals of Oman Vision 2040, which aims to, among other things, attract modern technologies to the country.


“It links OIA's local knowledge and public sector relationships with MycoTechnology's cutting-edge technology. It aspires to transform the food supply landscape in the region and reflects OIA's commitment to achieving a sustainable future by increasing local food production,” the US firm added.


@conradprabhu


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