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Oman Fisheries concludes pact with Saudi fisheries firm

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Publicly-traded Oman Fisheries Company (OFC) in a disclosure to the Capital Market Authority (CMA) said it has signed a fish sales agreement with Saudi Fisheries Company effective for a period of three years from November 2, 2022.

The agreement, in the initial stages, aims at exporting 1,200 metric tonnes of fish as a first stage, with revenues of not less than RO 1 million annually, the company stated.

The agreement is the latest in a flurry of pacts concluded by Oman Fisheries – a subsidiary of Fisheries Development Oman (FDO) – aimed at expanding and modernising its capabilities to enhance the contribution of the sector to the country’s GDP.

Recently, Oman Fisheries tapped an Ecuador-based company for the provision of a commercial fishing vessel that will support the Omani firm’s yellowfin tuna fishing operations. Earlier, it signed a purchase and marketing agreement with Al Wusta Fisheries Industries LLC, also a subsidiary of FDO.

The agreements come on the back of a key investment decision by Gulf Japan Food Fund (GJFF), an international private equity fund focused on the food and beverage industry, to acquire 31.4 per cent of Oman Fisheries’ capital for a consideration of $10 million.

Through this transaction, GJFF, and backed by prominent Japanese institutions including Mizuho Bank and The Norinchukin Bank of Japan as well as sovereign investors in the GCC, and Mizuho Gulf Capital Partners (MGCP), GJFF’s Investment Manager, will provide support and assistance on various initiatives to achieve the long-term success and growth of Oman Fisheries and enhance capability and expansion of Oman’s fisheries sector.

The Saudi Fisheries Company was established as a Saudi joint stock company mainly in the field of fishing. The company’s base was expanded to include the investment of live aquatic wealth and related industries and its marketing internally and externally, in which the state, represented by the Public Investment Fund (PIF) contributes 40 per cent of the equity, with the rest coming from other investors.

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