MUSCAT: The Special Economic Zone at Duqm (SEZAD) signed a land usufruct agreement with Blue Feeds to establish a $20 million aqua feed manufacturing plant in the zone.
The agreement was signed by the acting chief executive officer of the Special Economic Zone at Duqm, Eng. Ahmed bin Ali Akaak, and Executive Director of the Blue Feed Company Mohammed Ameen.
The 20,000 sqm project has an initial capacity of 60,000 metric tonnes of shrimp and fish feed per year.
The venture is one of the many emerging projects within the aquaculture industry in the Sultanate.
According to the Ministry of Agriculture, Fisheries and Water Resources (MAWFR), aquaculture production is expected to grow exponentially in 2023. This year alone, the Ministry announced that it has approved aquaculture projects worth over RO 160 million.
According to the Ministry, total aquaculture production is expected to reach 100 thousand metric tonnes by the end of this year, a huge difference compared last year’s production of 3,469 tonnes.
Furthermore, the industry is expected to contribute by RO 300 million to the local GDP this year.
Aquaculture is one of the fastest growing food sectors globally according to the Food and Agriculture Organisation of the United Nations (FAO).
According to Vantage market research, the global aquaculture market was valued at $289.6 billion in 2022, is expected to reach a value of $421.2 billion by 2030.
The local Omani aquaculture market according Invest Oman has an estimated market value of $$900 million by 2040.
Oman Observer is now on the WhatsApp channel. Click here
