RO 71 m fish processing company launched

Muscat: International Marine Products Company to process tuna and sardines will be set up in Economic Zone of Duqm with an investment of RO 71 million. The decision was taken in a meeting chaired by Dr Rashid bin Salim al Masroori, Chairman of the founding committee. The project is planned to produce 72,000 tonnes of sardines and 17,000 tonnes of tuna fish annually The project is expected to start production in early 2022. A number of local private sector companies, in addition to Qatari Hassad Food are involved in the project. Investors approved the company’s founding contract and the partner’s agreement.

The canned tuna and sardines project is one of the important projects adopted by the Omani Food Investment Holding Company (the investment arm of the government in the field of food security) as part of its objectives to enhance food security in the Sultanate and raise the self-sufficiency in food, in addition to providing jobs to citizens. The General Assembly of the Company held a meeting to discuss the report of the Founding Committee on the procedures taken to establish the company and elect board of directors consisting of seven members representing the joint stock companies, in addition to appointing an auditor for the first financial year. — ONA