Blue Aqua International, a global leader in shrimp farming and aquaculture technology, announced an MOU with Fisheries Development Oman (FDO) to develop and expand the aquaculture sector in the Sultanate starting with a project in the city of Shinas.
The agreement, in the form of a Memorandum of Understanding (MoU), formalises the mutual interaction and strengthens the existing relationship between Blue Aqua and FDO.
The collaboration will tap on Blue Aqua’s expertise in shrimp farming technology for technical assistance on FDO’s existing shrimp farming operations across Oman.
Fisheries Development of Oman (FDO) was established as a joint commitment between the Ministry of Agriculture, Fisheries and Water Recourses, and Oman Investment Authority (OIA) to develop a sustainable commercial aquaculture and fishing sector in Oman. As a pioneer investor in aquaculture, FDO acts as a catalytic initiator to develop large scale projects in the sector, including the development of a commercial fishing fleet, and the operation of subsidiaries for marine fin-fish and shrimp farming.
"With a vision ‘to be a world-class leader for growth and driving a sustainable fisheries future’, we are pleased to collaborate with Blue Aqua International to transfer the best practices in aquaculture and its technology for enabling the growth of this business and attracting investment. This MoU with no doubt will open up a great opportunity to flourish the aquaculture in Oman." said Nabil Salim Al Bimani, Group Chief Executive Officer of FDO.
FDO is also to review an investment offering into Blue Aqua, aligning with its plans to invest in Oman’s aquaculture and fisheries sector.
“We look forward to solidifying our efforts in sustainable aquaculture technology with the project in Oman. With FDO’s support, I believe we will be able to build a successful and sustainable model for urban farming globally.” said Dr Farshad Shishehchian, CEO and founder of Blue Aqua International.
Blue Aqua subsidiaries are in discussion with other prominent funds in Europe and Southeast Asia to join this round of funding.
The group currently operates Singapore’s largest land-based shrimp farm using its patented green technology for urban farming, contributing to Singapore's “30 by 30” food security goal.