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Oman invests in Singaporean trout farming project

The Fish Site
by The Fish Site
12 July 2022, at 7:36am

Blue Aqua Singapore has announced an investment of SGD $ 8.8 million from Muscat Investment House, in order to build the city state's first high-tech rainbow trout farm.

Blue Aqua is looking to diversify their production by farming rainbow trout as well as shrimp
Blue Aqua is looking to diversify their production by farming rainbow trout as well as shrimp

Blue Aqua currently operates Singapore’s largest land-based shrimp farm using its patented green technology for urban farming and announced plans earlier this year to build Singapore's first high-tech trout farm. The project aims to incorporate super-intensive technology to help achieve sustainable trout production locally to support Singapore’s food security initiatives.

Land-scarce Singapore currently imports 90 percent of its nutritional needs, and is heavily dependent on Malaysia and Indonesia for its seafood imports. According to the company the investment will allow it to increase distribution and aquafeed manufacturing in support of Singapore’s ‘30 by 30’ food security initiative.

Blue Aqua currently produces vannamei shrimp in an indoor facility in Singapore
Blue Aqua currently produces vannamei shrimp in an indoor facility in Singapore

© Blue Aqua Singapore

Muscat Investment House is one of the largest and most prominent business conglomerates in the Sultanate of Oman, with more than 20 diversified subsidiaries throughout Oman and the Gulf. This is their first investment in the Singapore region, with the group’s moving focus into the sustainable aquaculture sector.

“We are pleased to join Blue Aqua on its mission to expand its scope of work and enable it to expand its aquaculture business in Singapore. This investment will be of mutual benefit to both companies and projects in Singapore and the Sultanate of Oman,” said Muscat Investment House in a press release.

Meanwhile, the Blue Aqua Group is also expanding its farming operations into Oman under the entity Blue Aqua International Gulf LLC.

Blue Aqua says that it is currently “in discussion with other prominent funds in Europe and Southeast Asia to join this round of funding”.