Blue Aqua's farming arm raises $6.2 million to accelerate its aquaculture expansion in Singapore
The investment from Oman-based Muscat Investment House will help boost Blue Aqua’s trout farming in Singapore.
Blue Aqua International raised an investment of SGD 8.8 million (USD 6.2 million) from Muscat Investment House in its subsidiary, Blue Aqua Singapore, the farming arm of the group. The investment will help boost Blue Aqua Singapore’s expansion to grow its operations in high-tech trout farming, ramping up distribution, and aquafeed manufacturing – in support of Singapore’s “30 by 30” food security initiative.
Muscat Investment House is one of the largest and most prominent business conglomerates in the Sultanate of Oman, with more than twenty diversified subsidiaries throughout Oman and the Gulf. This is their first investment in the region, with the group’s moving focus on the sustainable aquaculture sector.
The Muscat Investment House said, “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.”
Blue Aqua announced plans earlier this year to build Singapore's first high-tech fish farm for producing trout. The intended project will incorporate super-intensive technology to help achieve sustainable trout production locally to support Singapore’s food security initiatives, by making available fresh daily harvest of its premium quality rainbow trout. Land-scarce Singapore currently imports 90% of its nutritional needs and is heavily dependent on Malaysia and Indonesia for its seafood imports. The group is also expanding its farming operations into Oman under the entity Blue Aqua International Gulf LLC.
Blue Aqua is in discussion with other prominent funds in Europe and Southeast Asia to join this round of funding. Blue Aqua currently operates Singapore’s largest land-based shrimp farm using its patented green technology for urban farming, contributing to Singapore's 'Green Plan 2030' sustainability ecosystem.