NEOM Company and Tabuk Fish Company signed a Memorandum of Understanding (MoU) in the presence of Saudi Arabia Minister of Environment, Water and Agriculture Abdulrahman AlFadley that aims at expanding local aquaculture production and applying the new generation of aquaculture technologies.

The agreement includes developing a fish hatchery in NEOM, a Saudi megacity project, to promote the aquaculture industry in the region, both within artificial lakes and natural waters and establish a solid infrastructure in the Kingdom, in line with Vision 2030, which aims to diversify the country's economy and sources of income. The hatchery will have a production capacity of 70 million fingerlings, which makes it the largest in the Middle East and North Africa region. It will focus on improving the production of local fish species in the Red Sea to contribute to achieving the Kingdom's goal of producing 600,000 tons of fish products by 2030, placing the Kingdom at the forefront of the pioneering countries in sustainable aquaculture.

Dr. Ali Al-Sheikhi, the CEO of the National Fisheries Development Program and Director General of the General Department of Fisheries at the Ministry of Environment, Water and Agriculture, explained that this agreement is a fundamental turning point, in particular with the entry of companies such as NEOM Company to invest in the aquaculture industry, seen as one of the most promising and effective industries for supporting economic growth and achieving food security.

“We are pleased to work with Tabuk Fish Company to introduce new technologies and approaches to aquaculture to improve all aspects of farming and sustainability. The capacity and innovative nature of the hatchery, combined with top-notch technologies, will help position Saudi Arabia at the forefront of sustainable marine aquaculture,” said Nadhmi Al-Nasr, CEO of NEOM.

“Our collaboration with NEOM will initially focus on creating a state-of-the-art fish hatchery to generate local jobs. It will also attract top technology companies to NEOM, allowing Tabuk Fish Company to establish a variety of new business opportunities and positively impact the NEOM region and beyond,” said Nasser A. Al-Sharif, chairman of Tabuk Fish Company.