Fisheries Development Oman SOAC (FDO), a fisheries investment arm of the Oman Investment Authority (OIA), has signed an advisory contract with AquaBioTech Group, to provide a comprehensive range of consulting and advisory services to support Fisheries Development Oman to develop sustainable aquaculture and fisheries sectors in the Sultanate of Oman. Their support will include business strategy development and technical due diligence services.
FDO is mandated to co-invest in diverse aquaculture, fisheries, and marine biotechnology industries across Oman, with a robust funding allocation of USD 1.2 billion from the government of Oman. The government has already made significant investments in strategic aquaculture projects, including seabream cage farming with Blue Waters LLC, semi-intensive shrimp farms in the Al Sharqiyah South governorate, and the construction of a fishing port in Duqm.
FDO’s investments in key fishery infrastructures and business segments will act as a catalyst for further growth, and diversification in the sector ensuring long-term sustainability. FDO’s efforts align with the broader objectives for sustainable development and economic diversification as highlighted in Oman Vision 2040.
Badar Said Al Naabi, group director of Business Development at Fisheries Development Oman, stated that “the fisheries sector is a vital pillar of Oman’s economy. Through FDO's strategic investments and initiatives, we aim to enhance Oman’s standing in international fisheries markets while unlocking the untapped potential for aquaculture development."
Shane A. Hunter, AquaBioTech Group CEO, stated that “this development contract underscores FDO's strong commitment to aquaculture and opens the door to new and emerging market opportunities. FDO's ambitions for Oman's aquaculture sector are both bold and attainable, and through this partnership, we are dedicated to realizing these goals."
Other areas of investment interest that FDO is considering include fish and shrimp feed production, microalgae production, mussel farming, broodstock development for various fish and shrimp species, abalone farming, macro-algae and seaweed farming, sea cucumber farming, oyster farming, ornamental fish and coral propagation, tuna ranching, seriola/Amberjack farming; land-based RAS farming for various species, including salmon, grouper and European seabass, and bioprospecting of molecules from marine sources.
