Agreement for OMR12 million abalone farming project in Oman signed

Muscat: An OMR12 million abalone farm, one of the biggest of its kind in the Sultanate, will be developed in Sharbathat.
In alignment with the national economic strategy, Aljazeera Investment Company, a leading Omani company in several industrial development sectors and The Five Oceans, a recognised local company in fisheries and fish farming sector yesterday announced the signing of an agreement, worth OMR12 million to develop one of the biggest abalone farming project in the Sultanate of Oman.
The site of the project is located in Sharbathat in the Wilayat of Shleem and Al Halaniyat Islands. The actual commencement of the project's production expected by 2020.
The agreement was signed by Mohammed bin Nasser Al Hashar, Assistant Chairman of the Board of Directors of Aljazeera Investment Company and Dawood bin Sulaiman Al Wahibi, CEO of The Five Oceans Company in the presence of Eng. Hamad bin Said Al Oufi, Undersecretary of the Ministry of Agriculture and Fisheries for Fisheries.
Together, Aljazeera Investment Company and The Five Oceans will focus initially on utilising their resources to build a comprehensive work plan to develop and operate the abalone farming plant.
The agreement will facilitate the collaboration between the companies in bringing the world best and most successful technology in marine farming, which will promote the quality aspect of the planet and the products at later stage.
In addition, this agreement will enable all parties to work as a team starting from the first stage of initiating the abalone farm on an area of 300,000 square meters. This partnership will extend to the production and exporting stages of the project.