Muscat: Musandam Global Investment Company and foreign investors signed a memorandum on binding commercial conditions and incorporation documents of Musandam Fish Farming Company.
Inked at Invest Oman Lounge, the memorandum provides for establishing an integrated marine fish farming project in open waters in Musandam Governorate.
The project, scheduled to begin this year, is aimed at producing an annual amount of more than 3,500 tonnes of various types of fish intended for export to regional and international markets.
The project will include an open water farm, a fish breeding unit, a pre-growth stage, a fish packing and processing unit and a research and development laboratory, in addition to stores, logistic sections and support services.
The project will adhere to the application of sustainable farming and it will be subject to external auditing so that it could achieve the best standards of marine environment protection and product quality.
The memorandum’s signing was attended by Sayyid Ibrahim Said Al Busaidi, Governor of Musandam and Dr Saud Hamoud Al Habsi, Minister of Agriculture, Fisheries and Water Resources.
The memorandum reflects the efforts undertaken by the branch of the Oman Chamber of Commerce and Industry (OCCI) in Musandam Governorate to attract investments and economic diversification in the governorate. It will also generate employment opportunities for the local community.
Musandam Global Investment Company is the largest local community company in Musandam Governorate. This closed joint stock company is listed on Muscat Stock Exchange's third market.