The NEOM Company and Tabuk Fish Company recently signed a Memorandum of Understanding to develop a fish farm to promote the aquaculture industry in the region, both within artificial lakes and natural waters.
Written by: Zainab Mansoor / GulfBusiness.com
The MoU also aimed to apply a new generation of aquaculture technologies in the NEOM region, and to establish a solid infrastructure in the kingdom.
The hatchery will operate with a 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.
Nadhmi Al-Nasr, CEO of NEOM, said: “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.”
“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,” noted Nasser A. Al-Sharif, chairman of Tabuk Fish Company.
Aquaculture is currently the world’s fastest-growing food sector and accounts for over 50 percent of the total global seafood supply. With seafood consumption in the kingdom projected to grow 7.4 percent annually, sustainable aquaculture growth is key to meeting this demand and easing pressure on wild fish stocks, which are under stress in the region and worldwide due to overﬁshing.
NEOM will be the home and workplace to more than a million residents from around the world. It will include towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations