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Saudi Arabia’s company Neom announces joint venture with Tabuk Fisheries Company to establish Topian Aquaculture

Saudi Arabia’s company Neom announces joint venture with Tabuk Fisheries Company to establish Topian Aquaculture

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Aquaculture Magazine reports:

Saudi Arabia’s northwest-based company, Neom, announced recently the establishment of a joint venture with Tabuk Fisheries Company that has resulted in Topian Aquaculture. Endorsed by the Ministry of Environment, Water and Agriculture (MEWA) of Saudi Arabia, the joint venture aims to support the National Livestock and Fisheries Development Program in achieving its ambitious goal of producing 600,000 tons of fish products annually by 2030.

Topian Aquaculture reflects Neom’s mission to implement innovative solutions that strengthen key industry sectors, while mitigating our impact on the environment. The strategic joint venture with Tabuk Fisheries Company highlights the role collaboration plays in Neom’s goal of redefining business and in meeting the national objectives of Saudi Arabia,” said Nadhmi Al-Nasr, CEO of Neom.

The largest hatchery in the Middle East and North Africa

The joint venture builds on the Memorandum of Understanding between Neom and Tabuk Fisheries Company signed in 2021 and will establish Topian Aquaculture. The venture will include a hatchery that is expected to become the largest in the Middle East and North Africa (MENA) region by the end of 2024 and has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20 kt per year.

Topian, the Neom food company, is the key facilitator of the venture, which aligns with its commitment to developing a robust, sustainable aquaculture sector in the Kingdom to support food security and self-sufficiency, and ensure the production of fresh, healthy seafood in Saudi Arabia and beyond. This strategic agreement, unveiled at the Saudi International Marine Exhibition (SIMEC) in Riyadh, outlines Topian Aquaculture‘s role in advancing the aquacultural landscape locally and regionally.

Strategic plan to further develop the fisheries sector

For his part, Ali Al-Shaikhi, CEO of the National Livestock and Fisheries Development Program and Director General of Fisheries at the Ministry of Environment, Water and Agriculture, stated that Topian’s project enhances the development of the aquaculture system in Saudi Arabia, serving in support of the Kingdom’s strategic plan to further develop the fisheries sector, which aims to achieve food security and fish products’ self-sufficiency that ensures food safety and sustainability in the Kingdom.

Meanwhile, Nasser Al-Sharif, Chairman of Tabuk Fisheries Company, assured: “We are excited to bring the joint venture with Neom to fruition. Tabuk Fisheries Company has built a strong foundation, producing high-quality marine fish for the local market, and the joint venture will allow for the adoption and integration of next generation technologies, propelling Topian Aquaculture to the forefront of sustainable development.”

Mitigating the carbon footprint

Aquaculture continues to be the world’s fastest-growing food sector, as global demand for seafood is predicted to grow by 14 percent by 2030 highlighting the urgency to address the mounting pressure on seas and oceans. In addition to protecting the Red Sea’s diverse fish species and bolstering local fish production, the joint venture will play a crucial role in mitigating the carbon footprint associated with seafood imports.

USD 500 billion from the public investment

In their own definition, Neom is a global hub open for business. According to them, they “are building a future-oriented and sustainable economy, pioneering new benchmarks for talent and enterprise”.

The company is powered by their vision to build a profitable, sustainable and innovation-driven economy, powered by their 14 key sectors: manufacturing; water; technology and digital; entertainment and culture; education, research and innovation; design and constructions; food; energy; sport; tourism; mobility; health, well-being and biotech; financial services; and media.

These distinct sectors will be fueled by USD 500 billion from the Public Investment Fund of the Kingdom of Saudi Arabia and local and international investors. “Neom will become a community powered by talent and diversity across 14 sectors,” they said.

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