Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oman- MoAF sets up firm to boost investments in aquaculture  Join our daily free Newsletter

MENAFN - Muscat Daily - 10/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) In an important development for the sultanate's aquaculture sector, the Ministry of Agriculture and Fisheries (MoAF) has set up the Oman Aquaculture Development Company (OADC) which will look into bringing in new investments.

Last week, MoAF signed a memorandum of understanding (MoU) with Oman Investment Fund (OIF) for the operations of OADC. The MoU was signed from the ministry's side by H E Dr Fuad bin Jaafar bin Mohammed al Sajwani, Minister of Agriculture and Fisheries, while OIF was represented by Hassan bin Ahmed al Nabhani, its CEO.

MoAF hopes that the aquaculture sector will be able to support 220,000 tonnes of fish production by 2030 from the current 206,000 tonnes (2013).

H E Dr Sajwani said the MoU is important as it aims to start a RO30mn fish farming project as an initial investment. ''It will be for production of shrimps, some marine algae and hatcheries.''

He added that the project is part of the ministry's long-term goal to expand aquaculture that is envisaged to take the contribution o the fishing sector to two per cent of the GDP by 2020.

Nabhani said that the MoU represents a joint cooperation between OIF and the ministry in fish farming. Under the MoU, the company will invest in strategic projects that are commercially profitable and that lead to developing the aquaculture sector in the sultanate. ''The company will also invest in development of support industries for the aquaculture sector in a bid to diversify investments.''

OADC will play a fundamental role in promoting investor confidence by investing in commercially feasible projects and managing them successfully. ''OADC will also seek to start joint ventures with foreign companies to help build the confidence of foreign investors in the local aquaculture market and make the most of foreign expertise in the field,'' said Nabhani.

The ministry is currently processing applications for 19 projects with investments worth RO145mn. The ministry is cooperating with the United Nations Food and Agriculture Organisation and the World Bank to help develop the sector


 


Muscat Daily




  MENA News Headlines
 Sep 25 2016 - An output freeze deal in Algeria means $60 oil!Khaleej Times
(MENAFN - Khaleej Times) The oil market has been a rollercoaster in 2016. A global financial panic triggered by China's yuan depreciation caused Brent crude to fall below $30 a barrel in late ...

 Sep 25 2016 - Output freeze eludes Russia, Saudi Arabia talksKhaleej Times
(MENAFN - Khaleej Times) The world's two biggest oil producers Saudi Arabia and Russia said on Monday they had agreed to "act together" to try to stabilise oil prices, but failed to make headway on ...

 Sep 25 2016 - Value, risk in large cap biotech sharesKhaleej Times
(MENAFN - Khaleej Times) Merger mania has led to fairy tale outcomes on some biotech shares on Wall Street. For instance, oncology biotech Medivation (MDVN) tripled in value in 2016 once Pfizer won ...

 Sep 25 2016 - US equities and a spasm of risk aversionKhaleej Times
(MENAFN - Khaleej Times) I had written a column two weeks ago outlining my view that US equities faced a dangerous autumn and the S & P 500 index was set for a fall of 150 points. However, even I ...

 Sep 25 2016 - Value investing themes in Asian equity marketsKhaleej Times
(MENAFN - Khaleej Times) When Ben Bernanke uttered the word "taper" in May 2013, he triggered a bloodbath in emerging markets and a free fall in "fragile five" currencies that included the Indian ...

 Sep 25 2016 - Wells Fargo mired in one of the most sordid scandalsKhaleej Times
(MENAFN - Khaleej Times) Wells Fargo was, until last week, America's most valued money centre bank, the crown jewel of Warren Buffet's investment portfolio, a model of corporate excellence whose ...

 Sep 25 2016 - Fear, risk and value in emerging market currenciesKhaleej Times
(MENAFN - Khaleej Times) The $5 trillion global foreign exchange market is hyper-sensitive to shifts in the ultra-easy money policies of the G-7 central banks. So it is no coincidence that the ...

 Sep 25 2016 - UAE equities to perform better in next 12 monthsKhaleej Times
(MENAFN - Khaleej Times) A bullish real estate outlook, an impending tourism boom driven by new branded theme parks and a widely anticipated pick-up in business activity are critical triggers for ...

 Sep 25 2016 - Mohammed bin Zayed reassured regarding Haj pilgrims from UAEKhaleej Times
(MENAFN - Khaleej Times) His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in a telephone call to Dr. Mohammed Matar ...

 Sep 25 2016 - UAE voices concerns on 'Justice Against Sponsors of Terrorism Act'Khaleej Times
(MENAFN - Khaleej Times) Shaikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation,has expressed the UAE's concern about the US Congress adopting the law ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help