(MENAFN - Muscat Daily) Muscat- The Special Economic Zone Authority in Duqm (SEZAD) on Wednesday announced that it has signed an agreement with Dhofar Fisheries and Food Industries, which allows the company to utilise the authority's land for setting up a fish packaging and canning facility with an investment of around RO10mn.
The agreement was signed on behalf of SEZAD by H E Yahya bin Said al Jabri, chairman of the board of directors and Mahdy Mohamed Hassan Hosny, chairman of the board of directors of Dhofar Fisheries and Food Industries Company, SEZAD said in a press release.
As per the agreement, SEZAD has allocated a plot with a total area around 41sqm at the Fishery Industries Zone in Duqm for the project.
SEZAD claims that the total invesment of RO10mn is due to the efforts taken by the authority to attract business and high
quality projects that will provide additional resources and advantages to the Special Economic Zone in Duqm and contributes at the same time to a better utilisation of the fishery resources abundantly available in the region.
'Furthermore, the project comes as part of the technical cooperation program concluded between the Authority and the Oman Food Investment Holding Company Co (OFIC) in an endeavour to develop a general strategy to promote the fishery industries zone in Duqm', SEZAD said.
Explaining more about the project, the statement said, 'The project will accommodate all types of fish and expected to be with a total annual production capacity of around 30,000 tons and it is anticipated to produce around 2mn cartons of sardine fish with a total marketing value of about RO11mn'.
The project will also have the capacity to produce about 500,000 cartons of tuna per annum having a market value of around RO7mn along with 500,000 tons of crushed fish having total value of around RO2.2mn. The project will also be able to produce 2,200 tons of fish oil per annum worth around RO1.1mn, the statement said.
'It is envisaged that this project will come on stream in the second quarter of the year 2020, and will create around 150 Job opportunities', SEZAD's statement added.