Omani and Singaporean businesses expand their collaboration on aquaculture development

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Two Omani business enterprises have solidified their partnership with Blue Aqua International, a prominent Singapore-based global aquaculture technology provider, by investing in the city-state’s burgeoning aqua farming industry. Well-established business entities Bahwan Group, represented by its wholly-owned subsidiary Bahwan Services and Trading LLC (BSTL), along with Muscat Investment House LLC (MIH), entered into agreements in Singapore City on Friday, committing investments in Blue Aqua Singapore, a subsidiary of Blue Aqua International. According to a statement by Blue Aqua Singapore, these investments will expedite the growth of its farming operations, particularly the advancement of a state-of-the-art trout farming project and the production of aquafeeds for export. The agreement made on Friday builds upon a strategic partnership established between the three parties, which was initially disclosed in March this year. The announcement solidified their joint commitment to developing significant aquaculture projects in Singapore and the Sultanate of Oman, with a broader objective of supporting sustainable growth in the aquaculture industry and strengthening global food security. Blue Aqua International also revealed at that time its collaboration with Bahwan Group and Muscat Investment House in implementing a major aquaculture project in Oman. Envisaged to be developed in multiple phases, the proposed project includes a high-tech trout farm with a capacity of 3,000 tonnes, a super-intensive shrimp farm based on Blue Aqua’s patented mixotrophic system with a capacity of 1,000 tonnes, and a state-of-the-art aqua feed mill with a capacity of 30,000 tonnes. Omani-Singaporean companies enhance partnerships in aquaculture development. The three partners also emphasized the role of the Omani project in bolstering local and international food security, as well as supporting the country’s economic diversification goals in alignment with Oman Vision 2040. With financial support from both Bahwan Services & Trading and Muscat Investment House, Blue Aqua Singapore is forging ahead with the establishment of Singapore’s first high-tech trout farm, which is projected to produce approximately 3,000 tonnes of trout annually. The project is scheduled for completion by 2024. Dr. Farshad Shishehchian, CEO of Blue Aqua International, welcomed the Omani investment in Singapore’s seafood industry, stating, “This investment showcases a strong vote of confidence in Singapore’s aquaculture sector. The expansion of Blue Aqua will not only meet the growing demand for sustainable seafood in the region but also contribute to Singapore’s food security objectives. Once the farm construction is completed in 2024, Blue Aqua aims to supply 50 percent of Singapore’s seafood.” Importantly, the recent agreement further strengthens Blue Aqua International’s association with Oman’s aquaculture industry. A year ago, the global shrimp farming specialist signed a Memorandum of Understanding (MoU) with Fisheries Development Oman (FDO), the wholly state-owned fisheries investment and development group, to support the rapid growth of Oman’s crucial aquaculture sector. A project based on Blue Aqua’s technology in Shinas is also envisaged.