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 Under the auspices of AlFadley, a SAR500 merger agreement signed by four businesses

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1/30/2020
Under the patronage of HE Abdulrahman Abdulmohsen A. AlFadley Minister of Environment, Water and Agriculture, a merger agreement in the aquaculture sector was signed today at Ministry’s headquarters by four companies, Jazadco, Tabuk fisheries co., Aquaculture Sharq Farms Company and Tharawat Seas, with a total market value of SAR500 million.  The combined company will operate under the Advanced Aquaculture Company name. 

Speaking at the ceremony, AlFadley said this merger will thus contribute to achieve the Ministry's goals in increasing local aquaculture productivity. He also pointed out that the second phase will witness multiple local and international companies merging in the sector.

AlFadley highlighted the importance of the aquaculture industry as one of the promising sectors in Saudi Arabia which could attract pioneering local and foreign investments. He also stressed the great efforts made by Ministry, both the Agricultural Development Fund and the Industrial Development Fund and government and semi-government entities to further develop the aquaculture sector.

During the signing ceremony, production stages of the Advanced Aquaculture Company were reviewed. The Company is expected to produce about 60,000 metric tons in the first stage which will be doubled to 120,000 metric tons in the second stage as it aims to produce 300,000 tons by 2035, according to the Ministry.

The Ministry confirmed that the Company will contribute to achieving the objectives set under the Saudi Vision 2030 for the aquaculture sector. It will share the resources in the Red Sea with consumers around the world in order to meet food security goals in the Kingdom by using innovative and sustainable production systems.

The Company is seeking to be the world's leading company in fish and shrimp farming sectors through operating integrated farms according to the latest systems and technologies, the Ministry said.





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Last updated: 1/30/2020 1:48 PM
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