Oman’s largest fishing company, Oman Fisheries Company (OFC) has signed a commercial fishing agreement with Irish company Atlantic Dawn for the utilization of its fishing vessels.
In a filing to the Capital Market Authority (CMA), Oman Fisheries said that the agreement will enable the Irish firm to utilize the fishing quotas granted by the Omani Ministry of Agriculture, Fisheries, and Water Resources.
The move will help the company “secure sustainable supplies, in addition to enhancing export operations”, commented Mr. Sulaiman al Ghannami, CEO of Oman Fisheries.
Oman Fisheries FDO is a subsidiary of Fisheries Development Oman (FDO), which is wholly owned by the Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman.
“Under the deal, Atlantic Dawn will bring a small pelagic fishing vessel targeting 30,000 metric tons of small pelagics that, if achieved, will result in boosting Oman Fisheries’ financial performance and margins,” according to the company statement.
“It is anticipated that the [Atlantic Dawn] ships will start fishing in the Omani waters by the next fishing season in 2022,” the company added.
Oman Fisheries Company reported a group net profit of $6 million (RO2.324 million) for the first quarter of 2022, a sharp jump against a net profit of $195,480 (RO75,252) reported in the same period of 2021.
In March, Gulf Japan Food Fund (GJFF), an international private equity fund focused on the food and beverage industry, acquired 31.4 percent of Oman Fisheries for $10 million. GJFF said it would provide support and assistance to help Oman Fisheries achieve its long-term growth objectives.
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