Saudi Arabia’s megacity project Neom and Tabuk Fish Company have signed an agreement to develop the Middle East and North Africa’s (MENA) biggest fish farm as the kingdom diversifies its economy.
According to Saudi Press Agency, the agreement aims to increase local aquaculture production and apply cutting-edge fish farming technologies in the futuristic Neom city.
Mr. Nadhmi Al-Nasr Chief Executive Officer Neom remarked that “the capacity and innovative nature of the hatchery, combined with top-notch technologies, will help position Saudi Arabia at the forefront of sustainable marine aquaculture.”
Saudi Arabia is rapidly changing its economy to reduce its reliance on oil revenue to drive growth. To that end, the kingdom is working on a range of new projects, including Neom, a $500 billion futuristic project that will include a nature sanctuary, coral reefs, and heritage sites on around 50 islands off the Red Sea Coast.
The Public Investment Fund (PIF) of Saudi Arabia is also pumping billions of dollars into the economy to boost growth. According to Crown Prince Mohammed bin Salman, the fund will invest $40 billion annually in 2021 and 2022.
The hatchery will have a capacity of 70 million fingerlings under Neom’s new agreement with Tabuk Fish Company, making it the largest in the country. The hatchery will concentrate on increasing the production of local fish species in the Red Sea to help the kingdom meet its target of producing 600,000 tonnes of fish products by 2030.
Tabuk Fish Company’s Chairman Mr. Nasser A. Al-Sharif said that the company’s partnership with Neom is expected to create jobs in the region. It will also attract top technology companies to Neom, allowing Tabuk Fish Company to establish a variety of new business opportunities and positively impact the Neom region and beyond. Seafood consumption is expected to rise 7.4 percent annually in the kingdom, with sustainable aquaculture growth crucial to meeting local and global demand.
Saudi Arabia adopted a new agriculture law last month, which will replace a variety of other laws related to fishing, livestock, beekeeping, investment, and the conservation of living aquatic resources in the kingdom’s territorial waters once it takes effect.