Print This Page

August 6, 2014

Oman

$80 Million for New Shrimp Farm

 

Initiated by Emirates Star Fisheries, a regional fund for the growth of aquaculture, backed by private and Gulf Investment Corporation funds, has earmarked $80 million for a shrimp farm in Oman.  Once operational, the farm is expected to produce 10,000 tons of tiger shrimp (Penaeus monodon) a year, plus 3,000 tons of fish.

 

Prathapachandra Shetty, executive director of Emirates Star Fisheries, which imports and exports seafood products, said: “Vast coastlines (Yemen about 1,906 kilometers and Oman 2,092 km) with little or no human activity make it suitable for aquaculture activity.  The population in coastal areas is very thin making it easy to develop large aquaculture facilities, including off-shore farming.”

 

The internal rate of return on the shrimp farm is from 20-36 percent a year, with a payback period of three to five years, Shetty said.

 

“We have requested the Omani authorities to allot us 4,000 hectares” for the project, said Shetty.  He is hopeful that production will start in 2016 with the farming of 2,500 tons of shrimp and 600 tons of seabream and yellowfin tuna.

 

Shetty said his company has also acquired 11,000 hectares in Yemen for an aquaculture project. The concept, design and layout for that project are ready for implementation.  “However, the project is on hold due to the current political situation, and we are waiting to commence as soon as things improve.”

 

Information: Prathapachandra Shetty, Emirates Star Fisheries, P.O. Box 47568, Dubai (phone 04-2635844, fax 04-2633247, email prathapchandra@yahoo.com).

 

Source: Zawya (Muscat Daily).  Regional Investment Fund Earmarks USD80m for Aquaculture Farm in Oman.  M. Najmuz Zafar.  August 4, 2014.

Print This Page