Hydra Properties acquires 47.43 per cent stake in Asmak

UAE real estate developer has acquired a stake in fish farming company
October 15, 2008

Hydra Properties acquires 47.43 per cent stake in Asmak  

Hydra Properties, the leading United Arab Emirates-based real estate developer, has announced that it has acquired a 47.43 per cent stake in International Fish Farming Holding Co. PJSC (Asmak), a leading fish farming company in the UAE.

ASMAK is a leading holding company in the UAE and Middle East region. The company's business activities span major investments in diversified sectors that include all aspects of aquaculture industry, marketing, distribution, export and consulting and has entered into the property development sector through the recent establishment of its fully owned subsidiary 'Emirates Stallions Properties LLC' in the Emirate of Abu Dhabi.

With associates and subsidiaries in the GCC states and Europe and new ventures on the horizon, Asmak is gradually expanding its operations throughout the Middle East, Arabian Gulf and the Western Indian Ocean with well diversified business activities aiming to achieve sustainable growth in terms of revenue and profitability in order to enhance shareholders' wealth.

Asmak is a pioneer in aquaculture activities in the region and is one of the leading aquaculture and seafood companies in the GCC region with well diversified business activities. Asmak currently operates through its subsidiaries and associates in United Arab Emirates, Sultanate of Oman and Kingdom of Bahrain. The company operates a fish farm with a capacity of 1,700 MT in Fujairah and a fish farm in Oman with a 300 MT capacity.

Asmak operates three processing plants in the United Arab Emirates and the Sultanate of Oman which are HACCP, EU and FDA approved. It also owns a fleet of fishing vessels and a tuna ranching farm in the Sultanate of Oman. In addition, it  has a well established commercial operation in the United Arab Emirates and Sultanate of Oman and has a portfolio of reputable clientele in local and overseas markets. ASMAK is a partner in the region's only commercial hatchery situated in Kingdom of Bahrain having annual production capacity of four Million juveniles.

The company has streamlined its aquaculture and seafood business operations in recent years and is further evaluating major projects within the UAE and overseas to expand as well as diversify within the aquaculture and seafood business sector. These projects include the establishment of 10 Million per annum juvenile production capacity for fin fish hatcheries in United Arab Emirates. The project is targeted to be operational by Mid-2010. The establishment of an aquafeed mill with production capacity of 20,000 MT per annum within the United Arab Emirates is also planned. The project is targeted to be operational by end of 2010.

The expansions also include its fish farming capacity from 2,000 MT to 3,000 MT per annum by 2009. In addition to further expanding its production capacity to 5,000 MT in next five years, Asmak is also in the process of introducing 'ASMAK' brand products in UAE and GCC markets by 2009.

On the Oversees front, ASMAK has established a subsidiary company 'ASMAK Europe SARL' in France. The company has commenced its operations and is expected to provide much needed presence in lucrative European market, which will assist in developing good volume and turnover.