Blue Aqua International, Bahwan Services and Trading LLC (BSTL), and Muscat Investment House (MIH) have announced a strategic partnership to develop aquaculture projects in Singapore and Oman. The partnership aims to support the sustainable growth of the aquaculture industry and address food security concerns globally.
Blue Aqua International will partner with BSTL and MIH on a multi-phase aquaculture development project in Oman. This includes the country’s first state-of-the-art aquafeed mill with a production capacity upwards of 30,000 tonnes of feed, a high-tech trout farm capable of producing 3,000 tonnes and a super-intensive shrimp farm using Blue Aqua’s patented Mixotrophic System (in eight countries) to produce 1,000 tonnes of shrimp annually.
With this partnership, Blue Aqua International, BSTL and MIH aim to support Oman's Vision 2040 by creating a world-class aquaculture project in the country, which will contribute to the economic diversification and growth of Oman while also addressing the increasing demand for sustainable seafood products globally.
“This partnership is a significant step towards the development of Oman's aquaculture sector and underscores the potential of the country to become a major player in the global seafood market,” said Farshad Shishehchian, CEO of Blue Aqua International. “With our cutting-edge technology and BSTL’s expertise in project management and execution, we are confident that we can create a sustainable and profitable aquaculture project in Oman.”
In addition to Bahwan Service & Trading LLC's stake in Blue Aqua Singapore Pte. Ltd., MIH owns a 10% stake in the same entity established under Blue Aqua International. Together, these investments will support the development of Singapore's first high-tech trout farm, which is expected to produce upward of 3,000 metric tonnes annually in a space of 1.6 hectares using super-intensive technology. The project is expected to be completed in 2024 and will contribute to Singapore's '30 by 30' food security initiatives.
The partnership aims to create a sustainable model for urban aquaculture and address food security concerns globally. With this partnership, Blue Aqua International, BSTL, and MIH are committed to contributing to the development of the aquaculture industry and supporting economic diversification in the regions.