Riyadh – Mubasher: Tabuk Fisheries, an associate of Jazan Energy and Development Company (Jazadco), signed on 6 April a memorandum of understanding (MoU) with NEOM Company to set up the largest fish farm in the MENA region.
Jazadco said the agreement will help expand local aquaculture production while applying new technologies in the NEOM area. The new deal will secure necessary investments to gradually reach a production capacity of 70 million fingerlings of fish, according to a disclosure to Tadawul.
Tabuk and NEOM would also develop an integrated system in compliance with the best international practices in the aquaculture industry.
The MoU will contribute to achieving Saudi Arabia's goal of producing 600,000 tons of fish products by 2030. It also aims to position the Kingdom at the forefront of the leading countries in sustainable aquaculture.
Jazadco, which owns 20% of Tabuk’s capital, signed SAR 20.9 million loan agreement with the Agricultural Development Fund last month to finance the working capital and development of a shrimp farm.