Muscat: Musandam Global Investment Company and foreign partners signed a memorandum on Musandam Fish Farming Company’s binding business terms and incorporation papers.
The agreement, which was signed at the Invest Oman Lounge, calls for an integrated marine fish farming project to be set up in open seas in the Musandam Governorate.
The project is set to start this year, and its goal is to make more than 3,500 tonnes of different kinds of fish each year that can be sold in regional and foreign markets.
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The project will have an open-water farm, a fish breeding unit, a pre-growth stage, a fish packing and processing unit, a research and development lab, stores, transportation sections, and support services.
The project will follow the rules of sustainable farming, and it will be audited from the outside to make sure it meets the highest standards for protecting the marine environment and making high-quality products.
Sayyid Ibrahim Said Al Busaidi, the Governor of Musandam, and Dr. Saud Hamoud Al Habsi, the Minister of Agriculture, Fisheries, and Water Resources, were there to sign the agreement.
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The memorandum shows what the branch of the Oman Chamber of Commerce and Industry (OCCI) in Musandam Governorate has been doing to bring in capital and make the economy of the governorate more diverse. It will also give people in the area a chance to get a job.
Musandam Global Investment Company is the biggest private business in Musandam Governorate. This closed joint stock company is on the third market of the Muscat Stock Exchange.