Saudi NEOM megacity project signs deal for largest fish farm in the region

Saudi NEOM megacity project signs deal for largest fish farm in the region
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The Kingdom forecasts expected growth in seafood consumption of 7.4 percent annually between now and 2030. (Supplied)
NEOM and Tabuk Fish Company sign the agreement in the presence of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley. (SPA)
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NEOM and Tabuk Fish Company sign the agreement in the presence of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley. (SPA)
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Updated 07 April 2021

Saudi NEOM megacity project signs deal for largest fish farm in the region

Saudi NEOM megacity project signs deal for largest fish farm in the region
  • Deal aims to strengthen region's aquaculture industry, and establish solid infrastructure for this sector in the Kingdom
  • It also includes a focus on improving the productivity of local fish species in the Red Sea

LONDON: NEOM, the Saudi megacity development project, has signed an agreement with Tabuk Fish Company that includes plans for a fish farm with a production capacity of 70 million eggs. This would make it the biggest hatchery in the MENA region.
The deal, signed in the presence of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley, will expand local aquaculture production and apply a new generation of technologies.
It also includes a focus on improving the productivity of local fish species in the Red Sea, which will contribute to efforts to achieve the Kingdom’s goal of producing 600,000 tons of fish products by 2030, and place the country at the forefront of countries that are pioneers in sustainable aquaculture.
Ali Al-Shaikhi, CEO of the National Fishery Development Program and director general of the General Directorate of Fisheries, said that with the involvement of a major company such as NEOM, the agreement marks a fundamental turning point for investment in the aquaculture industry. It is one of the most promising and effective industries in terms of economic growth, he added, which can boost national gross domestic product and help achieve food security.
NEOM CEO Nadhmi Al-Nasr said the agreement will help to improve the productivity of local species in the Red Sea, and called for continuous research and development in the aquaculture sector to improve the quality of fish throughout their life cycles and over many generations.
He added that genetic research will be used to implement urgent measures designed to localize fish fingerling production and achieve the required production balance in the Red Sea.
Nasser Al-Sharif, chairman of Tabuk Fish Company, said the agreement aims to develop a modern fish farm that not only will provide job opportunities for the local community but also attract international technology companies to NEOM. This, he added, “allows us to provide an integrated set of new business opportunities that will have a positive impact in achieving added value for the company, and for the NEOM region and beyond.”
The aquaculture sector is the fastest-growing food sector in the world, currently representing more than 50 percent of the total global supply of seafood.
The Kingdom forecasts expected growth in seafood consumption of 7.4 percent annually between now and 2030. Sustainable growth of aquaculture will not only help to meet this demand but also alleviate pressure on wild fish stocks, which are under tremendous pressure as a result of overfishing in the region and globally.


KSA takes steps to boost private investments in heritage sector

KSA takes steps to boost private investments in heritage sector
Updated 11 sec ago

KSA takes steps to boost private investments in heritage sector

KSA takes steps to boost private investments in heritage sector

RIYADH: Saudi Arabia’s Heritage Commission has launched 100 projects and 34 initiatives to create investment opportunities for the private sector in the Kingdom’s heritage sector, said Jassir Al-Herbish.

The CEO of the commission told CNBC Arabia on Monday that the commission was working on 100 projects in the education sector, exploration companies, exploration missions, and on the activation of nonprofit organizations and the local community.

Al-Herbish said the commission will launch local and international exploration missions and the target is to reach 95 missions by 2030.

He said the commission has so far discovered around 10 percent of the Kingdom’s ancient archeological sites. Its goal is to discover 90 percent of the hidden treasures. Fifty initiatives will be launched by 2030 to achieve that goal, Al-Herbish added.

The commission unveiled its strategy for the development of the Saudi heritage sector on Sept. 29, which relies on eight main pillars to develop the nation’s culture as a lifestyle, for economic growth, and to enhance the nation’s international standing.

In 2021, it established the National Antiquities Register to record, manage and preserve archeological and historic sites in the Kingdom. There were 624 new archeological and historic sites recorded this year, with more than 8,000 locations registered so far.

Al-Herbish said the Saudi heritage is considered as an economic resource and the commission aims to transform the cultural heritage into a sustainable product by facilitating its management and financing.


Saudi Arabia takes more steps to develop and protect the Red Sea

Saudi Arabia takes more steps to develop and protect the Red Sea
Updated 47 min 35 sec ago

Saudi Arabia takes more steps to develop and protect the Red Sea

Saudi Arabia takes more steps to develop and protect the Red Sea
  • The Saudi cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea

RIYADH: Saudi Arabia is taking more steps to develop and protect the Red Sea, which the Kingdom deems to be a big contributor to the growth of its tourism industry. 

The Saudi cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea, as well as organizational preparation work for a new authority in the area, according to the cabinet's weekly statement carried by Saudi Press Agency.


Egypt imposes a 10% customs tax on mobile phones 

Egypt imposes a 10% customs tax on mobile phones 
Image: Shutterstock
Updated 49 min 7 sec ago

Egypt imposes a 10% customs tax on mobile phones 

Egypt imposes a 10% customs tax on mobile phones 

RIYADH: Egypt’s house of representatives approved a presidential decree that includes imposing a 10 percent customs tax on imported mobile phones, to promote local industry.

Egypt’s Minister of Finance explained that the amendments aim to encourage investment, maximize production facilities and strengthen competitiveness of goods manufactured there in international markets.

Mohamed Maait added that computers and tablets are excluded from the tax, because they constitute a tool for digital transformation and the development of the education system. 

The amendment of some categories of customer tariffs comes in light of the conclusions reached by the Higher Council of Customs Tariffs in Egypt, head of the Egyptian customs authority, El-Shahat Ghaturi said. 


Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn
Updated 52 min 36 sec ago

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden-based Lundin Energy, valued at around $10.7 billion, is exploring a potential sale in what could be one of the largest European oil and gas deals in years, Bloomberg said citing unnamed sources.

The shares of the company climbed as much as 14 percent on Monday, the highest jump during a day since April 2020. They rose 10 percent by the market close in Stockholm, recording a value of about 96.8 billion kronor ($10.7 billion).

The company said in a statement Monday that it “continuously engages in opportunities that are potentially value accretive,” but there are no conclusive decisions yet.


India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
Image: Shutterstock
Updated 30 November 2021

India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
  • They also aim to develop a unified payments platform to help merchants in India

RIYADH: Indian payments and banking solutions company CashFree has invested $15 million in Dubai-based Teller, which provides electronic payment services in the UAE and Saudi Arabia.

With this investment CashFree's market share has exceeded 50 percent.

The two companies intend to launch joint services in the MENA region, building on Teller's knowledge of the region's markets and payments infrastructure, Asharq reported.

They also aim to develop a unified payments platform to help merchants in India accept payments from customers in the region.

The electronic payments market in India exceeds $20 billion annually.