Aljazeera Investment, The Five Oceans sign pact to develop abalone farming project

May 22, 2017

In alignment with the national economic strategy, Aljazeera Investment Company and The Five Oceans Company on Monday announced the signing of an agreement, worth RO12mn to develop one of the biggest abalone farming projects in the sultanate.

Aljazeera Investment is a leading Omani company in several industrial development sectors while The Five Oceans is a recognised local company in fisheries and fish farming. The site of the project is located in Sharbathat in the wilayat of Shalim and Al Halaniyat Islands.

The actual commencement of the project’s production is expected by 2020. The agreement was signed by Mohammed bin Nasser al Hashar, assistant chairman of the Board of Directors of Aljazeera Investment Company and Dawood bin Sulaiman al Wahibi, CEO of The Five Oceans Company in the presence of H E Eng Hamad bin Said al Oufi, Undersecretary for Fisheries in the Ministry of Agriculture and Fisheries.

Aljazeera Investment Company and The Five Oceans will focus initially on utilising their resources to build a comprehensive work plan to develop and operate the abalone farming plant. The agreement will facilitate collaboration between companies in bringing the world’s best technology in marine farming. The agreement will enable all parties to work as a team starting from the first stage of initiating abalone farm on an area of 300,000sq m.