Complex Made Simple

Saudi Arabia expects SAR30 billion investments in fish stocks

Production is set to hit 100,000 to 150,000 tonnes in the coming years

The Saudi Ministry of Agriculture received many piscicultural (fish farming) investment bids since at the beginning of the year, the ministry’s undersecretary of fish resources affairs Eng. Jaber Mohammed Al-Shehri, reveals.


He predicts that investment in the fisheries will increase over the next 15 years to reach SAR30 billion, Saudi-based Aleqtisadiah newspaper reports.


Al-Shehri adds that there are some expectations that production will hit 100,000 to 150,000 tonnes in the coming years. He points out that, while investments outside the Kingdom are still being studied, the ministry is currently focusing on internal investments.


On another note, the undersecretary points out that the Saudi-Ethiopian Joint Commission Meeting resulted in a set of actions to increase Saudi investment levels to more than $5bn in Ethiopia, including licensed projects by the Ethiopian government, as well as more than 220 industrial and agricultural projects.


He adds that both countries aim to raise the rate of investment and that the signing of the agreement will boost the bilateral relations between the two nations.


(SAR1=AED0.98, $1 = AED3.67, at the time of publishing)