OMR29 mn project to come up at Economic Zone in Duqm

Posted on 31st May 2019

OMR29 mn project to come up at Economic Zone in Duqm
Image courtesy of: https://timesofoman.com/uploads/images/2019/05/29/1032359.jpg

According to *Times of Oman news report, the establishment of the International Marine Product Company for the project of canned tuna and sardines with Omani-Gulf joint investment was disclosed in the meeting of the founding committee of the project under the chair of Dr Rashid bin Salim Al Masroori, Chairman of the Committee.

The cost of the project in the first phase will reach about OMR29 million and in the second stage to OMR42 million. The project will be established in area for the fisheries industries in the fishing port in the Economic Zone in Duqm.

The General Assembly of the company held a meeting to discuss the report of the founding committee on the procedures taken to establish the company, study and approval of the expenses related to its establishment, then elect the members of the first board of directors consisting of seven members representing the joint stock companies, in addition to appointing an auditor for the first financial year.

The project will produce oil and animal feed produced from fish, in addition to the manufacture of metal containers, including the construction of warehouses for cooling and laboratories for testing and quality and facilities for research and innovation.

The project is planned to produce 72,000 tonnes of sardines and 17,000 tonnes of tuna fish annually

The project is expected to start production in early 2022. A number of local private sector companies, in addition to Qatari Hassad Food participate in the project. Investors approved the company's founding contract and the partner's agreement. Investors also approve the name of the new company as the International Marine Products Company.

The Canned Tuna and Sardines Project is one of the important projects adopted by the Omani Food Investment Holding Company (the investment arm of the government in the field of food security) in the context of its vision and implementation of its objectives to enhance food security in the Sultanate and raise the self-sufficiency of some commodities and food products, in addition to providing job opportunities to citizens.

*News source: https://timesofoman.com/article/1370296/Business/Economy/Omani-Gulf-joint-investment-to-set-up-OMR29mn-project-in-Duqm

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