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Agro-based Projects
Finfish Project
Regional Shrimp High Health Broodstock Center
MicroAlgae Project
MacroAlgae Project
Feed Mill Project
Regional Seafood Processing Center
Finfish
Project
A fin
fish farm would be economically viable in Saudi Arabia along the Red Sea if
focused on high value products for local and export market. Environmental
conditions in the region are favorable. An
open-water cage-based technology is currently successful in Greece. There may be
a requirement for an associated bio-secure fish hatchery project.
Fresh
fish is a high value product in Europe, the US, and Japan. Prices are
subject to a set of parameters, such as availability of size, season, country,
etc. Due to market trends, organic fish production is an alternative to be
assessed. Estimated production would be between 1,000 tons (a medium size
company) and 2,000 tons (a large company).
The
project has the support of the Ministry of Agriculture and Water, Aquaculture
Department, and would draw on the resources of and cooperate with the Ministry
of Agriculture Fish Farming Research Center in Jeddah. AquaBioTech, a Malta-based Company, will provide
pre-feasibility and site location services.
The
Islamic Corporation for Development of the Private Sector (a division of the
Islamic Development Bank) has agreed in principle to assist in financing these
projects, when developed. The Arab
Authority for Agriculture Investment and Development (AAAID) will participate,
to include development funding, in this project.
An MOU defining roles and responsibilities is in process.
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Shareholders:
Saudi Offset Limited Partnership and Aqua Farms Corporation B.S.C.
(Closed) 50% and Saudi Partner(s) 50%. |
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Estimated
capital investment: US$ 6 to 8.5 million |
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Financing:
AAAID, ICD, and Saudi Agriculture Bank. |
Regional
Shrimp High Health Broodstock Center
The Southern Red Sea is a
prime area for domesticated shrimp farms. At
the request of national government organizations and development banks, DevCorp
plans to investigate the application of its expertise gained in the Arabian
Shrimp Company to developing a specific pathogen free (SPF) shrimp from the
indigenous species. These larval
shrimp would be used to seed other regional shrimp farms without the technical
abilities of DevCorp and Arabian Shrimp staff.
Interest
has been expressed by the Islamic Corporation for Development of the Private
Sector. The Arab Authority for
Agriculture Investment and Development (AAAID) will participate, to include
development funding, in this project. An
MOU defining roles and responsibilities is in process.
Technical support may also be provided by AquaBioTech out of Malta.
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Shareholders:
Saudi Offset Limited Partnership and Aqua Farms Corporation B.S.C.
(Closed) 50% and Saudi Partner(s) 50%. |
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Estimated
capital investment: US$ 3 to 4.5 million |
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Financing:
AAAID, ICD, and Saudi Agriculture Bank. |
MicroAlgae Project
Using a saline water pond system in the same area as the ASCO project, various microalgae will be grown and processed for the food and nutraceutical markets. The project is estimated to produce two tons of natural product per year for incorporation into animal feeds and food supplements for human consumption. The project makes use of subkha land unusable for other agricultural projects, and depends on the saline water and sunlight abundant in Saudi Arabia.
- Shareholders: Saudi Offset Limited Partnership , foreign technology partner, Saudi Partner(s) .
- Estimated capital investment: US$ 1 to 2 million
- Financing: up to 50% in low-cost loans from Saudi Government-owned Agriculture Bank.
MacroAlgae Project
As a public service project for the local community, the indigenous macroalgae, or seaweeds, often used for human and animal consumption, will be identified and monitored. If useful, techniques for sustainable farming will be demonstrated and assistance in processing these products for the local market may be offered. This low-technology project could bring additional income to low-income farmers in the area.
- Shareholders: Saudi Offset Limited Partnership , foreign technology partner, Saudi Partner(s) .
- Estimated capital investment: US$ 1 to 2 million
- Financing: up to 50% in low-cost loans from Saudi Government-owned Agriculture Bank.
Feed Mill Project
In
order to support the burgeoning aquaculture industry in southern Saudi Arabia,
the establishment of a regional feed mill to supply dry formulated feed for
targeted farmed populations of shrimp and fish will be investigated The choice
of ingredients, size, coating materials, and mix requires a full knowledge of
the life cycle of the targeted populations, as fingerling fish require a
different type and size of food than a mature fish. A successful feed mill mixes
formulations that ensure optimum growth, health, and overall returns for each
individual farmed fish. Initial studies of the current and future market, the
availability and cost of local and imported ingredients, and processing
technologies will begin soon.
- Shareholders: Saudi Offset Limited Partnership , foreign technology partner, Saudi Partner(s) .
- Estimated capital investment: US$ 15 million
- Financing: up to 50% in low-cost loans from Saudi Government financing institutions
Regional
Seafood Processing Plant
Seafood should be
processed as close as possible to the fishers’ docking sites in order to
insure high sanitary and food quality standards.
A Gizan regional seafood processing plant incorporating all HAACP and
bio-secure standards has been proposed by the Islamic Corporation for
Development of the Private Sector and the Arab Authority for Agriculture
Investment and Development. The
plant would process both fin fish and crustaceans for local and export markets.
It would foster many
downstream businesses, such as marketing, trucking, ice production, packaging,
in the Gizan area, thus contributing to the economic development and expansion
of this region of Saudi Arabia.
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Shareholders:
Saudi Offset Limited Partnership and Aqua Farms Corporation B.S.C.
(Closed) 50% and AAAID and Saudi
Partner(s) 50%. |
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Estimated
capital investment: estimated US$ 10 to 15 million |
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Financing:
AAAID, ICD, and Saudi Agriculture Bank. |
