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DevCorp
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MENA-OECD Press Release
MENA-OECD Investment Program Honors Arabian Shrimp CompanyNominated by the Saudi Arabian General Investment Authority (SAGIA), the Arabian Shrimp Company received the Organization for Economic Co-operation and Development (OECD) MENA Investor of the Year 2005 award in the Innovative Entrepreneur category at the MENA-OECD Ministerial Meeting, held at King Hussein Dead Sea Conference Center on February 13, 2006. H.E. Sharif al Zu’bi , Minister of Industry and Trade of Jordan, gave the award to Chairman Ibrahim al Mishari of Arabian Shrimp Company Mr. Graham Minter, Chairman of the MENA Steering Group and the Foreign and Commonwealth Office of the United Kingdom asked a pointed question about the environmental aspect of the shrimp farm. Mr. Mishari stated that the environmental conservation plan of the shrimp farm was designed to maintain the environmental sustainability of the shrimp farm and protect the pristine nature of the Red Sea in the Jazan area. The Arabian Shrimp Company actively coordinates with the Ministry of Agriculture and other government agencies concerned with the coastal areas and the environment. Arabian Shrimp Company has been established in response to the initiative of the Custodian of the Two Holy Mosques pertaining to the development of Jazan Province and Tihama Plains. It is a joint venture Company between the Saudi Offset Limited Partnership, Aqua Farms Corporation BSC (c), the Arab Authority for Agriculture Investment and Development, and Aquad Company for Commerce to develop a 5,000 hectare integrated shrimp farm on the otherwise unproductive subhka coastland north of Jazan. It has been approved and supported by the Ministry of Agriculture. The total project will include a High Health Broodstock Center and hatchery, a shrimp processing plant, a research and development program, and a training and local employment program as well as the 5000 hectares of shrimp grow-out ponds. The MENA-OECD Investment Awards, established in 2005, honor best practices in investment projects citing specific projects that target regional development, human resource training and employment, job creation, environmental sustainability, and support to SMEs. To
attract notice to the MENA economic reforms and support for private investment,
the MENA-OECD Awards spotlight innovative companies operating in the region,
whose investment in and engagement with the region demonstrate the wealth of
opportunities it presents. The Arabian Shrimp Company, established under the auspices of the Economic Offset Program, integrates many national objectives in its project. While producing and marketing locally grown shrimp for the Saudi and export market, it will also create many new jobs in a rural area of the Kingdom. It is expected that over 3000 direct job opportunities of which 1000 women job opportunities will be created. The Company has started a detailed training plan to train Saudi men and women trainees in the area. Its location in the Jazan area should promote the development of many SMEs associated with the shrimp and mariculture industries, such as maintenance shops, small restaurants and food stores, road side stands, furniture/carpentry shops, light metal fabrication, and ice production plants. The high health broodstock center and hatchery will assure a high degree of bio-security, and the research and development program will attract more research into associated areas such as finfish culture, polyculture, and other shrimp species. The processing facility, which will meet European and North American standards of hygiene and bio-security, will bring women into an industry – food processing – new to them in the Kingdom. With the attention paid to environmental sustainability, the Arabian Shrimp Company will produce a local renewable protein food source – shrimp – for years to come. About the Company: Arabian Shrimp Company is an Economic Offset Program Company, which has leased coastland subkha from the Ministry of Agriculture to develop this large aquaculture project. Investors in ASCO:
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