Within the framework of the National Transition Program 2020 initiatives, the Ministry of Water, Environment and Agriculture announced the completion of work on the preparation of studies on the establishment of a company specialized in the development of the aquaculture industry in the Kingdom called AquaCo.
According to the approved studies, Aquaco will develop an integrated system of activities related to the industry of modern fish farming and related services, including the establishment of integrated feed processing plants and other fish processing, as well as a complete set of fish farms that will be held in deep water. Modern units of fish hatcheries will be established and the company's productive activities will be strengthened through the establishment of a marketing company.
According to the studies, the target production capacity is expected to be between 21,500 and 45400 tons of fish, with profits ranging from 24 to 36 percent when the company's projects are completed in 2027. The amount of production targeted depends on the capital and the way the company works.
The preparation of this national initiative aims to achieve many objectives of the National Transformation 2020 and Vision 2030 aiming to achieve an advanced percentage of self-sufficiency of seafood, in addition to enhancing non-oil exports and reducing imports, and creating excellent employment opportunities for citizens of both sexes. To support the presence of national products of fish of high quality, which are produced in accordance with international standards related to food safety in order to raise the proportion of consumption of fish per capita in the Kingdom and to achieve many of the health benefits of the citizen.
It is worth mentioning that the project will be monitored through the ministry's arm, the National Program for Developing Fisheries Industry in KSA, which was established by a decision of the Council of Ministers to support the programs of the Ministry of Environment, Water and Agriculture related to the development of this vital sector in the Kingdom.