Asmak, the international fish farming company that just completed its first fiscal year, is engaging in new joint ventures in Oman and Kuwait, worth approximately $3.75 million combined.
The major development plans include the harvesting of Asmak's own juveniles and the installation of hatchery and cage farm facilities. "The installation of cage farm and hatchery facility will commence soon and Asmak is working to become the leader in aqua-culture in the Middle East, to the development of an integrated fish company," Al Muhairi, Asmak Chairman Mohammed Al Muhairi announced.
Asmak has procured an offshore allowance from Fujairah to proceed with fish farming, while it continues to hold talks with Sharjah and Umm Al Quwain, Khaleej Times reported. Asmak signed a concession with Fujairah on May 20 for the construction of a new 25 hectare offshore cage farm near Dibba and a 5,000 square metre onshore support centre plus a packaging facility valued at Dh18 million.
The fish farming giant formed a joint venture company, Gulf International Fish Farming Company, capitalized at KD100,000, along with the Kuwait Institute of Scientific Research (KISR). The joint venture corporation was incorporated on May 17 with Asmak possessing 49 percent of the stake, the balance being held by local Kuwaiti firms. In Kuwait, Asmak will offer technical expertise and management. It will utilize the present hatchery to commercial use for production of fin-fish juveniles. Operations will commence in August, revealed Asmak General Manager, Apostoles Tjoumas.
"It would be more cost-effective to import juveniles from Kuwait than Europe," he said.
In Oman, Asmak formed a joint venture with Cyclone LLC by creating a new venture called Qurayat Fish Farming LLC. Capital of OR500,000 was devoted to the venture, in which Asmak boasts a 65 percent share. The Omani project of undertake cage farming of warm water fin-fish has a targeted production of 2,460 tonnes per year by 2004, Gulf News reported.
Asmak also recently purchased two start-up companies from its initial founders. The Abu Dhabi-based Ocean Fish Processing LLC that owns a fish processing plant in Jabel Ali, was purchased for Dh5.95 million and the Arabian Gulf Fisheries was bought for Dh1.5 million.
"In a strategic move to commence production of its own juveniles well ahead of the operation of its main hatchery which is expected by the year 2001, we have signed with the Kuwait Institute of Scientific Research, to lease their hatchery facilities for commercial production of fin-fish juveniles," Al Muhairi added. (Dh3.67=$1; KD1=$3.33; OR1=$2.6).
– albawaba.com
© 2000 Mena Report (www.menareport.com)
