The International Fish Breeding Company has signed an agreement with Fujairah municipality to establish in its waters a 25-hectare mesh cage for fish breeding and production. The International Fish Breeding Company, established in 1999, has Dh 200 million in capital. Its shareholders from the UAE number 31,000 and it specializes in fish and shrimp breeding, al-Khaleej daily reported. The company's production capacity in Fujairah hits 15,000 tonnes per annum.
The new Dh 18 million project will concentrate on producing frozen and fresh fish to meet the local demand and export. The company also plans to establish a breeding unit in Fujairah for 25 million fish eggs per year. During December 1999, the International Fish Breeding Company set up its first breeding unit in Ras al Khaimah, where 2.2 million fish eggs were placed in mesh cages in order to produce 800 tonnes of fish by the end of this year. (Dh 3.67=$1)
© 2000 Mena Report (www.menareport.com)
