Blue Aqua International pulls in additional Omani investment

Singapore-based Blue Aqua International has received a further investment from two Omani businesses.

Bahwan Group and Muscat Investment House will invest in the aquaculture company’s planned recirculating aquaculture system (RAS) trout farm in Singapore, according to an agreement signed 14 July. The investment will speed up construction of the farm, which is expected to open by 2024 and produce 3,000 metric tons (MT) of trout annually.

Additionally, the Omani companies will back Blue Aqua International’s plan to construct a 1,000-MT super-intensive indoor shrimp farm, and a 30,000-MT capacity aquafeed mill, according to the Oman Observer.

"This investment demonstrates a strong vote of confidence in Singapore's aquaculture industry,” Blue Aqua International CEO Farshad Shishehchian said in a press release. “The growth of Blue Aqua will not only meet the rising demand for sustainable seafood in the region but also contribute to Singapore's food security objectives. Once the farm construction is completed in 2024, Blue Aqua is projected to produce 50 percent of Singapore's seafood."

The collaboration between Muscat Investment House and Blue Aqua International dates back to July 2022, with Muscat Investment House’s announcement of an initial investment of SGD 8.8 million (USD 6.25 million, EUR 6.23 million). The ties between the Singaporean group and Oman deepened with the subsequent announcement that Blue Aqua would partner with Fisheries Development Oman (FDO) to develop an aquaculture project in Shinas, Oman. Bahwan Services and Muscat Investment House signed a strategic partnership with Blue Aqua in March 2023, which included each entity buying a 10 percent stake in Blue Aqua.

“By combining our expertise and resources, we are poised to make a significant impact in sustainable seafood production,” Bahwan Service and Trading CEO Sujit Naha said at the time. “Our shared commitment to responsible aquaculture practices will not only benefit the environment but also provide high-quality, nutritious seafood to consumers in Oman and around the world. We are confident that this partnership will drive innovation and growth, and we look forward to the positive impact we will make together.”

Oman’s interest in Blue Aqua aligns with its “Vision 2040” economic diversification plan.

“We are excited to announce our new partnership in the aquaculture industry,” Muscat Investment House CEO Basem Al Kayyali said. “Our mission is to provide sustainable and responsible seafood to meet the growing demand while preserving our oceans’ delicate ecosystems. With this partnership, we are committed to leveraging our collective expertise to drive innovation and efficiency in our operations, delivering top-quality products that meet the highest standards. Together, we will create a brighter, more sustainable future for both our business and the environment.”

Photo courtesy of Blue Aqua International