Tech

Singapore's Trout Farming Initiative Receives Financial Boost from Oman

Published on: 12 July 2022 08:15 AM
by KnowESG
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Blue Aqua Singapore has announced an investment of SGD 8.8 million from Muscat Investment House to construct the first high-tech rainbow trout farm in the city-state.

Blue Aqua runs Singapore's largest land-based shrimp farm with its proprietary green technology for urban farming. Earlier this year, the company revealed intentions to construct Singapore's first high-tech trout farm. 

To complement Singapore's food security objectives, the project attempts to utilise super-intensive technologies to help achieve sustainable trout production locally.

Land-scarce Singapore presently imports 90 per cent of its nutritional requirements, and its seafood imports are highly dependent on Malaysia and Indonesia. 

According to the company, the investment will enable it to expand distribution and aquafeed production in support of Singapore's "30 by 30" food security strategy.

Muscat Investment House is one of the largest and most notable commercial conglomerates in the Sultanate of Oman, having over 20 subsidiaries across Oman and the Gulf. 

This is the group's first investment in Singapore as it shifts its attention to the sustainable aquaculture industry.

“We are pleased to join Blue Aqua on its mission to expand its scope of work and enable it to expand its aquaculture business in Singapore. This investment will be of mutual benefit to both companies and projects in Singapore and the Sultanate of Oman,” said Muscat Investment House in a press release.

Under the organisation Blue Aqua Gulf LLC, the Blue Aqua Group is also growing its farming operations in Oman.

Blue Aqua is also in "discussions with additional prominent funds in Europe and Southeast Asia to join this round of fundraising," according to the company.

Source: The Fish Site

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