Photo: FDO/FIS

Oman’s Fisheries Sector Adds $374M to GDP, Achieves 13% Growth

OMAN
Monday, December 02, 2024, 05:10 (GMT + 9)

Oman’s fisheries sector continues its impressive trajectory of growth, contributing $374 million to the nation’s GDP and recording a 13% increase in fish production from January to July 2024.

Duqm – H.E. Dr. Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries, and Water Resources, announced the milestones during the inauguration of a new fish canning and processing complex in the Special Economic Zone at Duqm (SEZAD) on Thursday.Production reached 410,000 tonnes in the first seven months of 2024, up from 364,000 tonnes during the same period last year.

The total value of fish production also rose by 6%, increasing from RO261 million ($678M) to RO277 million ($720M). Meanwhile, the sector’s contribution to GDP at constant prices grew by 12.1%, reaching RO143.9 million ($374M) compared to RO128.4 million ($333M) in the first half of 2023.

Expanding Global Reach

Dr. Habsi highlighted the sector’s expanding international presence, noting that Oman exported 218,000 tonnes of fish worth RO97 million ($253M) to 71 countries in the first nine months of 2024. This underscores the sector’s increasing significance in global seafood markets.

Launch of State-of-the-Art Seafood Facility

The event also marked the launch of the International Seafood Company’s (Simak) advanced fish canning and processing complex in Duqm. A subsidiary of Fisheries Development Oman (FDO), the facility will produce over 100 million cans of tuna annually, alongside sardines and mackerel. With a processing capacity exceeding 30,000 tonnes of raw materials annually, the plant is now the largest seafood processing facility in the GCC region.

Simak’s operations aim to not only meet domestic demand but also solidify Oman’s standing as a global leader in the seafood industry.

A Strategic Investment in Duqm

Dr. Ali bin Masoud al Sunaidi, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), lauded the project as a cornerstone investment in Duqm’s fisheries and food industries.

“SEZAD has become a hub for fisheries investments, and we are committed to providing the necessary facilities to attract further development. Plans are already underway to expand the fisheries industries zone,” Dr. Sunaidi said.

This initiative is part of Oman’s broader strategy to capitalize on its rich marine resources, foster economic growth, and reinforce its position in global seafood markets.

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