LONDON: NEOM, the Saudi megacity development project, has signed an agreement with Tabuk Fish Company that includes plans for a fish farm with a production capacity of 70 million eggs. This would make it the biggest hatchery in the MENA region.
The deal, signed in the presence of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley, will expand local aquaculture production and apply a new generation of technologies.
It also includes a focus on improving the productivity of local fish species in the Red Sea, which will contribute to efforts to achieve the Kingdom’s goal of producing 600,000 tons of fish products by 2030, and place the country at the forefront of countries that are pioneers in sustainable aquaculture.
Ali Al-Shaikhi, CEO of the National Fishery Development Program and director general of the General Directorate of Fisheries, said that with the involvement of a major company such as NEOM, the agreement marks a fundamental turning point for investment in the aquaculture industry. It is one of the most promising and effective industries in terms of economic growth, he added, which can boost national gross domestic product and help achieve food security.
NEOM CEO Nadhmi Al-Nasr said the agreement will help to improve the productivity of local species in the Red Sea, and called for continuous research and development in the aquaculture sector to improve the quality of fish throughout their life cycles and over many generations.
He added that genetic research will be used to implement urgent measures designed to localize fish fingerling production and achieve the required production balance in the Red Sea.
Nasser Al-Sharif, chairman of Tabuk Fish Company, said the agreement aims to develop a modern fish farm that not only will provide job opportunities for the local community but also attract international technology companies to NEOM. This, he added, “allows us to provide an integrated set of new business opportunities that will have a positive impact in achieving added value for the company, and for the NEOM region and beyond.”
The aquaculture sector is the fastest-growing food sector in the world, currently representing more than 50 percent of the total global supply of seafood.
The Kingdom forecasts expected growth in seafood consumption of 7.4 percent annually between now and 2030. Sustainable growth of aquaculture will not only help to meet this demand but also alleviate pressure on wild fish stocks, which are under tremendous pressure as a result of overfishing in the region and globally.
Saudi NEOM megacity project signs deal for largest fish farm in the region
https://arab.news/jq2ew
Saudi NEOM megacity project signs deal for largest fish farm in the region
- Deal aims to strengthen region's aquaculture industry, and establish solid infrastructure for this sector in the Kingdom
- It also includes a focus on improving the productivity of local fish species in the Red Sea
Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods
RIYADH: Saudi point-of-sale transactions remained above $4 billion in the week ending Feb. 14, with spending on furniture and home supplies rising ahead of Ramadan, central bank data showed.
Overall POS activity totaled SR15.34 billion ($4.09 billion), representing a 4.8 percent week-on-week decrease, while the number of transactions dipped 1.6 percent to 252 million, according to the Saudi Central Bank.
Spending on furniture and home supplies rose 5.9 percent to SR697.35 million, marking the strongest weekly increase among major retail categories.
Expenditure on electronics increased 2.9 percent, while spending on construction and building materials rose 1.1 percent.
Sectors that saw declines includes freight transport and courier services, which posted a drop of 5 percent to SR64.86 million.
Pharmacy and medical supplies spending fell 8.2 percent to SR223.81 million, but outlays on medical services rose 5.7 percent to SR539.68 million.
Food and beverage expenditure decreased 4.3 percent, but the total spend of SR2.57 billion meant it retained the largest share of POS activity.
Restaurants and cafes followed with SR1.73 billion, despite a 4.7 percent decline. Apparel and clothing outlays represented the third-largest share of POS spending during the monitored week, up 0.5 percent to SR1.38 billion.
The Kingdom’s major urban centers mirrored the mixed national changes. Riyadh, which accounted for the largest share of total POS spending, saw a 3.4 percent drop to SR5.32 billion. The number of transactions in the capital reached 80.7 million, down 0.8 percent week on week.
In Jeddah, transaction values decreased 4.4 percent to SR2.12 billion, while Dammam reported a 3.3 percent decrease to SR746.29 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
