Riyadh, Kingdom of Saudi Arabia, February 8 , 2024 – NEOM, the pioneering sustainable regional development initiative in northwestern Saudi Arabia, has announced the establishment of a groundbreaking joint venture with Tabuk Fisheries Company. This venture, named Topian Aquaculture and endorsed by the Ministry of Environment, Water and Agriculture (MEWA), aims to bolster the National Livestock and Fisheries Development Program's ambitious target of producing 600,000 tons of fish products annually by 2030.
Building upon a Memorandum of Understanding inked between NEOM and Tabuk Fisheries Company in 2021, Topian Aquaculture will spearhead this initiative. The joint venture will encompass the development of a hatchery, projected to become the largest in the MENA region by the end of 2024, with a planned capacity of 42 million fingerlings. Additionally, marine-pen production facilities will be established, with an anticipated annual finfish production of 20 kt.
Playing a pivotal role in this venture is Topian, the NEOM Food Company, which is committed to nurturing a robust and sustainable aquaculture sector within the Kingdom. This strategic collaboration, unveiled at the Saudi International Marine Exhibition (SIMEC) in Riyadh, underscores Topian Aquaculture's dedication to advancing aquacultural practices locally and regionally, thereby contributing to food security and self-sufficiency while ensuring the production of fresh, healthy seafood in Saudi Arabia and beyond.
Nadhmi Al-Nasr, CEO of NEOM, emphasized the significance of collaborative efforts in NEOM's mission to implement innovative solutions that fortify key industry sectors while minimizing environmental impact. Dr. Ali Al-Shaikhi, CEO of the National Livestock and Fisheries Development Program and Director General of Fisheries at MEWA, praised Topian's project for enhancing Saudi Arabia's aquaculture system and supporting the Kingdom's strategic plan for fisheries sector development.
Nasser A. Al-Sharif, Chairman of Tabuk Fisheries Company, expressed excitement about the joint venture, highlighting its potential to integrate next-generation technologies and propel Topian Aquaculture to the forefront of sustainable development.
With global demand for seafood projected to surge by 14 percent by 2030, the urgent need to address pressure on seas and oceans is evident. Through its focus on protecting the Red Sea's diverse fish species and enhancing local fish production, the Topian Aquaculture joint venture stands poised to address these challenges head-on.
