Bahwan Services and Trading LLC (BSTL) and Muscat Investment House LLC (MIH), two leading Omani companies, have announced a substantial investment in Blue Aqua Singapore, a subsidiary of aquaculture technology provider Blue Aqua International.
The collaboration between the three companies seeks to build a sustainable model for urban aquaculture, addressing food safety concerns worldwide. For this reason, the Singapore farm has been chosen, among other things, to invest in because of its ASC certification.
Blue Aqua Singapore currently operates a intense farming shrimp farm, certified by ASC, where it produces Tiger Shrimp and White Shrimp using its patented aquaculture method. This stands as the only ASC-certified shrimp farm in Singapore.
Therefore, this agreement aims for BSTL and MIH's investment to drive the rapid expansion of Blue Aqua Singapore's farming operations. With the infusion of funds, Blue Aqua Singapore will improve trout farming, expand distribution channels, and boost aquafeed production for export, driving growth and success in the aquaculture industry.
"This investment demonstrates a strong vote of confidence in Singapore's aquaculture industry. 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% of Singapore's seafood," stated Dr. Farshad Shishehchian, CEO of Blue Aqua International.
Furthermore, this partnership marks the beginning of a multi-phase aquaculture project in the Gulf Cooperation Council (GCC), particularly in Oman. The Bahwan Group aims to support Oman's Vision 2040 by establishing a world-class aquaculture project in Oman, contributing to economic diversification and growth while meeting the growing global demand for sustainable seafood products.
Blue Aqua International earns recognition as a global leader in delivering comprehensive solutions for the aquaculture industry. Specializing in aquaculture technology, farming, and providing innovative solutions for environmental management and animal nutrition optimization. They have operational farms located in Singapore and Indonesia and over 4,000 clients worldwide. Moreover, the company actively advances the aquaculture sector on a global scale.
Bahwan Services and Trading LLC (BSTL) is a leading member of the Bahwan family, a prominent business group in Oman. Since 2016, BSTL has operated in Oman, Saudi Arabia, UAE, and India. They are specializing in diversification, mergers and acquisitions, joint ventures, and new project investments. Thus, BSTL proudly represents international suppliers in Oman with a strong presence in manufacturing, infrastructure or renewable energy, among others.
Muscat Investment House (MIH), established in 1992, has emerged as a leading business conglomerate in the Sultanate of Oman. MIH manages a portfolio of over twenty diversified subsidiaries across the region, and have a strong commitment to community development. MIH Oman leverages its specialized financial expertise, positioning itself well to meet the rising demand for investment solutions throughout the Sultanate.