Blue Aqua Singapore has received an investment of SGD 8.8 million (€6.2 million/$6.3 million) from Omani investment firm Muscat Investment House. Blue Aqua Singapore is the farming arm of Blue Aqua International, a global leader in shrimp aquaculture technology.
Thereby, Blue Aqua Singapore will grow its operations in high-tech trout farming, ramping up distribution, and aquafeed manufacturing; in support of Singapore's '30 by 30' food security initiative.
Previously, the company announced its plans to build Singapore's first high-tech fish farm for producing Trout. In more detail, the project will focus on achieving sustainable trout production locally to support Singapore's food security initiatives, by making the available fresh daily harvest of its premium quality rainbow trout.
Blue Aqua confirmed that land-scarce Singapore currently imports 90% of its nutritional needs, and is heavily dependent on Malaysia and Indonesia for its seafood imports. Also, the group is expanding its farming operations into Oman under the entity Blue Aqua International Gulf LLC.
On the other hand, Muscat Investment House is one of the largest and most prominent business conglomerates in the Sultanate of Oman. It has more than twenty diversified subsidiaries throughout Oman and the Gulf. Consequently, this is their first investment in the region, with the group's moving focus on the sustainable aquaculture sector.
Regarding this, the Muscat Investment House commented: "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."
Furthermore, Blue Aqua is persuading other European and Southeast Asian funds to join this round of funding.
Blue Aqua International is a one-stop solution provider for the aquaculture industry worldwide. The group provides cutting-edge solutions for the management of the cultural environment and the optimization of animal nutrition. Specialized in aquaculture technology and farming – the group transfers its expert solutions to over 4000 customers worldwide and operates farms in Singapore and Indonesia.