Neom Company and Tabuk Fish Company signed an agreement aimed at expanding local aquaculture production and applying the new generation of aquaculture technologies in the Neom region. Courtesy: Saudi Press Agency
Neom Company and Tabuk Fish Company signed an agreement aimed at expanding local aquaculture production and applying the new generation of aquaculture technologies in the Neom region. Courtesy: Saudi Press Agency
Neom Company and Tabuk Fish Company signed an agreement aimed at expanding local aquaculture production and applying the new generation of aquaculture technologies in the Neom region. Courtesy: Saudi Press Agency
Neom Company and Tabuk Fish Company signed an agreement aimed at expanding local aquaculture production and applying the new generation of aquaculture technologies in the Neom region. Courtesy: Saudi

Saudi Arabia's Neom to develop region's largest fish farm


Deena Kamel
  • English
  • Arabic

Saudi Arabia's megacity project Neom and Tabuk Fish Company signed an agreement to develop the Middle East and North Africa's biggest fish farm as the kingdom diversifies its economy.

The agreement aims to expand local aquaculture production and apply the latest fish farming technologies in the futuristic Neom city, the state-run Saudi Press Agency said in a statement on Tuesday.

"The capacity and innovative nature of the hatchery, combined with top-notch technologies, will help position Saudi Arabia at the forefront of sustainable marine aquaculture," Nadhmi Al-Nasr, chief executive of Neom, said.

Saudi Arabia, the world's top oil exporter, is rapidly transforming its economy to cut its dependence on oil revenue to fuel growth. To that end, the kingdom is developing a number of new projects including Neom, a $500 billion futuristic project consisting of a nature reserve, coral reefs and heritage sites on about 50 islands off the Red Sea coast.

Saudi Arabia’s Public Investment Fund is also injecting billions of dollars into the economy to spur growth. The fund will invest $40bn on an annual basis in 2021 and 2022, according to Crown Prince Mohammed bin Salman.

Under Neom's new agreement with Tabuk Fish Company, the hatchery will operate with a capacity of 70 million fingerlings, making it the largest in the region, according to SPA.

The hatchery will focus on improving the production of local fish species in the Red Sea to contribute to fulfilling the kingdom's goal of producing 600,000 tonnes of fish products by 2030.

Tabuk Fish Company's collaboration with Neom is expected to generate jobs locally, according to Nasser A. Al-Sharif, chairman of Tabuk Fish Company.

"It will also attract top technology companies to Neom, allowing Tabuk Fish Company to establish a variety of new business opportunities and positively impact the Neom region and beyond."

Seafood consumption in the kingdom is projected to grow 7.4 per cent annually, with sustainable aquaculture growth key to meeting local and global demand for seafood, SPA said.

Last month, Saudi Arabia approved a new agriculture law which, when it comes into effect, will replace a number of other existing legislation related to fishing, livestock, beekeeping, investment and protection of living aquatic resources in the kingdom's territorial waters.

Separately, Neom also said that registration is open for its programme, which aims to equip students with English language skills, SPA reported.

The programme, which is being held in collaboration with the Prince Fahad bin Sultan University in Tabuk, is targeting 100 students from the Tabuk region with the aim of developing skills needed in the job market, the agency said.

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Engine: 3.8-litre twin-turbo flat-six

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- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

How Filipinos in the UAE invest

A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

RESULT

Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')