UAE-based salmon farmer Vikings Label is planning to build Saudi Arabia's first salmon farm, Bloombergreported.
This comes after Saudi authorities shared ambitions to double fish consumption per capita in the country to 13 kilos by the end of 2020 and 22 kilos by 2030.
The facility will cost around $90 million (€81 million) and will have the capacity to supply the market with 5,000 metric tons of fish annually by 2023.
Vikings Label, which is majority owned by Norwegian investors, is in talks to draw capital from investors, Saudi banks and the Saudi Industrial Development fund to cover $25 million needed (€22.6 million) to launch the project, CEO Lukas Havn said.
At the moment, Hani al-Salah, CEO of Saudi transport services firm Arabian Hala, is the only investor pledging funds to the project.
Vikings Label aims to start constructing fish tanks and other aquaculture facilities in Jeddah by the first quarter of 2020, the CEO said.
The idea is to build a farm that can expand to produce up to 10,000 metric tons in order to export production beyond the oil-exporting country.