Saudi Arabia backs new joint venture to boost domestic seafood production

Two companies in Saudi Arabia have established an aquaculture joint venture on the Red Sea with the aim of producing 20,000 metric tons of fish annually.

Topian Aquaculture, a joint venture between Tabuk Fisheries Company and the NEOM development project, said the enterprise includes a hatchery that is expected to become the largest in the Middle East and North Africa by the end of this year.

The hatchery will have planned capacity of 42 million fingerlings, while production of finfish in the pens is projected to reach 20,000 metric tons per year, the participants said in a joint statement on Tuesday.