Saudi Arabia's Ministry of Investment (MISA) said it has signed an investment agreement with land-based salmon firm Pure salmon to build one of the world's largest salmon farming projects.
The project, in cooperation with the Middle East nation's Ministry of Industry and Mineral Resources, involves an investment of SAR 1.9 billion (€475 million/$505 million).
As part of the agreement, Pure Salmon was granted an operating license for the project from Saudi Arabia's National Livestock & Fisheries Development Program.
Salmon produced at the site will serve the domestic market but may also be shipped to neighboring countries in the region.
Pure Salmon, backed by investment group 8F, has projects planned around the world, including Japan and the United States.
The company chose Boulogne-Sur-Mer as the site for its second EU site, which it said will be the largest land-based salmon facility in the EU.
But later in a surprise move, the firm said it was relocating its delayed land-based salmon farm to a new site in Gironde, France, around eight hours away.
It also has a 580-metric-ton facility in Poland, and owns Pure Salmon Kaldnes, a recirculating aquaculture systems (RAS) supplier.
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