A newly established arm of the Oman sovereign wealth fund is on the hunt for foreign investment to help finance several domestic seafood projects.

Fisheries Development of Oman (FDO), part of the Oman Investment Authority, a sovereign wealth fund established to deploy excess oil funds, is seeking above $250 million (€226 million), FDO Global Market Director Badar Al Naabi told IntraFish.

Almost half of the planned investment, $120 million (€108 million), will go toward its shrimp project.

The farm, which is Oman's only producing shrimp farm, according to Al Naabi, aims to produce 5,000 metric tons of shrimp this year, up from 2,000 metric tons last year.