Gigaproject Saudi Arabia NEOM and Tabuk Fish Company have authorized a memorandum of understanding (MoU) to widen regional aquaculture production and implement new generation aquaculture technologies.

The memorandum called for the development of a fish hatchery to promote the aquaculture industry in the area both in artificial lakes and in natural waters, and the establishment of good infrastructure in the kingdom, in accordance with Vision 2030, which seeks to broaden the country's economy and sources of income.

The hatchery's capacity will be 70 million fingerlings, making it the biggest in the Middle East and North Africa area. It will concentrate on increasing the production of local species of fish in the Red Sea to support the kingdom meet its aim of making 600,000 tonnes of fish products by 2030, putting the kingdom at the top of the list of pioneering countries in self-sustaining aquaculture.

In response to the MoU, NEOM CEO Nadhmi Al-Nasr stated: "We are excited to collaborate with Tabuk Fish Company to bring new aquaculture methodologies and techniques to enhance all elements of farming and stability. The hatchery's capacity and innovative nature, coupled with cutting-edge technologies, will help Saudi Arabia establish itself at the forefront of the sustainable aquaculture industry."

The Chairman of Tabuk Fish Company, Nasser A. Al-Sharif, stated: "Our initial partnership with NEOM will focus on the development of a fish hatchery to create local jobs. It will also attract the best technology companies to NEOM, enabling Tabuk Fish Company to create a range of new investment opportunities and positively affect the NEOM region and even beyond."

Aquaculture is the world's fastest-growing food sector, accounting for more than half of the total global seafood supply. With seafood intake in the kingdom expected to rise 7.4 % per year, self-sustaining aquaculture growth is essential to meet this demand while reducing the pressure on wild fish stocks, which are disturbed in the region and worldwide because of overfishing.