The agreement aims to improve the aquaculture industry in the region and build a strong infrastructure in the Kingdom.

It involves an emphasis on increasing the productivity of local fish species.

NEOM, Saudi Arabia's megacity development project, has signed a deal with Tabuk Fish Company to build a fish farm with a 70 million egg production potential. It will be the largest hatchery in the Middle East and North Africa (MENA).

The agreement, which was signed in the presence of the Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley, would increase local aquaculture production and implement new technologies.

It also involves an emphasis on increasing the production of local fish species in the Red Sea, which will help the Kingdom meet its target of producing 600,000 tonnes of fish products by 2030 and place the country at the forefront of renewable aquaculture leaders.

With the participation of a major business like NEOM, Ali Al-Shaikhi, CEO of the National Fishery Development Program and director-general of the General Directorate of Fisheries, believes the agreement marks a fundamental turning point for investment in the aquaculture industry. He went on to say that it is one of the most exciting and effective sectors in terms of economic development and that it can help improve national GDP and ensure food security.

The agreement would help to increase the productivity of local species in the Red Sea, according to NEOM CEO Nadhmi Al-Nasr, who also called for ongoing research and development in the aquaculture sector to increase the productivity of fish during their life cycles, generations after generations.

The technical findings will be used to put in place immediate measures to localize fish fingerling production and achieve the Red Sea's necessary production balance.

The deal, according to Nasser Al-Sharif, chairman of Tabuk Fish Company, aims to establish a modern fish farm that will not only provide jobs for the local community but also draw foreign technology companies to NEOM. This enables us to have an interconnected collection of new business opportunities that will contribute to the company's added value, as well as the NEOM area and beyond.

The aquaculture industry is the world's fastest-growing food sector, accounting for more than half of the total global seafood supply.

Between now and 2030, the Kingdom anticipates a 7.4% annual increase in seafood consumption. Sustainable aquaculture progress will not only help meet those requirements but will also reduce the pressure on wild fish stocks, which are under severe threat due to overfishing in the area and around the world.