Saudi Arabia Studies Fisheries Investment Project in Somalia

Saudi Arabia Studies Fisheries Investment Project in Somalia

The Saudi private sector is looking to invest in fisheries off the coast of Somalia. (Asharq Al-Awsat)

Saudi Arabia and Somalia are deliberating the latter presenting the Kingdom with a feasibility study for a fishery investment project in the East African state, official sources told Asharq Al-Awsat. Officials from both countries had met in the Omani capital Muscat to discuss future opportunities in the field.

The Saudi General Authority for Foreign Trade (GAFT) had filled in the Kingdom’s private sector on available opportunities in Somalia and provided it with a detailed study for fishery investments in the republic, sources added.

For its part, Somalia reported that it has many comparative advantages, boasts the largest seacoast in Africa, and ranks first in exporting livestock and fish.

According to the study presented by the GAFT, which Asharq Al-Awsat reviewed a copy of, a partnership can be established with able and willing investors who have a passion for the fishing sector.

Despite noting that great financial returns characterize the fishing sector, the study acknowledged that it remains a complex commercial field requiring extensive experience.

For that reason, the GAFT has also provided a team of specialists who have the competence and ability to implement any commercial fishing project of