SR800m to be invested in fish farming in Gulf, Red Sea

An official of the Ministry of Environment, Water and Agriculture said the recently established government fish farming company has signed deals with four local companies to inject SR800 million into fish farming projects.
Ahmad Al-Eyada, ministry’s undersecretary for fish farming, was quoted by Al-Eqtesadiah newspaper as saying that studies are being carried out to determine locations for these projects. He said that the projects will be established between the Makkah region and Jazan.
He told the newspaper that the ministry had issued licenses to six local companies to build fish floating cages in the Red Sea. Foreign companies are also likely to invest in such projects, Al-Eyada added.
The official said the ministry is aiming to increase fish production by 15-20 tons through aquatic farming.
The ministry recently launched 20 different online services for fishermen and installed electronic tracking systems in 1,500 boats in the Red Sea and 2,500 boats in the Arabian Gulf for research and control purposes. It has upgraded regulations for fishing, fish resources and marine life protection.
Investments in Egypt
Egypt’s Minister of Tourism Yahya Rashed said Saudi businessmen are carrying out 17 tourism projects in Egypt worth SR1 billion, reported Al-Eqtesadiah newspaper.
He expected tourism projects in Egypt to expand by 30 percent by the end of 2020.
The Saudi projects in Egypt include six projects on the Red Sea coast, two in Al-Aqaba Gulf, three at the Ain Al-Sukhna area, five in Rass Sider on the Red Sea and one on the country’s northern coast.
The Egyptian minister said that some of the projects are being carried out in partnership with Egyptian investors. He said that there are more than 300 Saudi tourism investment companies operating in Egypt. Saudis, in partnerships with Egyptian nationals, own more than 50 hotels in Cairo, Alexandria and Sharm El-Sheikh, as well as restaurants, travel agencies and malls.

Source: Arab News