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 any size and scope.
Somalia expressed its willingness to work with the appropriate partners. It said it would provide integrated solutions and mechanisms, including advisory services, project management, assuming responsibility for marketing, and recruiting needed labor in return for a percentage of the project’s shares.
Reports by the Food and Agriculture Organization (FAO) confirm that Somali waters are rich in yellowfin tuna, various types of swordfish and shrimp.
For the time being, these species are still sustainable to some extent due to their migration from their marine habitats towards the coast of Somalia.
However, illegal overfishing at its current pace is seriously depleting marine life in Somali waters, threatening the country’s fish wealth in the near future.
