Shrimp aquaculture company, Blue Aqua International Pte Ltd., has secured SGD$8.8 million to finance its expansion in Singapore. The investment from Muscat Investment House, which amounts to US$6.2 million, will help boost Blue Aqua Singapore’s expansion to grow its operations in high-tech trout farming, ramping up distribution, and aquafeed manufacturing in support of Singapore’s 30 by 30 food security initiative.
Muscat Investment House is one of the largest business conglomerates in the Sultanate of Oman. This is Muscat’s first investment in the region, with the group’s moving focus into the sustainable aquaculture sector.
Blue Aqua provides solutions for the management of the culture environment and the optimization of animal nutrition.
“We are pleased to join Blue Aqua on its mission to expand its scope of work and enable it to expand its aquaculture business in Singapore. This investment will be of mutual benefit to both companies and projects in Singapore and the Sultanate of Oman,” according to a statement from Muscat Investment House.
Blue Aqua currently operates Singapore’s largest land-based shrimp farm using its patented green technology for urban farming. Its subsidiary, Blue Aqua Singapore, has a facility that is capable of producing about 1,200 tons of rainbow trout annually.
Singapore currently imports 90 percent of its nutritional needs, and is heavily dependent on Malaysia and Indonesia for its seafood imports.
According to Blue Aqua Singapore it aims to contribute to Singapore’s goal of producing 30 percent of the country’s nutritional needs locally by 2030. The project will incorporate super-intensive technology to help achieve sustainable trout production locally.
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