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Pure Salmon signs £420M RAS deal with Saudi Arabia

Less than three years after announcing plans to build a headquarters in the Middle East, Pure Salmon has snagged a £420 million (US$505 million) contract with the Kingdom of Saudi Arabia to build a recirculating aquaculture system (RAS) facility in the country.

The company, which is owned by the Singapore-based equity fund 8F Asset Management Ltd., also said that it has obtained an operating license from Saudi Arabia’s  Ministry of Environment, Water and Agriculture.

Back in August 2021, Pure Salmon unveiled plans to to establish a land-based aquaculture headquarters in the United Arab Emirates (UAE) capital of Abu Dhabi.

The Kingdom of Saudi Arabia plans to expand the local aquaculture industry to reach 600,000 tons per year by 2030 and said it was proud to contribute to the realization of this vision with this latest project.

“Pure Salmon’s vision and values are fully aligned with the Saudi government’s Vision 2030 (Saudi Vision 2030) which focuses on food security, the diversification of the economy and the development of disruptive sustainable industries within the Kingdom,” said Stephane Farouze, chairman and founder of Pure Salmon. “Pure Salmon will bring its cutting-edge RAS technology to the Kingdom of Saudi Arabia.”

Farouze also said Pure Salmon’s investment in Saudi Arabia will create hundreds of direct and indirect skilled jobs. Through the Pure Salmon Academy and in partnership with local educational institutions in the KSA, Pure Salmon “will groom and (the) train next-generation aquaculture specialists.”