The Oman Investment Authority (OIA) has merged Fisheries Development Oman (FDO) with Oman Food Investment Holding Company (NITAJ). FDO, founded in 2019 as a joint effort by the Ministry of Agriculture and Fisheries and the OIA, was created to strengthen Oman’s fisheries sector. The OIA, managing a sovereign wealth fund valued at USD 50 billion (EUR 44.9 billion), initiated the merger to enhance efficiency, reduce costs, and support Oman’s Vision 2040 goals of improving food security and elevating the country’s status in the global seafood market.
The OIA expects the merger to increase revenue and operational synergy between FDO and NITAJ. Shared operations such as logistics and contract procurement will now be streamlined. However, the authority has not clarified the potential impact on employees but stated that both companies’ boards will keep staff informed and hold open discussions regarding the changes.
OIA also announced that both companies’ ongoing expansion projects, including FDO’s Quriyat fish farming farm and its Atlantic salmon project, will be reviewed to ensure that existing commitments are not affected. The merger follows OIA’s 2023 annual report pledge to restructure governance across its subsidiaries.
In addition, FDO recently launched its first Omani tuna fishing ship and completed a shrimp farming project, while a new sardine and tuna cannery in Dukm opened in March 2024. OIA also mentioned plans to create new investment opportunities in shrimp farming, with an unnamed international investor preparing for a USD 1.6 billion partnership.
