27/11/2013 08:46 AST

After golf courses in the desert and a ski slope in a shopping mall, the UAE is now turning its hand to farming cold water fish such as salmon.

That's the goal of one Abu Dhabi company which plans to farm the fish in chilled onshore pools at prices that can compete with imports flown in from Norway or Ireland.

Asmak, which already runs offshore fish farms, is harnessing technology honed in Scandinavia to set up the Middle East's first onshore fish farm in a bid to provide affordable alternatives to popular local fish such as grouper.

"Within six to eight months you will be able to eat salmon that is locally produced here," Tamer Yousef, its marketing and business development manager, told Reuters in an interview.

While Gulf companies are used to taking on the elements for projects such as golf courses and even an indoor ski slope in Dubai, Asmak's plans pose a new challenge - keeping water at a temperature of 13 degrees Celsius in a region where sea water temperatures can go up to 40 degrees.

The project, with a price tag of 100 million dirhams ($27.2 million), involved building what is dubbed a land-based recirculation aquaculture system (RSA) farm on an area of 500,000 square meters, which essentially takes sea water, chills it and then re-uses it.

"The advantage of having the farm onshore is that I will be able to control the environment so I won't have to deal with issues like high tides or acid rain effects and most importantly the elevated temperature levels," Yousef said.

While fish farming typically relies on tanks built offshore, this new onshore farming technique has been making headway in Europe and North America as it causes less harm to wild fish since there is no likelihood of spreading diseases into the sea or of farmed fish escaping into the wild.

And while some critics see the new technology as too expensive, Yousef believes the project makes financial sense.

"Even when you factor in the cost of keeping the tanks cooled, the price of locally produced salmon will be competitive with the imported salmon now available in the market," he said.

Salmon available in local markets now is flown in chilled at temperatures between -5 degrees and 0 degrees Celsius. The cost of flying the salmon from mostly Norway and Ireland is around $4 to $5 per kilogram.

Experts from these two countries will work closely with a team of local fishermen to constantly update them on international practices, Yousef said.

Still, although local salmon is set to be on the menu in a few months' time, it will take longer for the project to produce salmon of a size that would generate large revenues.

"We need at least two years to be able to harvest a salmon that is around 4 kilograms in size, which is the size that would bring the highest revenues," Yousef said.

Asmak exports its fish to over 40 countries and has offshore fish tanks across the coasts of the region in the UAE, Saudi Arabia, Bahrain and Oman.

Hamour, the name given to the widely fished grouper of the Gulf region, will not be completely left off the table though.

The onshore farm, which will produce around 4,000 tons of fish a year, will also include Hamour, sea-bream and other varieties.


Reuters

Asmak to boost fish farming in Abu Dhabi

28/11/2012

An Abu Dhabi-based fish farming company is planning to conserve the fast depleting fish stock including hamour and will boost the its domestic output through integrated fish clusters.

Asma

Khaleej Times

ASMAK announces sales revenue of AED 183.502m in the first 3Q of 2012

11/11/2012

Sales revenue of International Fish Farming Holding Co. - ASMAK in the first three quarters of 2012 amounted to AED 183.502 million vs. AED 281.686 million in 2011. While, sales revenue for the 3rd q

Gulfbase.com

Asmak to strengthen processed food portfolio

26/04/2012

Asmak International Fish Farming Holding Co. PJSC, a pioneer in aquaculture and seafood manufacturing and distribution, announced that it will further strengthen its frozen seafood product offering t

AME Info

Ticker Price Volume
UNB 0.00 0
ALAIN 28.10 0
MGMC 0.10 0
CBD 6.66 4,211
OMCI 0.42 0
AMCI 0.14 246
QHOLDING 0.00 0
IHC Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
FAB 13.58 -0.18 (-1.31%)
EMIRATESNBD 20.35 0.10 (0.49%)
DIB 6.28 0.08 (1.29%)
ADCB 8.68 0.00 (0.00%)
MASQ 221.00 0.00 (0.00%)
EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula