ENBD REIT also substantially reduced its operating, fund, and finance costs, negotiated revised lease terms, and increased the average length of its leases during an active 2022 financial year.
Business18 hours ago
Prime Aquaculture, a subsidiary of Emirates National Aquaculture, signed an memorandum of understanding with Jebel Ali Free Zone (Jafza) to build the region’s first Shrimp RAS farm. The innovative marine shrimp farm, expected to be completed by first-quarter 2023, will aid in the cultivation of marine shrimp and significantly increase output in the UAE to meet the increasing demand.
The MoU was signed by Abdulla bin Damithan, CEO and managing director, DP World UAE and Jafza and Imtiyaz Abdul Razak Kalsekar, managing director of Prime Aquaculture FZE.
The facility will include a shrimp farm, hatchery, and primary and secondary processing units. While driving sustainable food production in the UAE, the farm is also poised to meet the objectives of the UAE’s National Food Security Strategy 2051, enabling sustainable food production by using modern technologies and solutions.
The UAE relies heavily on imports to cater to local shrimp demands, with more than 51,000 MT of shrimps being imported per year. The total local consumption of shrimps ranges between 38,000 and 40,000 MT, with pre-covid imports going up to 51,108 MT, and export and re-exports reaching up to 12,204 MT.
Prime Aquaculture will incorporate the latest technology in the shrimp farm to ensure that the highest quality of shrimps is produced. With the help of its Recirculating Aquaculture System (RAS) technology with a discharge of five to seven per cent, the farm will produce over 1,000 MT of shrimps per year, which is three times more than the current shrimp production in the UAE.
Damithan said: “The UAE’s food trade exceeds Dh100 billion annually, and food and beverage investments in the nation stand at a total of Dh62 billion. This is proof that the F&B sector is one of the most lucrative industries driving the UAE’s economy. One key driver of this vital industry’s growth is its aquaculture sector. We believe that strategic partnerships and technological investments in this sector are critical to enhance production efficiency and ensure its security over the longer term.”
“Taking these factors into consideration, through our partnership with Prime Aquaculture FZE, we look forward to boosting shrimp production and ensuring quality produce with advanced technologies such as RAS. The shrimp farms will maintain high-intensity culture systems ensuring absolute biosecurity,” Bin Damithan added.
The present shrimp farming method, also known as a semi-intensive culture system, is an open pond system that requires a lot of space. RAS is the most sustainable technology available today for the process, as it not only recirculates water, but also maintains control over all of the water’s physiochemical qualities. By embracing and developing the newest trends in food manufacturing and distribution, Jafza aims to increase levels of internal food production to drive self-sufficiency for the entire region. Moreover, the free zone leverages digital platforms such as ZADI by Dubai Trade, an online cross-border trade facilitation platform for food shipments, port and logistics solutions, and other competitive advantages, to enhance the F&B industry.
Kalsekar said: “The UAE consumes about 220,000 tonnes of seafood annually, with imports covering 70 per cent of this figure. One of the key pillars for the UAE’s National Food Security Strategy is to achieve self-sufficiency. During the pandemic, when travel restrictions were imposed, the importance of local production was highlighted. We, at the Emirates National Aquaculture, plan to enhance the UAE’s food security by doubling the current aquaculture production over the next three years. Emirates National Aquaculture along with Prime Aquaculture FZE will add 3,400 MT/year to UAE’s aquaculture production, which stood at approximately 3,200 MT/year in 2021. Establishing our shrimp farm in Jafza is a massive step towards achieving this objective.” — business@khaleejtimes.com
ENBD REIT also substantially reduced its operating, fund, and finance costs, negotiated revised lease terms, and increased the average length of its leases during an active 2022 financial year.
Business18 hours ago
The platform is expected to launch by the end of 2022 and DP World is actively talking to best-in-class technology partners to help develop the platform and help bring our innovative solutions to life.
Business19 hours ago
Over the past 12 months, Check Point Research (CPR) has found serious security flaws in leading Web3 platforms such as OpenSea, Rarible and Everscale.
Business20 hours ago
Plans to expand beyond Middle East into UK, USA and Canada; Entertainment channel launch on cards
Business21 hours ago
The centre’s data highlighted China’s leadership in the list of top 10 countries trading with the UAE in Q1 2022, valued at Dh57 billion, followed by India with Dh46.2 billion, and Saudi Arabia with Dh32.5 billion
Business1 day ago
Q1 saw a jump of 1,242% in proceeds and 400% in volume when compared to Q1 2021; Saudi Arabia’s Tadawul dominates IPO activity while seven firms float on the Nomu Parallel market
Business1 day ago
Secretary General of the Executive Council of Dubai, and President and CEO of Dubai Chamber, and DMCC’s Chairman of the Board, shown the wide range of trade-enabling facilities and services
Business1 day ago
The agreement aims to boost the exploration of future opportunities, while augmenting integration and cooperation in supporting global efforts to achieve mutual objectives and develop comprehensive future plans and strategies
Business1 day ago