The session with the Saudi Arabia delegation was held on September 17 at the Global Fishery Forum & Seafood Expo Russia 2024. The participants explored collaboration opportunities between Saudi Arabia and foreign investors, including those from Russia, and discussed possibilities for joint projects and exchanging experience.

The session "Investment opportunities in the fisheries sector in Saudi Arabia” was opened by Mohammed Alaohly from the Ministry of Investment of Saudi Arabia (MISA). He emphasized the long-standing cooperation between Russia and Saudi Arabia and expressed interest in exploring all possibilities to deepen the relations between the two countries.

Dr. Ali Alshaikhi, Assistant Deputy for Livestock and Fisheries at the Ministry of Environment & Water and Agriculture of Saudi Arabia, noted the increase in exports of fish and caviar from Russia. He also highlighted that Saudi Arabia welcomes the creation of joint ventures. “Now our Ministries are working side by side to promote and enable joint projects. We have several investment portfolios that could be utilized”.

The meeting focused on a wide range of topics of mutual interest, such as assessments of the development of the agro-industrial complex (AIC) and fisheries, biosecurity, as well as various options for investment in fish processing, conditions and initiatives. The session also presented opportunities for fast-track visas for investors.

Experts outlined reasons for choosing Saudi Arabia as an investment target, including simplified business procedures and more than 15 giga- and mega-projects currently underway in the country. One such project is "Oxagon", a floating industrial hub with zero carbon emissions.

Furthermore, Saudi Arabia is the 17th largest global economy and the largest in the MENA region. Within the G20 (“The Group of Twenty”), it ranks 7th in terms of GDP per capita.

Saudi Arabia’s logistics infrastructure includes 70,000 kilometers of roadways, 10 seaports, and 14 airports, and considered to be a maritime leader in the Middle East.

The AIC investment stimulating factors, which were mentioned:

• Government support for the sector’s development;

• The sector's importance to Saudi Arabia’s "Vision 2030" strategy;

• High regional demand for agricultural products, which continues to grow annually;

• High standards and quality of halal products, crucial for Muslim consumers;

• Favorable credit programs.

A key theme of the session was the Fisheries Development Program. A presentation by Filippos Papageorgiou from the National Livestock & Fisheries Development Program (NLFDP) focused on the current state of Saudi Arabia's fisheries sector and investment opportunities.

Shrimp farming is one of the largest segments in the industry. The country also cultivates Asian sea bass, tilapia, sea bream, pomfret and trout. The growth of aquaculture is also aimed at attracting tourists. The expert highlighted that tourism is increasing, and by 2030, the number of tourists is expected to reach 150 million.

Feed production is at a high level, with a total output of 75,000 tons per year as of 2022. The special attention is paid to recirculating aquaculture systems (RAS) and aquaponics.

Biosecurity is a crucial part of the fisheries industry. “Our programs are developed to a high standard, and undergoes certification from third countries. We have also developed our own certification system based on our specific requirements and standards”.

The speaker noted that the environment is well adjusted to investors: there are ready-made data and materials, with detailed CapEx and OpEx business cost projections.

The importance of a special economic zone was also emphasized, with its key advantage being its proximity to ports. The SEZ covers an area of 110 sq km.

“The available programs and developed logistics network make the process more favorable. You can also choose which stage of production to focus on and what to add to your business. We have laboratories to control product quality and special waste processing systems—everything necessary for a full production cycle. There are also numerous government-supported initiatives. We estimate that your production costs will be 10-12% lower compared to other locations”.

In conclusion, Sarah Alhamash, Associate Corporate Communications Specialist of the ADF, the fund supporting agricultural sector, spoke about the financing of foreign investments.

Thus, investment and technological innovation growth is becoming possible thanks to Saudi Arabia’s openness and willingness to cooperate with the international business community, which will undoubtedly create new growth opportunities for both the kingdom and its foreign partners.