NEOM, Saudi Arabia's megacity development project, has signed a deal with Tabuk Fish Company to build a fish farm with a 70 million egg production potential. It will be the largest hatchery in the Middle East and North Africa (MENA).

The agreement, which was signed in the presence of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley, would increase local aquaculture production and introduce new technologies.

It also involves an emphasis on increasing the production of local fish species in the Red Sea, which will help the Kingdom meet its target of producing 600,000 tonnes of fish products by 2030 and place the country at the forefront of sustainable aquaculture pioneers.

With the participation of a major business like NEOM, Ali Al-Shaikhi, CEO of the National Fishery Development Program and director general of the General Directorate of Fisheries, believes the agreement signifies a fundamental turning point for investment in the aquaculture sector. He went on to say that it is one of the most exciting and effective sectors in terms of economic development, and that it can help improve national GDP and achieve food security.

The agreement would help increase the productivity of local species in the Red Sea, according to NEOM CEO Nadhmi Al-Nasr, who also called for continued research and development in the aquaculture sector to improve the quality of fish across their life cycles and through generations.

He went on to say that genetic research will be used to introduce immediate measures to localise fish fingerling production and achieve the Red Sea's necessary production balance.

The deal, according to Nasser Al-Sharif, chairman of Tabuk Fish Company, aims to establish a modern fish farm that will not only provide jobs for the local community but also draw foreign technology companies to NEOM. This, he added, helps us to offer an integrated range of new business opportunities that will help the group, as well as the NEOM area and beyond, achieve added value.

The aquaculture industry is the world's fastest-growing food sector, accounting for more than half of the total global seafood supply.

Between now and 2030, the Kingdom anticipates a 7.4% annual increase in seafood consumption. Sustainable aquaculture development will not only help meet this demand, but will also relieve pressure on wild fish stocks, which are under severe threat due to overfishing in the area and around the world.