Oman Investment Authority (OIA) signed a Memorandum of Understanding (MoU) with the Government of Tanzania in the field of deep-sea exploration and fishing today [May 12].

The MoU comes within the OIA’s efforts to expand in international markets, achieve diversity in targeted sectors, find opportunities to enter external markets to find new investment opportunities and enhance its partnership with the countries it invests in.

The MoU was signed by Mohamed Al Toqi, General Manager of OIA’s East Africa office and Mashimba Mdaki, Minister of Livestock and Fisheries of Tanzania.

As per the MoU, Al Wusta Fisheries Industries Company, a subsidiary of OIA’s Fisheries Development Oman (FDO) company, will conduct a fish stock assessment, in the Tanzanian maritime territory, in collaboration with Tanzania Fisheries Research Institute (TAFIRI).

This assessment covers coastal areas from the edge of the continental shelf (approximately 80 meters in depth) to the edge of the Tanzanian 200-mile Exclusive Economic Zone (EEZ), including the Pemba Channel and areas to the east of Zanzibar.

Al Toqi said: “This MoU aims to strike partnership and cooperation between OIA and the Tanzanian Deep Sea Authority to acquire fishing permits for Al Wusta Fisheries Industries Company to find pelagic fish and manage the Tanzanian tuna-fishing quota in the Indian Ocean.

“This MoU is an opportunity to explore a promising fish stock that the company’s fishing vessel can target. Simultaneously, the company will be able to increase its production volume and market its products in Oman and the Middle East.”

As per a request from the Tanzania Fisheries Research Institute (TAFIRI) and the Deep Sea Fishing Authority (DSFA) in Zanzibar, Al Wusta Fisheries Industries Company worked on the provision to sail one of its fishing vessels in the Tanzanian territorial waters starting from June 2022 and for the duration of 12 months with a 25-tonnes daily fishing capacity.

The plan is expected to allow an understanding of the locations and seasons of where and when the fish will be found for commercial fishing. The plan includes fishing and selling the fish in commercial markets to cover part of the project’s costs.