Gulf Japan Food Fund (GJFF), an international private equity fund focused on the food and beverage industry, has invested in Oman Fisheries Co SAOG, one of the largest fisheries companies in Oman.
Through this transaction, GJFF, and backed by prominent Japanese institutions including Mizuho Bank and The Norinchukin Bank of Japan as well as sovereign investors in the GCC, and Mizuho Gulf Capital Partners (MGCP), GJFF’s Investment Manager, will provide support and assistance on various initiatives to achieve the long-term success and growth of Oman Fisheries and enhance capability and expansion of Oman’s fisheries sector.
Hitoshi Sugawara, CEO & Co-CIO of Mizuho Gulf Capital Partners said: “Through this investment, we continue to strengthen our footprint in Oman, which we believe exhibits high potential, in particular its fisheries sector. We look forward to working closely with Oman Fisheries’ board and management team in expanding to new markets and increasing customer base, in adding value to its products and in supporting the management to restart its commercial fishing operations, in a manner that is sustainable and profitable.”
Haitham Al Fannah, Chairman of Oman Fisheries said: “I am excited about this partnership which aims to take Oman Fisheries’ capability to the next level and expand its footprint across the global markets. We believe Oman Fisheries will greatly benefit from GJFF and MGCP’s sector expertise and knowledge, thereby contributing to fishing sector and the national economy and also fulfilling Oman’s 2040 Vision.”
Suleiman Shutait Al Ghannami, CEO of Oman Fisheries said: “This partnership is a strategic fit to Oman Fisheries and will be a major catalyst in our mission to become the largest fisheries company in the Middle East. At Oman Fisheries we are seeing significant growth and potential and with GJFF and MGCP’s expertise and network we aim to execute various initiatives and open new opportunities for the company.”
Established in 1989 in Oman through a Royal Decree, Oman Fisheries is publicly listed on Muscat Securities Market. Oman Fisheries has a wide procurement network to source fish across Oman from local fishermen and operates 6 well-equipped processing centres strategically located near key landing sites and a cold store facility near Muscat.
Its key products are sardines, mackerel, cuttlefish, ribbonfish and yellowfin tuna which are sold to more than 35 international markets including Asia, South America, Europe and GCC.-- TradeArabia News Service