Oman-based Aljazeera Investment Company and The Five Oceans, a recognised local company in fisheries and fish farming, have signed an agreement worth RO12 million ($31.1 million) to develop one of the biggest abalone farming projects in the sultanate, said a report.

The site of the project is located in Sharbathat in the Wilayat of Shaleem and Al Halaniyat. The actual commencement of the project’s production expected by 2020, added the Oman Daily Observer report.

The deal was signed by Mohammed bin Nasser al Hashar, assistant chairman of the board of directors of Aljazeera Investment Company, and Dawood bin Sulaiman al Wahibi, CEO of The Five Oceans Company, in the presence of Hamad bin Said al Oufi, under-secretary of the Ministry of Agriculture and Fisheries for Fisheries.

Together, both the companies will focus initially on utilising their resources to build a comprehensive work plan to develop and operate the abalone farming plant.

The agreement will facilitate the collaboration between the companies in bringing the world best and most successful technology in marine farming, which will promote the quality aspect of the planet and the products at later stage, added the report.