Pure Salmon signs giant Saudi RAS deal

In what is being heralded as one of the world’s largest fish farm projects, the aquaculture development company Pure Salmon has signed a £420m deal to build a huge RAS facility in Saudi Arabia.

Agreement was reached this week between the Saudi government which is putting up around 1.9 billion Saudi riyals or NOK 5.2 billion. However, the projected output in tonnage terms has so far not been mentioned.

Pure Salmon is owned by the Singapore-based equity fund 8F Asset Management Ltd and has already planned to develop a number of such projects of this type around the world, although nothing quite on the Saudi scale.

Pure Salmon claims to be one of the fastest growing Atlantic salmon companies globally.

It says: “We are on course to build and operate multiple 10,000 tons pa [per annum] and 20,000 tons pa vertically integrated aquaculture production and processing facilities using land-based recirculating aquaculture system (RAS) technology.”

The company has set its target on producing 260,000 tons of annual Atlantic salmon by 2025, with 140,000 tons pa already mapped out.

Stephane Farouze, chairman and founder of Pure Salmon, said on LinkedIn: “Pure Salmon’s vision and values are fully aligned with the Saudi government’s Vision 2030 which focuses on food security, the diversification of the economy and the development of disruptive sustainable industries within the Kingdom.

The Kingdom of Saudi Arabia plans to expand the local aquaculture industry to reach 600,000 tonnes per year by 2030 and said it was proud to contribute to the realisation of this vision with this latest project.

Pure Salmon Kaldnes said it will bring its cutting-edge RAS technology to the Kingdom of Saudi Arabia.

“This exciting project is not only poised to meet the needs of the local market but also has the potential to be a significant exporter, taking advantage of the Kingdom’s strategic location,” the ministry said in a post on LinkedIn.

It added: “This investment will create hundreds of direct and indirect skilled jobs and, through Pure Salmon Academy and in partnership with local educational institutions in the KSA, will groom and train next-generation aquaculture specialists.”