1996 News Story

Saudi fisheries report surplus

The Minister of Agriculture and Water Resources, Dr. Abdullah Bin Abdul Aziz Al-Muammar, reports that the Saudi Fisheries Company, after fulfilling the needs of the market in the Kingdom, has attained a surplus in their fish-catching operations, and is studying a number of options for dealing with this stockpile before expiration dates take effect.  Minister Al-Muammar confirmed that fishing in the Arabian Gulf has not been affected by the consequences of the Iraqi invasion of Kuwait, saying:  “Pollution is there, but at a very minimum level”.

The fleets of Saudi Fisheries also operate in the Red Sea, from Gizan in the south to Haqil in the north, in accordance with agreements concerning regional waters, and new locations for fishing operations, rich in various kinds of fish, have been identified there.   Two new shrimp-catching projects in Gizan [Red Sea] and Qatif [Arabian Gulf] are now close to being finalized, and their products will soon be on the market.

Referring to the excellent financial status of the company, Minister Al-Muammar said: “The Saudi Fisheries Company has current reserves of SR 120 million [U.S. $ 32 million], which is more than its paid-up capital of SR 100 million [U.S. $ 27 million]”, adding that in 1416H [May 1995 to May 1996], the company’s net profit totaled SR 5 million (U.S. $ 1.3 million).