Oman Fisheries Secures 10,000 MT Annual Fishing License: What This Means for Investors and the Seafood Industry in Oman
MUSCAT, AUGUST 12 — Oman Fisheries Company (OFC), one of the Sultanate of Oman’s largest and longest-established fish processing firms, has been awarded a new fishing license by the Omani government, granting an annual quota of 10,000 metric tonnes (MT).
This license reflects the government’s strong confidence in OFC’s operational capabilities and strategic vision, stated Dr. Shahid Mahmood al Bulushi, Chairman of the Board of Directors. He added that the company is currently in talks with vessel operators to begin fishing activities under this new license.
The announcement comes as OFC rolls out a Revised Operational Model designed to improve business performance amid ongoing financial challenges. According to the Chairman’s report for the six months ended June 30, 2025, “After thorough analysis of operational, market, and historical data, the company has adopted a data-driven model aimed at maximizing asset efficiency and promoting sustainable procurement.” This approach seeks to enhance profitability through evidence-based decision-making and predictive performance metrics.
Key elements of the strategy include focusing on higher-margin demersal species aligned with market demands and yield analysis; emphasizing fresh fish procurement and in-house processing to boost value-added products; limiting frozen fish trading to seasonal requirements; and optimizing asset utilization—especially the Al Khair vessel—through data-driven scheduling and cost efficiency.
Significantly, OFC has entered a partnership for the operation of the Al Khair vessel under its fishing license. The vessel, now ready for deployment, is scheduled to commence operations by mid-August 2025.
The company has also secured long-term commercial contracts for the supply of Omani fish. These include an agreement with a Chinese partner to export 160 containers of demersal fish annually, expected to generate between RO 4 million and RO 5 million in revenue, and a deal with J Marr, a major global seafood supplier, to deliver 360 containers of small pelagic fish per year.
In the first half of 2025, OFC leveraged idle processing capacity by providing third-party services, processing 117 MT of fish.
Despite these initiatives, OFC’s financial results for H1 2025 show a continued decline. Total assets decreased by 21% to RO 7.58 million, while total liabilities fell by 31% to RO 5.26 million. Revenue dropped sharply by 74% to RO 1.0 million, and the net loss widened slightly by 3%, reaching RO 1.15 million. Accumulated losses stood at RO 20.686 million as of June 30, 2025, completely eroding the company’s share capital.
Oman Fisheries Company operates as a subsidiary of Fisheries Development Oman (FDO), the government’s fisheries investment entity under the Oman Investment Authority.
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Oman Fisheries Company’s new fishing license and strategic shift towards a data-driven operational model present a critical opportunity for revitalizing the Sultanate’s fisheries sector, especially through enhanced asset efficiency and targeted high-margin species. However, the company’s continuing financial losses and asset erosion highlight significant risks that require cautious investor scrutiny and a focus on sustainable, evidence-based growth strategies. Smart entrepreneurs and investors should consider partnering in innovative processing and export ventures that leverage Oman’s rich marine resources while mitigating operational inefficiencies.
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