Project Location: Oman
Project Date: 2016-2018
Project Funding: Private Sector
Project Summary: Feasibility study for new fishing company
MEP was contracted to complete a full feasibility study on the creation of a new fishing company in the Sultanate of Oman. The scope for this company was to cover both small pelagic fishing within the countries EEZ, as well as high seas tuna fishing with the Indian Ocean High Seas. The work also required the consideration of all land-based logistics and processing facilities that might be required.
A marketing analysis was first completed and consideration of end product requirements made. Local, regional and international markets were analysed and forecasts on predicted consumer trends determined. At the same time, a consideration of stock status for both small pelagics and tuna was also completed and was fed into the outputs from the marketing study, to create an inception position for likely availability of raw material and its path to market. This work was then followed by the provision of a full financial model for the running of all operations, including capital outlay considerations and a detailed economic analysis of the regional situation and the likely effects (positive and negative) that this would have on the region and Oman specifically.
The work required the analysis of suitable fishing vessels and gear (purse seine, longlines), a thorough assessment of the WIO tuna stock status in relation to existing fishing efforts (and in line with known sustainability principles) and importantly the socio-economic benefits for the creation of the fishing company in the Sultanate of Oman. This included possible employment opportunities (fishing and possible processing facility opportunities), increased local revenue generation, support industry creation and alternative livelihood generation.