Asmak looks to be in black by year-end

The International Fish Farming Co. (Asmak) is aiming to return to profits in the current year with production capacity going up to 5,000 tonnes by this year-end, mainly on the back of demand from EU markets.

"In the second half of this year, the company is concentrating its efforts to focus in some operational directions and targets which will allow the company to turn into profit in the current financial year," said Dr. Abdulhamid Aboufayed, Asmak senior manager.

It is setting up and commissioning the Umm Al Quwain hatchery, develop a pilot plan for shrimp farming and improve existing fish farm production capacity up to 5000 tonnes per year.

Current production by Asmak is some 3,500 tonnes annually. Plans are underway to raise capacity to 4,000,000 juveniles a year at the Kuwait hatchery.

"Upon the EU approval to export fish from the UAE (in June), Asmak is in the process of developing its sales in the European market with a gross target of Dh15-20 million," he said.

"Asmak, which is implementing the HACCP system at the Ocean Fish Processing plant in Jebel Ali Free Zone, is benefiting greatly as a large portion of production is destined for the EU."

Some 60 per cent of EU's fisheries product demand is met from outside. In the GCC, only UAE and Oman are approved countries to export fish and aquaculture products to the EU.

Aboufayed said Asmak's farmed fish has a big market in the EU either through its Greek partner -- Nireus Aquaculture which has a sizeable marketing network in the EU - or directly by building its own commercial network.

"The types of fish Asmak grows in its farms are very popular in the EU consumption list."