7 days ago
Saudi-Funded Fisheries Project Set to Boost Maldives' Global Market Reach
The Maldives is preparing to launch a major fisheries development project focused on cold storage and export infrastructure with funding from the Saudi Fund for Development (SFD), according to the country's Minister of Fisheries and Marine Resources, Ahmed Shiyam.
Speaking to Asharq Al-Awsat during the Islamic Development Bank (IsDB) meetings in Algiers, Shiyam said the project will enhance the competitiveness of Maldivian seafood in global markets by enabling better storage and higher-quality exports.
'We're working with Saudi funds on a cold storage project that will give our companies a global edge and help secure better prices,' Shiyam said. 'We're ready to begin implementation very soon.'
The initiative is part of broader collaboration with the IsDB and the Lives and Livelihoods Fund (LLF), which is already supporting a large-scale fisheries project aimed at improving community livelihoods.
Shiyam noted that the project is halfway through and progressing well.
A key feature is a seawater cooling system that reduces environmental impact and boosts operational efficiency. 'Fishermen are eager to install this system, which lowers costs, saves time, and increases profits,' he said.
Shiyam stressed the Maldives' strong partnership with Saudi Arabia, calling it the country's most significant bilateral relationship.
'We're working closely with Saudi institutions, particularly the Saudi Fund for Development, on projects that directly improve our fisheries sector and the lives of our people,' he said.
The minister acknowledged challenges such as limited storage and ice production, which currently force the Maldives to export raw fish without pricing leverage.
'Once these projects are complete, we'll be able to store fish until market conditions are favorable, giving us more control and better returns,' he added.
