24 million dinars for aquaculture... This is how fish prices drop by 50%
A government project to enhance food security during crises and combat soaring prices
Najah Bilal
A recent government report revealed that the completion rate of the “Economic Production of Multiple Marine Species (Fish, Crustaceans, Mollusks, and Coral)” project has reached 67%, confirming that the project is proceeding according to a specific timeline to be fully completed by 2030, with a total cost of 24 million Kuwaiti dinars.
According to the report, which Al-Siyasa obtained a copy of, the project aims to regulate prices in favor of consumers and combat monopolies, while providing a secure strategic reserve that ensures stability in the local market, especially during geopolitical and global crises. It seeks to effectively develop the aquaculture industry in the State of Kuwait, ensuring a sustainable flow of fresh marine products, as well as preventing any unjustified price increases that could impose a financial burden on citizens and residents.
The report clarified that the project directly contributes to alleviating the growing pressure on the country’s natural fish stocks by narrowing the gap between supply and demand. It also aims to activate and diversify the national economy, providing promising job opportunities for Kuwaiti youth, while opening new horizons for supporting industries such as fish canning, marketing, transportation, and the manufacturing of marine feeds.
The report noted that the project opens avenues for producing marine species with high economic value, as well as precious marine organisms used in the pharmaceutical industry, thereby supporting plans to achieve self-sufficiency and bolster tourism and development activities in Kuwait.
Regarding the project’s economic importance and vision, economic expert Salem Al-Kandari emphasized that the aquaculture project will inevitably help stabilize fish prices in Kuwait, as the local market currently has the highest prices in the region for local fish species such as “Zubaidi” and “Hamour” compared to other Gulf Cooperation Council (GCC) countries.
Al-Kandari predicted that the availability of integrated fish farms for all species could lead to a price drop of up to 50%, citing the decline in fish prices in Saudi Arabia and the Sultanate of Oman, which rely on traditional fishing operations alongside aquaculture projects, with Oman ranking first regionally in this field.
Al-Kandari added that the scarcity of local fish supplies in recent periods allowed imported fish, such as Iranian varieties preferred by many due to their similarity to the Kuwaiti fishing environment, to dominate the market. Imported fish often enter the market by selling at prices lower than local products.
He continued, emphasizing that the actual implementation of this massive project will restore balance in favor of high-quality national products.
In the same context, Al-Kandari stressed that the project strongly supports Kuwait’s industrial sector, particularly given the existence of many vital and economic industries directly linked to the fish sector, such as manufacturing industries including canning, packaging, and the production of related containers and paper products.
He also highlighted the significant importance of the project in supporting the pharmaceutical and cosmetic industries, outlining several key aspects, including dietary supplements such as extracting “Omega-3” oil and other vital oils from fish liver and tissues to manufacture supplements beneficial for heart health. Additionally, it supports cosmetics, particularly since extracting “collagen” from fish scales is used in the formulation of skin-care moisturizing creams, alongside the use of fish oils in manufacturing anti-wrinkle products.
Fish waste is also utilized in the animal and marine feed industry to develop feed production.
On the commercial and investment front, Al-Kandari noted that the abundance of fish production will have a positive impact on the retail and food sectors, leading to the opening of numerous seafood restaurants and the expansion of sales markets across various regions of Kuwait. He added that this abundance will create a fertile and encouraging environment for young Kuwaitis to launch small and medium-sized enterprises linked to this vital sector, thereby fostering entrepreneurial spirit and supporting the nation’s growing economy.
