Mission Statement

To produce, process and market quality fish and fish products at competitive prices in the local market and to establish itself as the leading seafood exporter in the region. The company aims at maintaining an environmentally friendly and sustainable production quality to assist in protecting and preserving the fishery reserves of the UAE.

an introduction
objectives & purpose
subsidiaries & associates
partners

An Introduction

The International Fish Farming Company (ASMAK), was set up in May 1999 after an IPO (initial public offering) earlier in January 1999, through the efforts of the UAE Offsets Group (UOG), and with the support of the Abu Dhabi Government with a paid-in capital of AED 300 million (US$ 82 million). The Capital was subscribed 45% by founder shareholders and 55% by ordinary UAE citizens who were offered shares priced at AED 10 (US$ 2.7) each through an initial public offering (IPO). ASMAK has a 10-year management services agreement with Athens-based aquaculture firm Nireus SA, one of the leading aquaculture company in Europe, which is also one of its founder shareholders.

ASMAK aims to become the UAE's leading aquaculture company and gradually expand its operation throughout the Arabian Gulf and internationally.

The Gulf Corporation Council (GCC) states - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE - have a long tradition of fishing. In particular the UAE has been a fishing hub for centuries, and fish has been an important food item and trade commodity with the local per capita consumption recording more than 50 kgs per year annum which is one of the highest in the world.
However, excessive and destructive fishing practices used by the ordinary fisherman jeopardize marine life and some special types of fish have become endangered species. The UAE Government has taken several steps to control the level of exploitation and preserve fish reserves by protecting the marine environment through environmental agencies such as the Emirates Wildlife Development Agency (ERWDA). ASMAK is promoting the fish farming culture not only in the UAE but also in the neighbouring GCC states through several joint ventures.

Objectives & Purpose

• Establish Fish and Shrimp hatcheries and on-growing farms in the UAE and internationally.
• Establish fish processing and packaging plants inin UAE and on the Western shore of the Indian Ocean, to process and market fishery products in the region and internationally.
  
• Develop an integrated seafood business with regional and international participation to market aquaculture fish and fish products, aquaculture and related equipments and expertise.
  
• Work closely with the government to develop restocking programmes to enhance wild fisheries.
  
• Create wealth for UAE nationals by expanding the company's business and maximising profits.
  
• Train and educate UAE nationals to work and compete in a performance-based business environment, and provide them with hands-on experience and management expertise necessary for the long-term success of the company.