Horizon Fisheries sign financing deal by ICD: JEDDAH: The Islamic Corporation for the Development of the Private Sector (ICD) and Horizon Fisheries Private Ltd. of Maldives recently signed an agreement leading to ICD financing the expansion of Horizon fish factory. The expansion will cost $20 million. This is the single largest ICD's investment in the Maldives.
The financing agreement was signed by ICD's Chief Executive Officer and General Manager Khaled Al-Aboodi and Horizon's Chairman Qasim Ibrahim, and witnessed by senior officials from ICD and Horizon.
The financing agreement, among others, involves the financing of Horizon factory expansion and development of a world-class fish processing facility at Maandhoo in Laamu Atoll, a cold storage facility and infrastructure development in Hoadedhdhoo Island of Maldives. The facilities will contribute to sustainable fisheries in the south central region of the Maldives while providing additional employment to the local population.
Al-Aboodi said: "ICD hopes that this financing facility will further develop the fishing industry and contribute positively to the growth of the country." He added that ICD is excited in partnering with the leading private sector fish processing and marketing company in the country. "Sustainable fishing and the methods and ways on how Maldives manages its marine resources is unique and an excellent example for many other countries around the world to learn from. For example, Maldives fishermen use pole and line fishing, and this bodes well for a sustainable tuna industry," Al-Aboodi said.
Horizon's main business activities include collection, cold storage, processing, packaging and export of various tuna products to major international markets such as Europe, Japan, and the UK. The company markets its products in Thailand, Japan, Germany, Italy and the UK.
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