London-based Feed Algae plans to invest RO167.5 million ($440 million) to develop one of the world’s largest algae farms in Oman’s Sharqiyah Governorate, said a report.

The initiative will enable Oman’s entry into the booming multibillion dollar global algae farming industry, added the Oman Daily Observer report.

Feed Algae’s investment will help set up a mega algae cultivation project capable of producing a world-scale 100,000 tonnes of algae per annum, it said.

Oman’s authorities, led by the Implementation Support & Follow-up Unit (ISFU) — a task force operating under the auspices of the Diwan of Royal Court — have been assisting the investor in securing suitable land and other approvals for the landmark project.

When fully rolled out, the Al Sharqiyah Algae Farm will rank among the largest in the world, said ISFU in a report on various initiatives and projects currently under implementation in support of Oman’s economic diversification. The first harvest of algae is slated during 2022, it stated.

Oman’s arid environment and climate conditions are conducive to the cultivation of high quality algae, which is an increasingly important source of biofuels, nutrients, proteins and other valuable ingredients.

The global algae farming industry is projected to be worth around $48 billion over the next five years, says ISFU, citing the growing demand for this environmentally-friendly and cost-competitive natural resource.