United Fisheries of Kuwait signs agreement with Comoros Islands

KUWAIT -- Chairman of United Fisheries of Kuwait Khaled Al-Sayegh on Tuesday announced signing an agreement with the Comoros Islands to establish a joint venture to be named (United Comoros Fisheries).

Al-Sayegh told reporters on the sideline of the company's general assembly held here that the agreement stipulate the United Fisheries of Kuwait to provide ships and building fish manufacturing plant in the Comoros Islands, which would cost USD two million.

Al-Sayegh also revealed that the Public Authority for Agriculture and Fisheries have agreed to grant the company a fish cultivation project in Al-Sulaibiya area. The project's cost is estimated by KD three to four million.

The chairman told the general assembly that the company achieved net profit of KD 101,000 last year, compared to KD 70,000 for the year before. He added that sales reached KD 6.1 million, while general and administrative spending was KD 708,800.

Earlier today, the general assembly of the United Fisheries of Kuwait elected a new three-member board for the next three years, as well as approving the company's financial statements and general budget for the fiscal year that ended on December 31, 2009.

© KUNA (Kuwait News Agency) 2010

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