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Agreement reached between the Saudi government and Pure Salmon

Pure Salmon and Saudi Arabia team up to create sustainable aquaculture, promoting food security, economic diversification, and environmental preservation for future generations.
Pure Salmon

Pure Salmon

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Pure Salmon

Pure Salmon

Pure Salmon KSA is pleased to announce its plan to establish fully integrated land-based aquaculture farms in the Kingdom of Saudi Arabia, based on its proprietary cutting-edge Recirculating Aquaculture Systems (“RAS”) technology. These facilities will cover the full value chain: salmon grow-out, processing and pet nutrition. Pure Salmon has identified the Kingdom of Saudi Arabia as a key strategic country within its global vision as it aims to become the leading sustainable salmon producer in the region and worldwide.
The project consists of three phases. Pure Salmon will first build a 10,000-tonne per annum facility, to be followed by two additional increases of 10,000 tonne each. Pure Salmon KSA has already identified the location and is in advanced discussions towards signing a land lease agreement.
The Ministry of Investment (“MISA”) has issued an investment licence to Pure Salmon, and both parties have signed a Memorandum of Understanding. The Ministry of Environment, Water and Agriculture (“MEWA”) granted Pure Salmon an operating license. The Ministry of Industry and Mineral Resources (“MIM”) has signed an Expression of Interest with Pure Salmon.

Mr Stephane Farouze, Chairman and Founder of Pure Salmon, commented:

“Pure Salmon’s vision and values are fully aligned with the Saudi government’s Vision 2030 which focuses on food security, the diversification of the economy and the development of disruptive sustainable industries within the Kingdom. KSA plans to expand the local aquaculture industry to reach 600,000 tonnes per year by 2030 and Pure Salmon is proud to contribute to the realization of this vision. Pure Salmon will bring its cutting-edge RAS technology to the Kingdom of Saudi Arabia. This investment will create hundreds of direct and indirect skilled jobs and, through Pure Salmon Academy and in partnership with local educational institutions in the KSA, will groom and train next-generation aquaculture specialists.”


Pure Salmon has already built 21 facilities in Norway and is in the process of building 4 large-scale facilities in Japan, the United States, France and Brunei for a total production capacity of 35,000 tonnes per annum.

Notes to Editors
• With 90% of world marine fisheries overfished or fully fished1, Pure Salmon helps to solve the global fish shortage by locally producing sustainable fish in a controlled, traceable environment.
• Pure Salmon represents a socially responsible choice for consumer health, the environment, and the economy.
• Pure Salmon is one of the world’s fastest growing Atlantic salmon companies and is on its way to become the world leader of sustainable salmon production.
• As the fish is produced close to consumption centers, carbon emissions are lowered thanks to reduced transportation. With a longer shelf life, food wastage is drastically reduced.
• Fresh and healthy “made in Saudi” salmon will reinforce the Kingdom’s food security and independence and will provide the Saudis a source of clean and healthy protein.
• As a Member of the Blue Economy Finance Principles of the UNEP FI, Pure Salmon is convinced that deploying large-scale land-based RAS facilities worldwide is an effective way to relieve our oceans.
• Leveraging on its circular economy vision, Pure Salmon will also establish a pet nutrition business in the KSA, reusing the offcuts from its salmon processing activities.
• This announcement follows a number of strategic launches with projects already announced in Japan, the USA, France and Brunei.

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Stephane Farouze

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Founder & Chairman of Pure Salmon & 8F

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"Over 25 years of investment experience"

  • Prior to founding of 8F and Pure Salmon, Stephane was Chairman of Alternatives for Deutsche Asset & Wealth Management. Before moving into that role, he was the Global Head of Alternatives and Fund Solutions and Member of the DeAWM Executive Committee. Stephane spent three years as a member of the Management Executive Committee for both Deutsche Asset Management and the Private Bank. As Head of Alternatives and Fund Solutions, Stephane’s team managed more than 200 professionals globally and was directly responsible for a total of US$50 billion of assets in Private Equity, Hedge Funds and Retirement Solutions.
  • Prior to that, Stephane served as the Global Head of Deutsche Bank’s Fund Derivatives and Hybrids Group within the Corporate Bank & Securities division, during which time the team was awarded the Risk Magazine award for ‘Hedge Fund Derivatives House of the Year’ 6 times in a row, the HFM award for ‘Best Overall Investment Platform’ and ‘Best Managed Account Platform’ twice, as well as various UCITS Platform and Product awards. In addition, Stephane was Awarded ‘Best Active Manager’ by Risk Magazine in 2002.
  • Before joining Deutsche Bank, Stephane was a Partner at Paradigm Global Advisors. He was also the Global Head of Sales and Structuring at Societe Generale Asset Management. Stephane has also worked at other financial institutions such as BNP, Commerzbank, Smith Barney and Paine Webber. Until 2009, Stephane was also a Director of Tarrant Apparel Group, a company listed on the Nasdaq since 2003.
  • Stephane holds Bachelor of Science in Applied Arts and Sciences and a Business Administration Degree in Finance from San Diego State University.

michael ruben

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Global Head of Pet Nutrition

Michael-Ruben-Pure-Salmon-Pet-Nutrition-Expert
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"18 years of experience in large Agri-tech-finance projects"

  • Pet Nutrition operations management, including planning, budget management, and coordinating all working parts of the division. Client-centric, results-oriented leader with a strong track record of performance in high-paced organizations. Utilize keen analysis, insights, and team approach to drive organizational improvements and implement best practices.
  • Michael firmly believes that pets deserve the best care and a balanced diet to enable them to live long and happy lives alongside us. Pure Salmon’s commitment to the health and well-being of pets is reflected in every product.
  • Former Managing Director of 4F investment Solutions in Tel Aviv, Israel, a leading Israeli consulting and third-party marketing firm within the Investment and Distribution areas.
  • Previously was the Founder and CEO of Hub-Square Ltd, Tel Aviv, Israel. Hub-Square was a B2B Cloud Provider specializing in Orchestration and Virtualization solutions. Michael has created a high-quality proprietary Cloud Platform with one of the most innovative orchestration tools for Desktop as a Service (DaaS).
  • Spent 7 years as Head of Wholesale Distribution at Robeco France, in Paris. Robeco is an international asset manager offering an extensive range of active investments, from equities to bonds.
  • Michael holds a Master of Science – Bank, Finance & Insurance from the University of Paris X, and a Bachelor of Science – Economics & Finance from the University of Paris I Pantheon-Sorbonne.

FIONA LEWANDOWSKI

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Global General Counsel

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“Over 22+ years legal and compliance experience across various industry sectors"

Fiona is a qualified lawyer (LLB (hons)/ BA), general counsel, compliance officer, and c-suite executive with over 22 years of experience in both private practice and in-house with global multinationals, public companies, and local conglomerates in various industry sectors including energy/utilities, technology, and retail. Fiona has experience developing, managing, and leading global legal and compliance functions for companies operating in multiple jurisdictions.

Fiona’s international legal experience is diverse and includes working for multinational companies, such as Yahoo!, Tabreed, Palm Utilities, and Damas International. Fiona commenced her legal career in Australia, working as a legal officer at the Parliament of Victoria. Then she moved into private practice where she practiced as a corporate attorney for Australian and global law firms DLA Piper and Corrs Chambers Westgarth. Fiona holds a Bachelor of Laws Degree (Honours) (LLB), and a Bachelor of Arts Degree (BA).

Colin Mcdaid

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Global Chief Financial Officer

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"Over 25 years experience in senior positions in international companies including in the development, construction and aquaculture industries."

  • Was Chief Commercial and Financial Officer (CCO/CFO) at Turner International Middle East for five years. TiME is a project and construction management consultancy active across the Middle East and known for complex mega projects such as Burj Khalifa, Dubai Mall and the Louvre, Abu Dhabi.

  • Was Head of Finance at Msheireb Properties for four years, a start up company, financing and developing the USD6 billion Msheireb Downtown Doha development in Qatar.

  • Was Group Financial Controller and Investor Relations Officer at Cermaq PLC for seven years. Working on establishing and running the corporate control environment, acquiring and integrating farming subsidiaries and supporting the business through listing in Oslo.

  • Colin holds a Bachelor of Commerce degree from the University of Edinburgh, a Master of Laws degree from Northwestern University and an MBA degree from ESCP.

  • A member of the Institute of Chartered Accountants of Scotland (ICAS), Colin began his career with Arthur Andersen based in Edinburgh.

Xavier Govare

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Chairman, Pure Salmon France

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"Over 30 years of experience in the food industry, including 15 years as Chairman and CEO of Labeyrie Fine Foods (LFF) Group."

  • Over 30 years of experience in the food industry, including 15 years as Chairman and CEO of Labeyrie Fine Foods (LFF) Group.
  • Chairman and CEO of the Labeyrie Fine Foods Group since 2002, Chief Executive Officer since 2000, and Sales and Marketing Director from 1989 to 1999. Significant shareholder of the LFF Group since 1999.
  • Business leader who led the creation, in 27 years, of Labeyrie Fine Foods, a well-recognised food group, through aggressive organic growth policies, as well as 12 acquisitions and creation of synergies:
  • Turnover increased from EUR 30M in 1989 to EUR 1.1 Billion in 2016
  • EBITDA X 30 in 25 years
  • Expert in strategic vision, marketing strategy, brand development, private label, sales strategy, product innovation, as well as in P&L, and Working Capital & Investment management.
  • Excellent knowledge of European markets, of food customers and consumers in supermarkets, in food service distribution, and in specialised channels.
  • Great knowledge of the industrial food sector with more than 20 factories under management.
  • Expert in bank financing and high-yield debt raising.
  • Experiences with 3 types of shareholders: Listed company (France and Iceland), Company under LBO (3 different sponsors), Private company (foreign shareholders).

LFF Group’s main companies: Lyons Seafoods, Farne of Scotland, Labeyrie, King Cuisine, Père Olive, Blini, Le traiteur Grec, Delpierre, Labeyrie Traiteur Frozen, Salé Sucré.

Track Record: 

  • Building of a benchmark food group in Europe with the vision of being the leader of Pleasure and Trendy Food sector.
  • Turned around a loss making company in 1989 into a solidly and continuously profitable company for the last 25 years since then.
  • Internationalization of the LFF Group. Exclusively French until 2000, LFF is today international with 45% of turnover originated outside of France.
  • Business diversification: smoked salmon and foie gras until 2000, multi-product and multi-market today.
  • Building, year after year, of solid leadership positions in all its markets and in several countries, with very strong brands in terms of image and reputation: Labeyrie, Blini, Delpierre, Farne of Scotland, Lyons Seafoods, Père Olive, etc.
  • Successful and continuous management of the Group with 6 shareholding changes over the last 17 years and several refinancing of all types.
  • Creation of a very professional management team, that is committed, senior, and loyal to the group, with a shareholding stake of up to 15%.
  • Close and regular management of a team of 7 General Managers, each in charge of their Business Unit and surrounded by a comprehensive management teams.
  • Management of the Group’s Finance and Administration Unit in charge of group financing, of the consolidation of Business Units’ results, of group management control, and of shared support functions between the Business Units.
  • Responsible for the management of the industrial Investment plan of EUR 35M per year.
  • Performance management within highly framing Business Plans and Budgets.

Directorships: Snacks International, SIA Group Savencia Fromages and Dairy, Logismose Meyers Denmark, Alliance Etiquettes and Family Service.

  • Over 30 years of experience in the food industry, including 15 years as Chairman and CEO of Labeyrie Fine Foods (LFF) Group.
  • Chairman and CEO of the Labeyrie Fine Foods Group since 2002, Chief Executive Officer since 2000, and Sales and Marketing Director from 1989 to 1999. Significant shareholder of the LFF Group since 1999.
  • Business leader who led the creation, in 27 years, of Labeyrie Fine Foods, a well-recognised food group, through aggressive organic growth policies, as well as 12 acquisitions and creation of synergies:
    o Turnover increased from EUR 30M in 1989 to EUR 1.1 Billion in 2016
    o EBITDA X 30 in 25 years
  • Expert in strategic vision, marketing strategy, brand development, private label, sales strategy, product innovation, as well as in P&L, and Working Capital & Investment management.
  • Excellent knowledge of European markets, of food customers and consumers in supermarkets, in food service distribution, and in specialised channels.
  • Great knowledge of the industrial food sector with more than 20 factories under management.
  • Expert in bank financing and high-yield debt raising.
  • Experiences with 3 types of shareholders: Listed company (France and Iceland), Company under LBO (3 different sponsors), Private company (foreign shareholders)

LFF Group’s main companies: Lyons Seafoods, Farne of Scotland, Labeyrie, King Cuisine, Père Olive, Blini, Le traiteur Grec, Delpierre, Labeyrie Traiteur Frozen, Salé Sucré.

Track Record: 

  • Building of a benchmark food group in Europe with the vision of being the leader of Pleasure and Trendy Food sector.
  • Turned around a loss making company in 1989 into a solidly and continuously profitable company for the last 25 years since then.
  • Internationalization of the LFF Group. Exclusively French until 2000, LFF is today international with 45% of turnover originated outside of France.
  • Business diversification: smoked salmon and foie gras until 2000, multi-product and multi-market today.
  • Building, year after year, of solid leadership positions in all its markets and in several countries, with very strong brands in terms of image and reputation: Labeyrie, Blini, Delpierre, Farne of Scotland, Lyons Seafoods, Père Olive, etc.
  • Successful and continuous management of the Group with 6 shareholding changes over the last 17 years and several refinancing of all types.
  • Creation of a very professional management team, that is committed, senior, and loyal to the group, with a shareholding stake of up to 15%.
  • Close and regular management of a team of 7 General Managers, each in charge of their Business Unit and surrounded by a comprehensive management teams.
  • Management of the Group’s Finance and Administration Unit in charge of group financing, of the consolidation of Business Units’ results, of group management control, and of shared support functions between the Business Units.
  • Responsible for the management of the industrial Investment plan of EUR 35M per year.
  • Performance management within highly framing Business Plans and Budgets.

Directorships: Snacks International, SIA Group Savencia Fromages and Dairy, Logismose Meyers Denmark, Alliance Etiquettes and Family Service.

Frederic VERBEKE

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Global Head of Sales & Processing

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"Over 25 years of experience in the seafood industry"

  • Prior to joining Pure Salmon was the Co founder of IOD processing and IOD seafood
  • Trading Consultant  for processing facilities over the world
  • Specialized in salmon marketing and processing
    • Set up the logistics of importing fresh salmon from Norway and re-exporting frozen finished products to France and Ukraine.
    • Implemented a frozen salmon and cod production line at the UXPK factory in Kiev. Oversaw R&D and sale of finished products
    • Co-owner during 5 years of Dasson production in Poland. Processing of Atlantic salmon and Atlantic cod for the main private labels of the French market (Système U, Leclerc, Casino, Monoprix, Intermarché). In 2015 the factory processed 17,000 tons of raw material
    • Former consultant for Ocean Catch (New bedford USA) for the setting up of a processing line of Crab claws and IQF scallops for the French market
    • Set up the fish processing line in Tanford Foods in Qingdao (China) for the processing of wild salmon, Alaskan pollock and Pacific cod
    • Implemented the logistics of importing frozen on board whitefish from Norway and re-exporting frozen finished products to France in China. Set up of a frozen Atlantic cod production line at the Unibond factory in Qingdao. Oversaw R&D and sale of finished products
    • Implemented the U brand (seafood products) in partnership with Système U
    • Sales director for Nanaimo, an Atlantic salmon farmer in Chile, for fresh and frozen salmon portions
    • Spent 3 years in Chile as Sales Manager of Pro Austral in Chile, a processor of frozen crab and mussels, where he set up a network of distributors on the east coast of the USA

Kent Kongsdal Rasmussen

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CEO Pure Salmon Kaldnes

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"35 years of business experience at an international level"

  • CEO of Pure Salmon Kaldnes (4 years in charge of Krüger Kaldnes / Pure Salmon Kaldnes)
  • General Manager for Veolia Aquaculture and CEO of Krüger Kaldnes (Norway), a turnkey technology supplier of fish farms for the Aquaculture industry, a Market leader in Norway.
  • Heading the Acquisition process for Veolia Aquaculture of finding a new owner, resulting in 8f / Pure Salmon taking over the company
  • Prior to Veolia and Pure Salmon was, for 6 years, global CCO  and General Manager for subsidiaries in Denmark and Germany for Puregas Solutions, having an ownerships position and was part of developing the company from an insignificant small company in Sweden to one of the leading turnkey biogas upgrading companies within Europe and was part of the sales acquisition process of the company to the Finish multinational company Wärtsilä (company valuation from 1 m€ to 35 m€ and achieving market leadership in several countries).
  • European sales director and business unit manager (Spain) for Gerresheimer plastic packaging within the pharmaceutical sector, developing and implementing a new commercial strategy for the company and in a very competitive market lifting the revenue/EBITDA and accessing new key accounts.
  • President Global Sales for Danfoss heating segment (largest industrial company in Denmark) present in nearly 90 countries around the world with direct staff responsibility of 430 people and 2.500 indirectly. Developed and implemented a “4C change program”  giving a substantial lift to revenue (total scope of 1 bn$) in a market with strong competition. Established Danfoss Turkey and took the role as Chairman of the board, developing the company to 25 m$ turnover within 2 years. Was trusted with roles as Board Member in various subsidiaries of Danfoss.
  • 11 years in Société de Saint Gobain in different jobs as North America Director, Sales Companies Director, Market Director and Business System Director all in different business areas with significant staff responsibility and full P&L responsibility (up to 200 m$). Was taking up responsibility within General Management, Sales, Marketing, Market & Loyalty platform, Supply chain, Procurement,  Business Systems (ERP, CRM, BI etc.) and R&D.
  • 11 years in Shell in different jobs as Project manager, Product Manager, European Sales Manager, Key Account Manager and Business Auditor on European group level.

NICOLAS METRAL

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Global Head of Construction

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"Over 25 years of experience working for Engineering, Procurement and Construction"

  • Over 25 years of experience working for Engineering, Procurement and Construction (“EPC”) contractors in the oil and gas, energy and environment industries, spanning across project management of large-scale industrial projects, set-up and management of project controls on mega projects, progress monitoring, earned value reporting, cost engineering, risk management, material control and bid preparation for EPC projects.
  • Prior project experience includes thermal power plant, Liquefied Natural Gas (“LNG”) regasification terminal, desalination, onshore pipeline waste-water treatment and organic waste treatment projects.
  • Most recent 10 years of working experience focused on waste-water and organic waste treatment facilities in roles across various countries, Canada, Hong Kong, China, France and Australia.
  • Joined Pure Salmon from Suez, a world leading water and waste management solution provider, where he was the Project Director of two Design, Build and Operate (“DBO”) contracts for anaerobic digestion and composting of Sourced Separated Organic Waste in Montreal, Canada.
  • Over 7 years at Suez, where he held other titles on different projects, such as Senior Project Manager for the design and construction of the first anaerobic digestion facility for organic waste in Hong Kong, and Acting Execution Director and Director of Project Controls in the treatment infrastructures department.
  • Spent 3 years at Thiess Degremont as Director of Project Controls for the Victoria Desalination Project (project cost of AUD4.0 billion), including offshore intake and outlet structures, extensive tunnelling works and off-take pipeline and transfer pumping stations, underground high voltage cable, and the project’s reverse osmosis plant.
  • Wide international working experience, having carried out project management roles in Australia, North and West Africa, Hong Kong, India, Indonesia, China, France, Finland and Spain.
  • Master degree in Mechanical Engineering from Université de Technologie de Compiègne, France.

David Cahill

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Global Head of Production

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"28 years of experience with the largest salmon producers in the world"

  • Fish production operations management and new project development expert with 28 years of international experience, majority of which was with some of the biggest salmon producers in the world.
  • Former Consultant and Program Manager of an aquaculture development program funded by Saudi Arabia’s Ministry of Environment, Water & Agriculture. This program is focused on achieving targets in the 2030 economy diversification vision of developing 600,000 tons of cage finfish aquaculture production.
  • Previously was Director of the Fish Business Unit of Saudi Arabia’s largest shrimp and fish aquaculture operation. He installed 3 new offshore farms in 2 years with combined capacity of 15,000 tons. He overcame technical problems in the broodstock/hatchery, expanded the business into fish processing, and latterly managed international sales and logistics. Over his 3 years of service, he built up a high performing international team through all levels.
  • Spent 5 years as the General Manager of Aquaculture for Huon Aquaculture, Australia’s second largest salmon producer. He trebled production to 15,000 tons per annum and covered marine site management, boat building, new site and equipment development, fish health management, feed development and contracts, environmental management of operations, R&D, government liaison, and obtaining global certifications. He also strategized 5-Year growth and development plans with budget and KPIs (financial and operational), and recruited and developed a high performing management team. The Huon business
    achieved a successful IPO at the end of his tenure.
  • Also served as Hatcheries Manager at Huon Aquaculture for 3 years, responsible for the operation of 5 hatcheries and the development of 2 large RAS systems.
  • For 6 years was a Regional Business Manager for the world’s largest Atlantic salmon farmer, Marine Harvest (“MH”), in Scotland, in charge of production of 18,000 tons per annum from 17 farms and 125 employees. Was part of select team that achieved compound growth of 36% per annum for the company via organic expansion and acquisition, and cut operating costs by 25% through business evolution. During his 18 years at MH, he developed an in-depth understanding of farm management and operating / technical processes, feed development and strategies to optimize fish performance and risk management.
  • Also served as Fresh Water Manager for MH in Scotland for 5 years, responsibilities included production of 12 million smolt, 18 million fry and 50 million eggs from 2 broodstock farms, 9 Loch sites and 7 hatcheries including 2 RAS farms. Part of the team that led the merger of 2 of the largest salmon farming businesses in Scotland