MycoTechnology and OIA establish alternative protein venture

6-May-2022

The partnership is in line with ‘Oman Vision 2040’, an initiative designed to attract modern technologies to the country

Oman Investment Authority (OIA) and MycoTechnology have established a joint venture that will use locally-grown dates to produce mushroom-based protein. The two organisations will collaborate on a production facility in Oman to scale up and commercialise this source of protein, which will be driven by MycoTechnology’s proprietary fermentation platform.

The partnership is in line with ‘Oman Vision 2040’, an initiative designed to attract modern technologies to the country. It links OIA’s local knowledge and public sector relationships with MycoTechnology’s technology platform.

Oman is one of the world’s top 10 producers of dates, growing about 400 thousand tonnes per year, however more than half goes to waste or animal feed. The joint venture is planned to upcycle a significant portion of these excess dates, reportedly using the natural sugar present in the fruit as a source of carbon to fuel the production of mushroom-based protein.

Construction of the facility is planned to start in the first half of 2023 on a 10-hectare site. Commercial production is scheduled for the second quarter of 2025, with up to 16,000 tonnes of dates to be processed each year.

Alan Hahn, MycoTechnology CEO, said: “MycoTechnology is excited to be co-operating with Oman Investment Authority to build this highly innovative food oasis in the desert. It represents a breakthrough in the quest to bring food security to Oman and the wider region. This initiative will be transformative – and not just for the Middle East. We are foraging for the future, unlocking the ancient power of culinary mushrooms to feed the world’s growing population with a solution that’s been beneath our feet all along.” Sign up for your free email newsletter

Ibrahim Al Eisri, Director of Private Equity at OIA, said: “In our international investments at OIA, we target localising advanced modern technologies. Our partnership with MycoTechnology will deliver substantial local benefits as we pioneer the proteins of tomorrow. It will support our mission to enhance food security, diversify the Omani economy, and create well-paying jobs in an eco-friendly new sector. This joint venture will be the foundation that enables Oman to foster a new generation of talent in the sphere of food technology, here and further afield.”

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