Ras Asayr Fishing Company (“Ras Asayr”) was established in Bosaso, Puntland in 1997. The company’s main line of business is harvesting and processing sea cucumbers and fish. The company fishes out of the Gulf of Aden and the Indian Ocean, allowing the company to diversify its catch and optimize seasonal variations. Ras Asayr needed capital to expand its fleet, thereby increasing its catch and international export business.
With a loan facilitated by Shuraako, Ras Asayr was able to procure two large fishing boats. The new boats have doubled the company’s annual revenue and have created 16 new jobs for Somalis.