The International Fish Farming Holding Company (Asmak), was set up in May 1999 after an IPO (Initial Public Offering) earlier in January 1999, through the endeavors of the UAE Offsets Group (UOG), and with the support of the Abu Dhabi Government with a paid-in capital of AED 300 million (US$ 82 million). The Organization expected then to create, interact and market quality fish and fish items at competitive prices in the local market and to establish itself as the leading seafood exporter in the region.[8]