AFA was established in 2008, though its origins can be traced through the Nattivak HTA of Qikiqtarjuaq. The Nattivak HTA of Qikiqtarjuaq held a 330MT Greenland halibut (turbot) quota in NAFO Division 0B dating back to the mid-1990s.
On May 15th, 2008, the Arctic Fishery Alliance Limited Partnership was formed with the objective of distributing the benefits that can be achieved from increased participation in the offshore fishery to a greater number of communities in Nunavut. The newly formed partnership was awarded an allocation of 1,260MT of turbot in 2009.
In 2013, AFA completed the purchase of a second vessel while concurrently applying for a substantial increase in offshore turbot quota. In February of the same year, AFA was awarded allocation of 1,030MT in NAFO 0A and 400MT in NAFO 0B. These allocations were fixed for the next three seasons.