Sat, 02-Jul-2022
Monday 06 Apr 2020 , 10:20 am

UAE Agriculture Tech Start-up Secures $120 Million Investment Commitment

Pure Harvest Smart Farms supplies tomatoes grown in an enclosed, environment-controlled farm to supermarkets, hotels and restaurants in the UAE.
By SIN Bureau
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United Arab Emirates agriculture technology start-up Pure Harvest Smart Farms has raised $20.6 million in fresh funding and secured commitments for a further $100 million, it said on Monday.

Wafra International, an investment firm owned by the Kuwait state pension agency, is investing $10 million of the new funding, and committing $100 million in equity and project financing.

The food technology industry is still nascent in Gulf Arab states, where there is sparse arable land and temperatures in the summer rise above 50 degrees Centigrade (122°F).

Pure Harvest Smart Farms supplies tomatoes grown in an enclosed, environment-controlled farm to supermarkets, hotels and restaurants in the UAE.

Chief Executive Sky Kurtz told Reuters the company, which started in 2018, would significantly expand operations in the UAE, where it recently secured 30 hectares (74 acres) of land, and to Saudi Arabia.

Pure Harvest Smart Farms expects to have its new UAE farms operational by the end of the year, and farms running in Saudi Arabia, where it has secured 6 hectares of land, in the first quarter of 2021.

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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