UAE's Pure Harvest strikes huge food project deal with Saudi's Nadec

After securing $64.5 million in additional funding last October, UAE-based agtech startup Pure Harvest has now entered into a strategic partnership with Saudi Arabia's National Agricultural Development Company (Nadec) to deliver a large-scale national food security project. The partnership aims to enable production of locally and sustainably grown fresh produce in more than 27 hectares on Nadec's lands. Nadec was the first listed agricultural company in the Saudi stock market. It produces over 1.5 million liters of dairy and juice each day, serving over 40,000 GCC stores, and employing over 7,000 people. Pure Harvest will deploy production capacity over the next five years farming a wide range of crops, and Nadec will market these products to its consumer base, hotels, restaurants, and catering partners. Sky Kurtz, Founder & CEO of Pure Harvest Smart Farms, said: “Nadec is a formidable incumbent food supplier with a sterling reputation and brand, sizeable landholdings and enabling infrastructure, and an experienced leadership team. We greatly benefit from Nadec’s strength, and together we are pioneering a new category of fresh produce for the Saudi people. "Both Nadec and Pure Harvest completed and commissioned their first-ever project on December 29, 2021, producing over fifteen (15) varieties of high-quality, hydroponically-grown tomatoes in an approximately 6-hectare high-tech, climate-controlled growing system in Nadec City, Haradh. In January 2022, Pure Harvest Smart Farms was ranked #2 in Forbes Middle East’s "50 Most-Funded Startups In MENA" for securing over $280 million of capital since the company’s inception. In July, Pure Harvest raised $180.5m in its biggest ever fundraising, from backers including the billionaire Olayan family, which runs one of Saudi Arabia’s largest conglomerates. (Writing by Seban Scaria; editing by Daniel Luiz) (seban.scaria@lseg.com)

UAE's Pure Harvest strikes huge food project deal with Saudi's Nadec

DISCOVER MORE

Maruti Suzuki India to hike prices to pass on input cost pressures

ADQ's AgTech Park launches vertical farming project

DMCC to launch new UAE gold and silver bullion coins

India's Mahindra to raise up to $1.3bln for EV unit - Mint

IFC to invest about $73mln in Mahindra's last mile mobility unit

Design-build contractor Amana opens new factory in Saudi Arabia

UAE: Acino announces integration of Pharmax Pharmaceuticals

GAMI launches "Military Industries Enablers" in Saudi to incentivize and empower investors

GCC central banks track US Fed move; hike key rates by 25bps

Dubai's Meraas to build new residential towers in Design District

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

Dubai’s Emirates to add value, support Air India – Tim Clark

Abu Dhabi's Mubadala, Ares set up $1bln JV to invest in credit secondaries

Dubai’s Pearl Polyurethane Systems commissions new production facility in Jeddah

Dubai’s electric marine vessel maker plans to build a new manufacturing facility

Saudi’s Eastern Province Cement invites bids for new production line

First 100% plant-based meat factory in Middle East opens in Dubai

RAK Ruler visits U-PAK’s expanded facility at RAKEZ

LATEST VIDEO

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

ZAWYA COVERAGE

PODCAST: IFC is ready to back governments privatisation plans with capital

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Dubai's DEPA posts higher revenue for 2022 on post-COVID recovery

UAE exchange firm Al Ansari upsizes IPO on strong investor demand

Inside Ukraine’s scramble for “game-changer” drone fleet

Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources

Shanghai targets 5% growth in property investment in 2023

Russia's Medvedev: We don't want direct conflict with NATO

At least seven killed in overnight Russian attacks on Ukraine - officials

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE