UAE-based Pure Harvest Smart Farms is to acquire the Saudi Arabian farming operations of Saudi-UAE agtech RedSea.
Pure Harvest said the decision to acquire the farming operation will support its transition into a pure-play Agri Climate tech company, while also doubling Pure Harvest’s own Saudi Arabian production capacity.
The UAE-based company will assume operations at RedSea’s Alajaweed Farm near Riyadh in January and will invest in the farm site, including deploying RedSea’s heat-blocking greenhouse roof technology, a statement said.
The deal also secures a 40-hectare land back to develop up to 28 hectares of additional production capacity in the kingdom, Pure Harvest said.
A letter of intent (LOI) was signed to take over the existing six-hectare controlled-environment production facility, the company added.
(Writing by Imogen Lillywhite; editing by Seban Scaria)