UAE asset management firm Shuaa Capital has led a $50 million 3-year sukuk for Abu Dhabi-based Pure Harvest Smart Farms. Shuaa has also co-invested in the agribusiness through its managed funds as part of this funding round.

Pure Harvest has also raised $10 million in growth equity, which includes investments from Franklin Templeton and Sancta Capital amongst others. 

This is the first time in the region that an early-stage business has been able to secure venture debt funding from capital markets, Shuaa Capital said in a statement.

Jassim Alseddiqi, Group Chief Executive Officer of Shuaa, said: “Shuaa has once again demonstrated its ability to deliver innovative and compelling investment products with this first-of-its-kind investment in Pure Harvest Smart Farms."

"This funding will help the company to scale into a major regional player in controlled-environment agriculture," Natasha Hannoun, who led the transaction for SHUAA, said.

Pure Harvest is set to complete its second high-tech hybrid greenhouse growing system within the Emirates, is currently constructing its beachhead in Saudi Arabia, and has announced a further $46.53 million expansion project in Kuwait.

Shuaa's investment in Pure Harvest Smart Farms follows the recent announcement that another Shuaa technology investment, Anghami. The leading music streaming platform in the Middle East and North Africa, will become the first Arab technology company to list on NASDAQ via a merger with Vistas Media Acquisition Company Inc, a Special Purpose Acquisition Company (SPAC).

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021