Increasing investment in innovation in agricultural technology in the Gulf .. for these reasons

The amount of food consumption in the Gulf is about $ 30 billion annually, and imports accounted for 85% of the region’s needs before the Corona crisis. Then came the epidemic and put pressure of another kind, represented by the decline in production and the disruption of supply chains, in addition to the war in Ukraine.

All these factors have encouraged significant investment in innovation in agricultural technology and food production.

At the same time, food companies are becoming more and more open to M&A and partnership opportunities to boost production.

A number of agricultural technology startups have emerged, attracting investments of up to $ 250 million between 2014 and 2020 through 33 agreements.

A notable example of such companies is Al Badia Farms in Dubai. The company raised more than $ 5 million to create the first high-tech indoor vertical yard.

It produces fruits and vegetables all year round using hydroponic techniques.

In early April, the United Arab Emirates announced an economic cost of up to two million dollars for new businesses that can propose advanced agricultural technology solutions for food production and management in the country, organized by the Ministry of Climate Change and Environment.

Another notable company, Red Sea Farms, is in Saudi Arabia, which is upscaling agriculture using saltwater and solar farm technology.

To date, it has raised $ 38.8 million in investments, including a new $ 18.5 million round of funding led by Waed, Saudi Aramco’s venture capital division, the Savola Group and the King Abdullah University Innovation Fund.

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