Abu Dhabi Investment Office allocates US$ 41.4mn incentives for ‘land, sea and space’ projects
Three innovative agriculture companies will develop cutting-edge projects in Abu Dhabi to boost the emirate’s agriculture technology, AgTech, capabilities across land, sea and space.
The Abu Dhabi Investment Office, ADIO, announced today individual partnerships with Pure Harvest Smart Farms, Pure Harvest, FreshToHome and Nanoracks that will see the companies receive financial and non-financial incentives totaling AED 152 million (USD 41.4 million). The research and technologies developed by these companies will expand existing capabilities in Abu Dhabi’s AgTech ecosystem and promote innovation in the sector to address global food security challenges.
The new partnerships are a continuation of ADIO’s efforts to accelerate the growth of Abu Dhabi’s AgTech ecosystem through the AgTech Incentive Programme, which was established under Ghadan 21, Abu Dhabi’s accelerator programme. The Programme is open to both local and international AgTech companies. The partnerships follow ADIO’s AED 367 million (USD 100 million) investment earlier this year to bring four AgTech pioneers – AeroFarms, Madar Farms, RNZ and Responsive Drip Irrigation, RDI, – to the emirate to develop next-generation agriculture solutions in arid and desert climates.
Dr. Tariq Bin Hendi, Director General of ADIO, said: “Abu Dhabi is pressing ahead at full steam with our mission to ‘turn the desert green’ and solve long-term global food security issues. We have created an environment where innovative ideas can flourish and this has enabled the rapid expansion of our AgTech sector. Innovations from the companies we partnered with earlier this year are already propelling the growth of Abu Dhabi’s 24,000 farms. Partnering with Pure Harvest, FreshToHome and Nanoracks adds a realm of new capabilities to the ecosystem across land, sea and space.”
Bin Hendi continued: “We are driving innovation across the entire agriculture value chain and this is producing a compounding effect that is benefiting farmers, innovators and companies in our region and beyond.”