Mohammed bin Rashid Innovation Fund provides $1.5m to build greenhouse to support food security plans in the UAE
The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank, has announced a disbursement of AED5.5 million ($1.5 million) to UAE-based Pure Harvest.
The fund will be utilised on construction and pre-production of Pure Harvest’s foundational, high-tech greenhouse in Nahel, state news agency WAM reported.
A regional innovator in sustainable agriculture, Pure Harvest aims to address food security issues and water scarcity in the UAE while achieving resource efficiency and overcoming local climate challenges.
Founded in October 2016, the Abu Dhabi-based agricultural start-up is focused on the production of greenhouse fruits and vegetables in arid climates using world-leading Dutch hydroponics and climate management technologies.
"We are pleased to support Pure Harvest. Producing fresh quality food using breakthrough technology, the business today is playing a critical role in advancing the UAE’s food security ambitions," said Haytham Kamhiyah, CEO of Emirates Development Bank.
"As the MBRIF portfolio continues to grow, we proactively look to engage with entrepreneurs who are pushing the limits of innovation to bring unique solutions to today’s problems. We look forward to working closely with the team at Pure Harvest to help accelerate their growth here in the UAE and around the region, addressing food security issues," he added.
Sky Kurtz, co-founder and CEO of Pure Harvest, said: "Pure Harvest was launched with an ambition to offer true and tangible food security, helping the country’s mission toward self-sufficiency and environmental sustainability.
"We invest in world-leading controlled-environment agriculture technologies to deliver consumers the absolute best quality produce. As a UAE-based business, we are honoured to be supported by MBRIF and this strategic disbursement is instrumental in building our foundational high-tech greenhouse project, which will ultimately unlock future growth opportunities for us."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.