UAE agriculture tech startup secures $120 million investment

According to Reuters, United Arab Emirates (UAE) agriculture technology startup Pure Harvest Smart Farms has raised $20.6 million in fresh funding and secured commitments for a further $100 million. Wafra International, an investment firm owned by the Kuwait state pension agency, is investing $10 million of the new funding and committing $100 million in equity and project financing.

Pure Harvest Smart Farms supplies tomatoes grown in an enclosed, environment-controlled farm to supermarkets, hotels, and restaurants in the UAE. The company plans to significantly expand operations in the UAE, where it recently secured 30 hectares (74 acres) of land, and to Saudi Arabia. Pure Harvest Smart Farms expects to have its new UAE farms operational by the end of the year, and farms running in Saudi Arabia, where it has secured 6 hectares (15 acres) of land, in the first quarter of 2021.