Abu Dhabi-based agriculture technology start-up Pure Harvest Smart Farms has announced plans to acquire a six-hectare controlled-environment agriculture production facility near Riyadh.
The site is currently operated by RedSea, a climate AgriTech company founded in Saudi Arabia in 2018 that specialises in proprietary technology that helps to advance commercial farming in warmer climates.
“We are delighted to partner with RedSea and to support its strategic transition,” said Sky Kurtz, co-founder and chief executive at Pure Harvest.
“Both companies wholeheartedly believe that technology will play a critical role to mitigate climate change and ensure the availability, affordability, safety and sustainability of food.”
The announcement was made at the Cop28 climate change conference in Dubai, where Pure Harvest and RedSea have a presence.
Mr Kurtz also said the transaction would allow Pure Harvest to expand its footprint in the kingdom.
RedSea co-founder Ryan Lefers spoke about his company’s decision to transfer control of the facility. “We always planned a transition from farm ‘operator’ to a pure play technology company,” he said.
The company used the site to better understand the challenges faced by “future farm-operator customers”, he added.
“We walked in their shoes were able to develop and field test a compelling suite of agri-climate technology solutions,” he said.
The announcement coincided with Cop28’s food, water and agriculture theme day on Sunday.
Pure Harvest will also officially commence operations of the facility in January. According to the company, as part of the transaction, it will also secure a 40-hectare landbank near the site, in partnership with Alajaweed Farm.
“We are grateful to RedSea and to Alajaweed Farm for the trust they have placed in Pure Harvest, and for their innovative and collaborative approach working as one towards our unified vision,” Mr Kurtz said.
United Arab Emirates Dirham Exchange Rate
