SABIC gets a brand boost

A general view shows the SABIC headquarters in Riyadh, Saudi Arabia. (Reuters)
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Updated 23 January 2020

SABIC gets a brand boost

  • SABIC has now entered the list of top 500 global brands

LONDON: Saudi petrochemical giant SABIC has received a boost to its brand value after a new survey saw it jump 9.3 percent to $4.33 billion in 2020, according to the independent brand valuation consultancy, Brand Finance.

“This reflects the growing positive perception of SABIC,” Brand Finance said in a statement.

SABIC has now entered the list of top 500 global brands.

“The strength of our global brand demonstrates our collaborative approach to business and our commitment to maintaining long-term relationships based on trust,” said SABIC CEO Yousef Al-Benyan.

Last year the petrochemicals company launched its first-ever global brand advertising campaign to raise the company’s awareness, understanding, and engagement with global influencers.

Brand Finance utilizes a bespoke methodology to determine a company’s brand value. Factors considered include stakeholder familiarity, satisfaction, and forecasted business performance.

UAE agri-business firm Pure Harvest gets $100 million commitment from Kuwait’s Wafra

Updated 1 min 27 sec ago

UAE agri-business firm Pure Harvest gets $100 million commitment from Kuwait’s Wafra

DUBAI: Abu Dhabi-based agri-business venture Pure Harvest Smart Farms on Monday said it has secured a $100 million multi-year funding commitment from Kuwait’s Wafra International Investment Company, the biggest agriculture technology investment in the region.

Pure Harvest managed to raise $20.6 million in its Series A financing round, with the Kuwaiti asset management firm – which has $6 billion assets in its portfolio – the biggest financial backer with a $10 million capital injection.

Pure Harvest Smart Farms supplies tomatoes grown in an enclosed, environment-controlled farm to supermarkets – including Carrefour, Spinney’s and Waitrose – hotels and restaurants in the UAE. Proceeds from its initial fund-raising activity would be used to finance planned expansion activities in the Gulf region.

“The recent COVID-19 crisis and resulting supply chain disruptions further highlight the need for sustainable local-for-local food production capacity, especially for fresh, nutrient-rich foods,” Sky Kurtz, the founder and chief executive of Pure Harvest Smart Farms, said in a statement.

“Together with structured debt financing that we are simultaneously arranging, we will invest Wafra’s funds in growth, key hires, enhancing our technology portfolio, and ultimately to deliver our solution across the region – including in Wafra’s home market of Kuwait.”

Ghazi Al-Hajeri, chief executive of Wafra International Investment Company, meanwhile said: “The Arabian Gulf food system is undergoing a monumental shift toward a technology-enabled farming model in order to meet consumer demands for affordable, high quality foods.”

When you combine the local abundance of sunlight with energy and water-efficient climate management systems, the region makes a compelling case as one of the best places in the world for horticulture – a ‘contrarian’ thesis we believe in and that led us to invest in Pure Harvest. “

Pure Harvest recently signed a deal with the Alliances for Global Sustainability, which was founded by Sheikha Shamma bint Sultan bin Khalifa Al-Nahyan, to secure over 30 hectares of land in Al-Ain to expand its modernized farming facilities.