Pure Harvest secures $64.5m investment; Saudi Arabia expansion continues

Pure Harvest secures $64.5m investment; Saudi Arabia expansion continues
Sky Kurtz, the CEO and founder of Pure Harvest, says the company’s entry into the Kingdom will involve several farms in a number of cities. He was one of the panelists at the Future Investment Initiative.
Short Url
Updated 29 October 2021

Pure Harvest secures $64.5m investment; Saudi Arabia expansion continues

Pure Harvest secures $64.5m investment; Saudi Arabia expansion continues

RIYADH: Pure Harvest Smart Farms has secured a $64.5 million investment from Korean private equity company IMM, it was announced on Thursday at the Future Investment Initiative in Riyadh.
Now one of the highest-funded agribusinesses in the UAE, Pure Harvest aims to use the investment to expand its farms and the advanced technology it uses to further its food security mission through the use of sustainable and localized hybrid-farming with limited water usage.
“Most countries want both localized food security and food sovereignty, where they actually have sovereign access and protection for food,” said Sky Kurtz, the CEO and founder of Pure Harvest.
The company designs and operates climate-controlled greenhouse systems that allow for the localization of food production anywhere in the world, regardless of climate.
“This is a marriage of real-estate development, agronomic science, technology and manufacturing consumer-packaged goods,” Kurtz said.
Pure Harvest began in the UAE and is now expanding into Saudi Arabia and Kuwait with the aim of producing affordable and natural produce across the region. Kurtz said that the company’s entry into the Kingdom will involve several farms in a number of cities to provide as many consumers as possible with reliable access to fresh and sustainable produce.
“Saudi Arabia is a big country and our goal is to have multiple assets across the country serving the major population centers,” he added.

HIGHLIGHT

The company, one of the highest-funded agribusinesses in UAE, uses technology to improve food security through the use of sustainable and localized hybrid farming.

Kurtz told Arab News that the first Pure Harvest farms in the Kingdom will be located in NADEC City, in Haradh.
“We are partnered with NADEC (the National Agricultural Development Company),” he said.
“It’s a very large-scale existing farm and we are able to leverage NADEC’s existing infrastructure.”
The partnership will allow Pure Harvest to use a 30 megawatt solar power plant that is already in place to power its climate systems at the site near Riyadh.
“It makes economic sense, resulting in affordable produce to the consumer, but also it’s much more sustainable using solar power, leveraging existing infrastructure and food miles, and that’s where we are starting,” Kurtz said.

Over time, he added, the plan is to expand and establish farms in Jeddah, Makkah and other locations in the Kingdom to provide more sustainable farming options.
“If Saudi consumers embrace it, we will build non-stop,” Kurtz said. “I believe we can build 100 hectares of capacity (in the next few years).”
He added that the company has already hired 20 people in Saudi Arabia and plans to hire another 20 each month, eventually creating thousands of jobs at each farm.
“I encourage young Saudis to join Pure Harvest Farms; this is the future of farming,” said Kurtz.


Egypt to issue $604m of treasury bonds

Egypt to issue $604m of treasury bonds
Updated 29 November 2021

Egypt to issue $604m of treasury bonds

Egypt to issue $604m of treasury bonds

CAIRO: The Central Bank of Egypt will issue 9.5 billion Egyptian pounds ($604.3 million) in treasury bonds on Monday to finance the country’s budget deficit.

The T-bonds will be issued in coordination with the Finance Ministry.

In a statement posted on its website, the central bank said the value of the first offering is 8 billion pounds for two years. The value of the second offering is 1 billion pounds for 5 years and the value of the third offering is 500 million pounds for a period of 10 years.

The government borrows through bonds and treasury bills and government banks are the largest purchasers of these financial instruments.

The Ministry of Finance estimated the financing gap for the state’s general budget during 2021/2022 at about 1.06 trillion pounds, compared to 997.733 billion pounds during the last fiscal year, an increase of 6.31 percent, which will be financed through borrowing and issuance of securities.

Egypt had received $2.7 billion from the International Monetary Fund.

The Monetary Policy Committee of the Central Bank of Egypt decided to keep the overnight deposit and lending rate and the central bank’s main operation rate unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively.

Last month, the committee announced that the interest rate would be fixed for the seventh time in a row this year.


Saudi Fund for Development signs two agreements with Pakistan worth $4.2 billion

Saudi Fund for Development signs two agreements with Pakistan worth $4.2 billion
Updated 29 November 2021

Saudi Fund for Development signs two agreements with Pakistan worth $4.2 billion

Saudi Fund for Development signs two agreements with Pakistan worth $4.2 billion

RIYADH: The Saudi Fund for Development on Monday signed two agreements worth $4.2 billion with Pakistan. The deals aim to support the Pakistani economy.

The first agreement includes a $ 3 billion deposit to the State Bank of Pakistan to support the country’s foreign currency reserve levels and mitigate the impact of the coronavirus disease pandemic. The second deal seeks to support Pakistan in financing oil derivatives trade with $1.2 billion.

Related


Thailand plans to boost tourism through bitcoin holders: Crypto wrap

Thailand plans to boost tourism through bitcoin holders: Crypto wrap
Updated 29 November 2021

Thailand plans to boost tourism through bitcoin holders: Crypto wrap

Thailand plans to boost tourism through bitcoin holders: Crypto wrap

RIYADH: The Tourism Authority of Thailand is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrency in the country, Bloomberg reported.

Thailand is laying the groundwork for becoming a positive crypto community with the aim of attracting cryptocurrency holders and promoting tourism in it.

The country is also hoping to recover some of the $80 billion in tourism revenue lost due to the COVID-19 pandemic and subsequent lockdown.

The plan is already being discussed with the Thai Securities and Exchange Commission, the Bank of Thailand, and Bitkub Online Co., the largest crypto exchange in the country.

The authority will create a new unit next year to handle the issuance of its crypto tokens, produce a wallet, and build a new tourism ecosystem, according to Bitcoin.com.

However, Thailand does not currently recognize cryptocurrencies as legal tender.

Adoption

Robert Kiyosaki, the author of Rich Dad Poor Dad, has revealed that he is buying more Bitcoin and ether in response to the alarming rise he sees in inflation.

Meanwhile, Blockchain protocol Moonlift has unveiled a new name and a new product release as part of a large-scale rebranding initiative.

The blockchain project will be known as MoonLift Capital and will launch a decentralized exchange that will enable token exchange and liquidity mining features, Bitcoin.com reported.

MoonLift is a community-driven project that aims to provide users with passive income using blockchain technology.

The blockchain protocol also provides a one-stop solution for upcoming crypto projects across marketing, fundraising, and community building services.

MoonLift Capital is also backed by numerous partners and advisors. One of the biggest names is the DeFi startup guide LaunchZone.

MoonLift Capital will offer new projects to Launchzone, providing them with a favorable position to launch their tokens via IDO.  

Daily trading

Bitcoin traded higher on Monday rising by 4.75 percent to $56,926 at 6:38 p.m. Riyadh time.

Ether traded at $4,313, up 5.80 percent, according to data from CoinDesk.


Oil demand expected to reach pre-pandemic levels despite omicron fears: Aramco CEO

Oil demand expected to reach pre-pandemic levels despite omicron fears: Aramco CEO
Updated 29 November 2021

Oil demand expected to reach pre-pandemic levels despite omicron fears: Aramco CEO

Oil demand expected to reach pre-pandemic levels despite omicron fears: Aramco CEO

Dhahran: Aramco’s CEO is optimistic about oil demand growth next year despite fears over the new COVID-19 variant omicron. 

Oil demand will be over 100 million barrels per day in 2022, reaching pre-COVID19 levels, Amin Nasser told Arab News during a media briefing at the company's headquarter today.

On COVID-19’s new strain, he said that “the markets overreacted,” adding that the impact of omicron on demand cannot be measured without a full medical assessment.  

Nasser’s remarks came during a ceremony in Dhahran to kickoff development of the unconventional gas field Jafurah. 


Economic sentiment in the EU drops slightly; inflation on the rise in Germany and Spain: Economic wrap

Economic sentiment in the EU drops slightly; inflation on the rise in Germany and Spain: Economic wrap
Updated 29 November 2021

Economic sentiment in the EU drops slightly; inflation on the rise in Germany and Spain: Economic wrap

Economic sentiment in the EU drops slightly; inflation on the rise in Germany and Spain: Economic wrap

The EU’s Economic Sentiment Indicator slipped marginally by 1.1 points to reach 116.5 in November, the European Commission said.

The drop was attributed to a noticeable fall in consumer confidence, although among other sectors such as industry and services it remained the same. At the same time, confidence in the retail trade and construction sectors improved.

Germany, the Netherlands and Spain were among the countries that experienced a downward trend in their economic sentiment, with the latter undergoing the largest decline.

On the other hand, France had the biggest improvement in economic sentiment during the month. Italy and Poland were another two countries that had more favorable sentiment.

Inflation in Western Europe

Annual inflation rate in Spain reached 5.6 percent in November, according to preliminary estimates in a press release issued by Spain's National Statistics Institute. 

The inflation rate predicted for November will be the highest since September 1992. The increase was mainly driven by higher food prices.

In addition, the monthly inflation rate is expected to reach 0.4 percent in November.  

Meanwhile, Germany’s consumer prices are expected to rise in November by 5.2 percent from a year ago, data from Germany’s Federal Statistics Office showed. This is higher than October's 4.5 percent.

Energy costs surged by 22.1 percent while food prices went up by 4.5 percent, according to preliminary estimates.

The monthly inflation rate is expected to be a negative 0.2 percent in November.

Mexico’s unemployment

The Mexican jobless rate decelerated to 3.9 percent in October from 4.2 percent in the prior month, according to the country’s official statistics agency, INEGI.

The number of unemployed persons eased to 2.3 million, declining by 288,000 from a year earlier, the INEGI report showed.

On a seasonally adjusted basis, the jobless rate remained at 3.9 percent.