UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion

UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion
Sky Kurtz, Co-founder & CEO, of Pure Harvest Smart Farms (Pure Harvest Smart Farms)
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Updated 30 June 2022

UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion

UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion

RIYADH: UAE-based agritech Pure Harvest Smart Farms raised $180.5 million in its latest funding round by global investors including venture capital firm, IMM Investment Corp, and Saudi-based billionaire group, Olayan Group.

The company will use its acquired funding to invest in research and development as well as expand into the Gulf Cooperation Council and Asia markets, Wamda reported.

“I believe this funding will allow them to unleash significant potential, and to meet growing food demands in many new markets,” an Olayan Group spokesperson said in a statement.

Founded in 2016, the company uses hydroponic technology to grow fruits and vegetables in harsh environments and has raised a total funding of over $387 million.


Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap
Updated 21 sec ago

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

MOSCOW: Russia plans to spend 3.19 trillion roubles ($54.62 billion) from its National Wealth Fund this year to cover its budget deficit, a draft budget published on the finance ministry’s website showed on Wednesday, according to Reuters.

In 2023, Russia intends to spend 1.95 trillion roubles on budget deficit financing from the NWF, a rainy-day fund made up of oil and gas revenues, and another 643.7 billion roubles in 2024.

The ministry intends to issue 2.5 trillion roubles worth of OFZ treasury bonds as it seeks to ramp up domestic borrowing in 2023, the document showed.

In 2024, the ministry plans to borrow 3.4 trillion roubles and another 3.4 trillion roubles in 2025.


MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 
Updated 1 min 47 sec ago

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

RIYADH: Iraq has approved a project to build a $50 million industrial city in tandem with its post-war reconstruction initiative, reported Zawya.  

Located in the center of the Najaf Governorate, the new city will stretch over 9.5 sq. km, and encompass many different industries such as petrochemicals, lubricants, glass and detergents.

“This project will provide 5,000 jobs to Iraqis and its cost could exceed $50 million…we have received cabinet approval and have already selected a contractor,” said Dirgham Kiko, chairman of the Najaf Investment Commission.

It is expected to be completed within two years.

Petrofac’s contract extended in the Haliba oil field

UK-based Petrofac will continue supporting operations at the Haliba oil field in Abu Dhabi for the next two years, according to an agreement with Al-Dhafra Petroleum — a subsidiary of Abu Dhabi National Oil Co. Group.

Al-Dhafra Petroleum originally selected Petrofac for this contract in September 2019, reported MEED.  

ASHGHAL requests pre-qualification documents

Qatar’s Public Works Authority has requested prequalification documents for four construction contracts that make up the South of Wakrah and New District of Doha pumping station and outfall scheme, reported MEED.

The contract has been tendered since mid-August, and bids will be closed by Oct. 23.


Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round
Updated 10 min 51 sec ago

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

Egypt property-tech startup Partment raises $1.5 million in a pre-seed funding round

RIYADH: Egypt-based property technology startup Partment raised $1.5 million in a pre-seed funding round led by venture capital firm Nclude.

The company will use its acquired funding to deploy its platform by offering a solution for home co-ownership in Egypt.

Founded in 2022, the platform allows users to explore different listings of homes and co-own properties with 40+ nights per year to use the property.

“Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market,” Nadim Nagui, CEO at Partment, said in a statement.


MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year
Updated 18 min 26 sec ago

MAWANI achieves 14% increase in container volume this year

MAWANI achieves 14% increase in container volume this year

RIYADH: The Saudi Ports Authority, MAWANI, has achieved an increase in the volume of handling containers during the current year by 14 percent to reach 212 million tons.

The head of the Public Transport Authority, Rumaih Al-Rumaih, said at the Saudi Maritime Conference the King Abdulaziz Port now stands 14th in the world for container volume — up from 88th.

The Kingdom’s strategic location and its view of the most important waterways for world trade contributed to the transit of 70 percent of the Kingdom’s imports and 90 percent of its exports, Al-Rumaih added. 

Meanwhile, MAWANI signed agreements to establish five logistic zones in Jeddah Islamic Port with an investment value of nearly SR2 billion ($531 million), the head of Saudi Ports Authority, Omar Al-Hariri said. 

The Kingdom has all the ingredients for success, and through the national transport strategy, we will reach a bright future, Al-Rumaih added.


UAE In-Focus — Oman, UAE establish joint rail company; ADQ identifies $8.7bn investment in Oman

UAE In-Focus — Oman, UAE establish joint rail company; ADQ identifies $8.7bn investment in Oman
Updated 21 min 6 sec ago

UAE In-Focus — Oman, UAE establish joint rail company; ADQ identifies $8.7bn investment in Oman

UAE In-Focus — Oman, UAE establish joint rail company; ADQ identifies $8.7bn investment in Oman

RIYADH: Oman Rail has signed an agreement with Etihad Rail, UAE’s national developer and operator of railway networks, to jointly establish an equally-owned company named Oman-Etihad Rail Co. 

The agreement was signed on the sidelines of UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s visit to Oman. 

According to a report from news agency WAM, $3 billion will be invested in the new entity to design, develop and operate a railway network connecting Sohar Port to the UAE National Rail Network.

Upon development of this railway network, the travel time from Sohar to Abu Dhabi will be reduced to 1 hour 40 minutes, and from Sohar to Al Ain to 47 minutes, as the trains will move at a speed of 200 kilometers per hour. 

Meanwhile, the freight trains will run up to 120 km/h.

ADQ and OIA identify $8 billion in investments in Oman

ADQ, an Abu Dhabi-based investment and holding company, conducted discussions with the Oman Investment Authority and identified investment opportunities worth over AED 30 billion ($8.17 billion) in new projects within Oman. 

This happened on the sidelines of UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s visit to Oman.

According to a statement, these investment opportunities range across sectors which include hydrogen, solar and wind, green aluminum and steel, as well as water and electricity transmission lines. 

The statement further added that ADQ is also eyeing investment opportunities in the food and agriculture, logistics, technology, and healthcare sectors.

“As part of the UAE’s long-standing bilateral relationship with Oman, we discussed several potential strategic opportunities that can unlock significant synergies and value through joint collaboration across key industries in the Sultanate,” said Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ.