Home
|
Media Center
|
Careers
Personal
Accounts
Loans
eBanking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
Tutorials
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Our Strategy
Financials
Overview
Quarterly Reports 2010
Annual Report 2009
Annual Report 2008
Annual Report 2007
Annual Report 2006
Annual Report 2005
Annual Report 2004
Annual Report 2003
Annual Report 2001
Previous Quarter Results
Pillar Disclosures
LCR Reports
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Internet Banking
Retail login
Help
|
Alert
What do you want to do?
Select here
Access Retail Internet Banking
Home
Investor Relations
Financial News
FinancialNews
02-02-23
PIF inks agreement with AeroFarms to establish indoor vertical farms in Riyadh
(MENAFN) Saudi Arabia’s Public Investment Fund has inked a mutual project deal with US-located AeroFarms to build a firm in Riyadh to establish and function indoor vertical farms in the nation as well as the extended Middle East and North Africa area.
The agreement is going to permit the mutual project to utilize AeroFarms’ proprietary smart agriculture technology platform, AgTech, to generate high-quality crops during the whole year.
The deal is going to improve the use of natural resources, such as water and agricultural lands, via the operation of indoor vertical farming, with no necessity for arable land, resulting in mush peakier yields as well as utilizing up to 95 percent lower water versus traditional area farming, in line with a PIF announcement.
The mutual venture strategies to establish and function many farms vie the area in the upcoming few years. The initial farm in Saudi Arabia, which is estimated to be the biggest indoor vertical farm of its kind in the MENA area, is going to have a yearly output volume of up to 1.1 million kilos of agricultural products.
Majed Al-Assaf, chief of consumer goods and retail, MENA Investments Division at PIF, stated that “The agreement with AeroFarms will lead to the establishment of indoor vertical farms in Saudi Arabia and the wider MENA region, increasing regional reliance on locally produced, high-quality crops grown in a sustainable way using the latest technologies. PIF is enabling the growth of the food and agriculture sector and localizing technology that can benefit private sector industry participants.”
MENAFN02022023000045014228ID1105513119
View complete sitemap
Personal
Accounts
Loans
Mortgage
eBanking
ATM
Internet Banking
SMS Banking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
LCR Reports
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
BBK tariffs
Tutorials
Customer Protection
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Follow us