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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
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