Saudi Arabian agriculture technology start-up Red Sea Farms has raised $10 million that it said will go to build and retrofit more than six hectares of commercial farming operations in the Kingdom.
The funding is led by Saudi and UAE investors, including the Aramco entrepreneurship arm Wa’ed, the non-profit foundation Future Investment Initiative Institute, KAUST, and Global Ventures, a UAE venture capital group, the company said in a statement on Monday (June 7).
Red Sea Farms spun out of King Abdullah University for Science and Technology (KAUST) in 2018 when it started growing tomatoes to sell in Saudi Arabia, using a system that runs on solar and salt water, cutting fresh water consumption by up to 90%.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
