Templeton joins funding for UAE agritech Pure Harvest Smart Farms
Published 15 Mar,2021 via Bloomberg Markets - United Arab Emirates-based agricultural technology firm Pure Harvest Smart Farms raised $60 million as it looks to expand across the Gulf at a time when the pandemic has exposed risks to food security in the region.
The company’s latest funding consists of a $50 million structured Islamic bond led by Dubai-based finance firm Shuaa Capital PSC, alternative investment manager Sancta Capital Group and Franklin Templeton Investments (ME) Ltd.
Supply disruptions during the coronavirus pandemic have highlighted the potential food security risks for countries like the UAE, whose desert climate with soaring summer temperatures means it has to import most of its food from abroad. The country has lately been supporting local food production and investing in greenhouses, aqua culture and vertical farms.
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Nicolas Parasie