Middle East Update
WAFRA LEADS PUSH FOR GCC FOOD SECURITY WITH $100 MILLION COMMITMENT
W
afra is leading Pure Harvest’s $20.6 million Series A financing round with an initial $10 million capital injection, the first step in a multi-phase regional expansion to deliver sustainably-grown safe, delicious & affordable fresh produce throughout the GCC. Pure Harvest Smart Farms (the “Company”), the region’s leading techenabled agribusiness, announced it has secured amulti-stage investment commitment valued at over $100 million with Wafra International Investment Company (“Wafra”), a wholly owned subsidiary of The Public Institution for Social Security, making it the largest-ever agriculture technology investment in the MENAPT region. In connection with the investment in Pure Harvest Smart Farms, Ghazi Al-Hajeri, CEO of Wafra, will join Pure Harvest’s Board of Directors. The strategic investment from Wafra will drive the Company’s development and deployment of advanced controlledenvironment agriculture solutions across the region to sustainably grow premium quality fresh fruits
32 Gulf Agriculture | www.gulfagriculture.com
& vegetables—regardless of outdoor climate conditions. Pure Harvest designs, builds and operates high-tech, climate-controlled greenhouse systems that convert the region’s abundant natural sunlight into premium quality, pesticide-free fresh fruits & vegetables. With core innovations in climate management solutions to maximize control of humidity and temperature, Pure Harvest has proven that it can create an optimal growing environment anywhere using substantially less water than traditional forms of agriculture. “The global need for innovation in agriculture has never been greater. The recent COVID-19 crisis and resulting supply chain disruptions further highlight the need for sustainable local-for-local food production capacity, especially for fresh, nutrientrich foods. This visionary multi-phase investment commitment from Wafra has given us the resources needed to secure our foothold as a pioneer in controlled- environment agriculture in the Middle East. Together with structured debt financing that we are simultaneously arranging, we will invest Wafra’s funds in
Ghazi Al-Hajeri, CEO, Wafra
growth, key hires, enhancing our technology portfolio, and ultimately to deliver our solution across the region – including in Wafra’s home market of Kuwait.” said Sky Kurtz, Founder & CEO, Pure Harvest Smart Farms. "Wafra’s investment into Pure Harvest acknowledges the significant potential of controlled-environment agriculture in solving the food security challenges facing the Arabian Gulf region, including Kuwait" Mr. Al-Hajeri said. “The Arabian Gulf food system is undergoing a monumental shift toward a technology-enabled farming model in order to meet consumer demands for affordable, high quality foods. When you combine the local abundance of sunlight with energy & water-efficient climate management systems, the region makes a compelling case as one of the best places in the world for horticulture – a ‘contrarian’ thesis we believe in and that led us to invest in Pure Harvest. We have earmarked $100 million to support future expansions
March-April 2020
