The Public Investment Fund (PIF) of Saudi Arabia has signed a joint venture agreement with AeroFarms. The partnership aims to establish indoor vertical farms in Saudi Arabia and the broader Middle East and North Africa (MENA) region, intending to increase regional food supply and optimize the use of natural resources.
Majed AlAssaf, Head of Consumer Goods and Retail, MENA Investments Division at PIF, said: “The deal with AeroFarms will guide to the establishment of indoor vertical farms in Saudi Arabia and the wider MENA region, growing regional reliance on locally produced, high-quality crops are grown in a sustainable way using the latest technologies. PIF enables the growth of the food and agriculture sector and localizing technology that can benefit private sector industry participants.”
The joint venture between PIF and AeroFarms will play a vital role in the growth and diversification of the Saudi economy. The partnership will enable the growth of the agriculture sector and localize technological solutions, contributing to the country’s overall development. In addition, AeroFarms, with its strong track record of large-scale commercial farming, will bring its proprietary AgTech platform to the partnership, further enhancing its capabilities.
David Rosenberg, Co-Founder and CEO of AeroFarms, commented: “Our mission is to grow the best plants possible for the betterment of humanity, and we created AeroFarms to help solve the greatest agriculture challenges and increase food resiliency around the world. We are excited to partner with PIF to build our first large-scale commercial farm in Saudi Arabia, where the growing conditions are challenging with limited access to fresh water and arable land. In addition, we envision building smart indoor vertical farms together throughout the broader MENA region.”
The joint venture plans to build and operate several indoor vertical farms in the next few years, starting with a farm in Saudi Arabia with an annual production capacity of up to 1.1 million kgs of crops. The partnership between PIF and AeroFarms aligns with PIF’s strategy to develop and enable critical sectors, including food and agriculture, which will improve the trade balance and position Saudi Arabia as a leader in vertical farming.
Image provided by AeroFarms
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