Mohammed bin Rashid Innovation Fund announces AED 5.5 million Disbursement in UAE start-up Pure Harvest
Disbursement to unlock growth opportunities and expansion across the region, aligned with UAE National Innovation Strategy
Dubai, 02 October 2018 – The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB), today announced a disbursement of AED 5.5 million to UAE headquartered Pure Harvest.
A regional innovator in sustainable agriculture, Pure Harvest aims to address food security issues and water scarcity in the UAE while achieving resource efficiency and overcoming local climate challenges. Founded in October 2016, the Abu Dhabi based agricultural start-up is focused on the production of greenhouse fruits and vegetables in arid climates using world-leading Dutch hydroponics and climate management technologies. The current fund from MBRIF will be deployed towards construction and pre-production of Pure Harvest’s foundational, high-tech greenhouse in Nahel, UAE.
“We are pleased to support Pure Harvest. Producing fresh quality food using breakthrough technology, the business today is playing a critical role in advancing the UAE’s food security ambitions. As the Mohammed bin Rashid Innovation Fund portfolio continues to grow, we proactively look to engage with entrepreneurs who are pushing the limits of innovation to bring unique solutions to today’s problems. We look forward to working closely with the team at Pure Harvest to help accelerate their growth here in the UAE and around the region, addressing food security issues,” said Haytham Kamhiyah, Chief Executive Officer, Emirates Development Bank. In line with the UAE National Innovation Strategy, the Mohammed bin Rashid Innovation Fund (MBRIF) explores funding in innovative businesses in the fields of renewable energy, transportation, education, health, water, technology and space.
Pure Harvest’s tech-enabled approach to arid climate agriculture is expected to create a positive shift in the agriculture industry in the region, by enabling fresh fruit and vegetable production all year-round, using advanced, resource-efficient growing methods and climate management technologies.
“Pure Harvest was launched with an ambition to offer true & tangible food security, helping the country’s mission toward self-sufficiency and environmental sustainability. We invest in world-leading controlled-environment agriculture technologies to deliver consumers the absolute best quality produce. As a UAE-based business, we are honored to be supported by MBRIF and this strategic disbursement is instrumental in building our foundational high-tech greenhouse project, which will ultimately unlock future growth opportunities for us,” said Sky Kurtz, Cofounder and CEO of Pure Harvest.
The Mohammed bin Rashid Innovation Fund (MBRIF) was founded to financially support entrepreneurs and SME’s with unique and innovative ideas who can drive the success of the UAE through contributing to the prosperity and sustainability of the country. Applicants must be residents of the UAE, or alternatively have their company registered in the UAE.
MBRIF is actively pursuing investment opportunities in fast-growing UAE SME’s that have the potential to deliver a large-scale impact that is consistent with its visionary mandate.
Home >> Banking & Investments Section
Mercato Hosts Special Iftar Event for Students of Determination from Rashid Cent ...
Tag Heuer Ambassador And Skateboarding World Champion Sky Brown Soars Above Towe ...
Students of Sharjah Performing Arts Academy Perform Their Own Production and Exe ...
Ski Dubai, in partnership with Dubai Sports Council, to host DXB Snow Run on 19 ...
Lola Cars returning to top-tier global motorsport with technical partners Yamaha ...
Nissan Becomes First Formula E Manufacturer To Commit To Gen4 Until At Least 203 ...
Mandarin Oriental And Its Global Celebrity Fan, Alia Bhatt, Host The Hope Gala, ...
Hotel Indigo Redefines Art Experience with Launch of Keerthana's First Supper
Roghani, Golestan claim Padel crown at 11th Nad Al Sheba Sports Tournament
ADNOC Distribution Shareholders Approve New Five-Year Dividend Policy As Company ...
flydubai adds two destinations in the Kingdom of Saudi Arabia
Media Statement on the occasion of Zayed Humanitarian Day: Humaid Al Dhaheri, Ma ...
Snap, Savour and Win: Dubai Food Festival and Gulf Photo Plus Launch Photograph ...
Greenpeace MENA Reveals North Africa's Polluters- Time for Urgent Action!
Hotpack Global MD emerges Founding VC of Paper and Tissue Business Group at Duba ...
Dubai Shopping Malls Group Set To Delight Shoppers With New ‘Shop. Scan & Win' E ...
Power to progress: Kia K4 next-generation compact sedan sets new design standard ...
Etihad Rail signs agreement for waste management services with BEEAH Group
Rowland Seeks To Extend Nissan's Podium Streak In Front Of Sell-Out Home Crowd A ...