Abu Dhabi to Invest $100M in Four Agricultural Tech Firms
The Abu Dhabi investment Office (ADIO) announced that it will invest AED 367 million ($100 million) in four agritech companies that will build facilities in Abu Dhabi dedicated to developing next generation agriculture in arid and desert.
ADIO said it has partnered individually with AeroFarms, Madar Farms, RNZ and Responsive Drip Irrigation (RDI) to establish new R&D and production facilities in the emirate.
ADIO offers packages of cash and non-cash incentives awarded to the agritech companies. Including rebates of up to 75% on R&D expenditure upon commercialization of new solutions developed in Abu Dhabi.
The packages are being dispersed as part of ADIO’s AED 1 billion (USD 272 million) AgTech Incentive Program, established a year ago under the Abu Dhabi Government’s Ghadan 21 Accelerator Program that is focusing on economic, knowledge and community development across the emirate.
For his part, Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said: “It is amazing to see the ‘desert-turn-green’ before our eyes… Our Ghadan 21 accelerator program was launched just over a year ago and already, we are seeing tremendous progress."
ADIO has already allocated approximately 40% of the AgTech Incentive Program funding in the first year of the three-year program. Agritech companies looking to establish or grow their presence in Abu Dhabi can sign up to the program.