عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Abu Dhabi to Invest $100M in Four Agricultural Tech Firms

There are approximately 24,000 farms currently operating in Abu Dhabi that use modern irrigation and hydroponic techniques to grow produce in minimal water. Asharq Al-Awsat
There are approximately 24,000 farms currently operating in Abu Dhabi that use modern irrigation and hydroponic techniques to grow produce in minimal water. Asharq Al-Awsat
TT
TT

Abu Dhabi to Invest $100M in Four Agricultural Tech Firms

There are approximately 24,000 farms currently operating in Abu Dhabi that use modern irrigation and hydroponic techniques to grow produce in minimal water. Asharq Al-Awsat
There are approximately 24,000 farms currently operating in Abu Dhabi that use modern irrigation and hydroponic techniques to grow produce in minimal water. Asharq Al-Awsat

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.

Most Viewed

 
 
Business

UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
TT
TT

UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.