Wafra to invest $100m in UAE’s Pure Harvest Smart Farms

UAE-based fresh produce company Pure Harvest Smart Farms has secured a multi-stage investment guarantee of more than $100m from Kuwait’s Wafra International Investment Company (Wafra).

Wafra is leading Pure Harvest’s $20.6m Series A financing round and has agreed to initially make a $10m capital injection.

The investment will be used by the agri-business for the development and deployment of advanced controlled-environment agriculture solutions to grow premium quality fresh fruits and vegetables.

Pure Harvest Smart Farms founder and CEO Sky Kurtz said: “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, nutrient-rich 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 growth, key hires, enhancing our technology portfolio, and ultimately to deliver our solution across the region, including in Wafra’s home market of Kuwait.”

The investment from Wafra is said to be the largest in agriculture technology in the Middle East, North Africa, Pakistan and Turkey (MENAPT) region.

As part of the investment, Wafra CEO Ghazi Al-Hajeri will join Pure Harvest’s board of directors.

Al-Hajer said: “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.

“We have earmarked $100m to support future expansions should the company continue to perform. We look forward to working alongside Pure Harvest to enhance food security, water conservation and economic diversification by building a more sustainable food future for Kuwait and our entire region.”