- Technology may alleviate challenges to growing outdoor crops, Forbes reports
- PIF and American company AeroFarms to build and operate largest indoor vertical farm in Saudi Arabia
- The Fund is investing in many strategic domestic sectors, including food and agriculture
To assuage the challenges of growing crops and a reliance on importing food, vertical farming technology could increase significantly in countries where space is in short supply, including Singapore, or in nations with harsh climates, such as the Middle East, according to a business feature published in Forbes.
The recent announcement of the joint venture between PIF and American company AeroFarms to build and operate indoor vertical farms in Saudi Arabia – including the largest of its kind in the region – and across the Middle East follows another joint venture between Saudi Arabia’s Mowreq Specialized Agriculture and Taiwan’s YesHealth Group. This will see the first indoor vertical farm opening in Riyadh by the end of this year, Forbes noted.
The media company reported on other developments taking place across the region, from AeroFarms’ partnership with Qatar Free Zones Authority (QFZA) and Doha Venture Capital to build a vertical farm in Qatar to, arguably, the world’s largest vertical hydroponic farm, which launched at a 305,058-square-meter UAE site last year.
Marc Oshima, Co-Founder and Chief Marketing Officer of AeroFarms, was cited by Forbes: “Vertical farming will play an important role in addressing food security and food sovereignty.”
PIF is investing in many strategic domestic sectors, including food and agriculture. This will help to benefit the local private sector, expand its market reach and position Saudi Arabia as a leader in vertical farming.
Read the full Forbes article here.
Other media coverage of PIF and AeroFarms’ joint venture from Reuters, Gulf Business, Arab News, The National and Zawya.
Content on third-party media sites does not necessarily represent the views of PIF, its portfolio companies, or affiliates.
