TLDR:
- US vertical farming startup Plenty is teaming up with Mawarid in a $680 million deal to boost indoor farming in the Middle East.
- They plan to establish five cutting-edge indoor farms in the region over the next five years, starting with a $130 million investment in Abu Dhabi.
Key Points: US vertical farming startup Plenty is partnering with Mawarid, a subsidiary of Alpha Dhabi Holding, in a $680 million deal to expand indoor farming in the Middle East. The collaboration aims to address regional food security and resource challenges while meeting market demand for sustainable produce. The venture will establish five indoor farms, starting with a $130 million facility in Abu Dhabi that will produce over 4.5 million pounds of strawberries annually for local and Gulf Cooperation Council markets.
Market Impact: The partnership signifies a significant step towards sustainable agriculture by utilizing indoor farming technology. As traditional venture capital funding for indoor farming has decreased, Plenty’s strategy targeting over 20% returns presents substantial capital potential. The collaboration also highlights a global shift towards sustainability in food production, particularly in arid regions like the Middle East.
Investment Opportunities: The partnership between Plenty and Mawarid opens up new opportunities for investors interested in innovative agricultural solutions. With strong market demand for sustainably grown produce and partnerships with prominent investors like SoftBank and Walmart, Plenty’s model could pave the way for sustainable practices in food production globally.
