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With Khalifa Funds deep-rooted network and resources and Elite Agro’s expertise and industry know-how, the joint project can help the UAE’s agricultural industry leap forward and enhance food security levels.
UAE’s SME and startup accelerator Khalifa Fund for Enterprise Development has teamed up with UAE-based food and agriculture investment organisation Elite Agro for a two-year project that would invigorate local production capacity and streamline day-to-day operations on a number of farms.
The joint project will have both organisations develop and operate these farms, and overhaul the local industry with inventive agricultural technologies, which would pave the way for larger and more efficient production across the board.
“This agreement will promote the spirit of entrepreneurship amongst Emirati farmers while contributing to food security in the UAE,” said Mouza Obaid Al Nasri, acting CEO of Khalifa Fund for Enterprise Development. “Through the ongoing Zari’ programme, Khalifa Fund provided AED88 million worth of financing to 88 farms that use innovative water technology. This agreement is a major step towards achieving our goal to foster entrepreneurship in the agricultural industry, providing the necessary support and funding for farmers to operate successful businesses.”
Melding together Khalifa Fund’s vast network and Elite Agro’s matchless experience in the region, the agreement will be able to create a potent platform for farmers to benefit from hyper efficient supply chains, the latest in agritech and modernised farming systems that would yield great results and catapult opportunities for UAE agriculture entrepreneurs.
The economic crisis brought on by the pandemic had food security levels incredibly turbulent, leaving governments to deal with slow or halted global supply chains that affect imports. Investing in the UAE’s agricultural industry would guide the country to slowly, but surely, become more self-reliant in terms of food production; a commodity which the UAE has to largely depend on imports.
“Khalifa Fund has a positive outlook on future agricultural projects that will benefit from this agreement,” adds Al Nasri. “Elite Agro will manage and operate a number of agricultural projects in collaboration with their owners with the end aim to improve production, increase operational efficiency, and convert them into investment-friendly projects.”
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