PIF and AeroFarms sign joint venture agreement to build indoor vertical farms in Saudi Arabia and the wider MENA region

PIF and AeroFarms sign joint venture agreement to build indoor vertical farms in Saudi Arabia and the wider MENA region

- PIF and US-based AeroFarms plan to build and operate in Saudi Arabia the largest indoor vertical farm of its kind in the MENA region, utilizing the latest technologies with an annual production capacity of up to 1.1 million kgs of crops

- Vertical farming is expected to boost regional food supply through increased production of sustainable, locally produced high-quality crops

RIYADH-KSA:– The Public Investment Fund (“PIF”) today signed a joint venture agreement with AeroFarms, a US-based commercial market leader in vertical farming, to establish a company in Riyadh to build and operate indoor vertical farms in Saudi Arabia and the wider Middle East and North Africa (MENA) region.

The agreement will optimize the utilization of natural resources, including water and agricultural lands, through the implementation of indoor vertical farming, with no need for arable land, resulting in significantly higher yields and using up to 95% less water versus traditional field farming.

The partnership is expected to enable sustainable, local sourcing of high-quality crops all year round, grown using AeroFarms’ proprietary smart agriculture technology (“AgTech”) platform, which helps solve broader supply chain needs in the industry. The joint venture plans to build and operate several farms across the region in the next few years.