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Abu Dhabi-based Emirates Development Bank to support Dubai’s Food Tech Valley
EDB will leverage funding worth $8 million to approximately 13,000 companies by 2026.
The UAE is leveraging initiatives to priotize local produce while embracing agricultural technology to address pressing challenges of food security facing the country. To support food tech enterprises based within Food Tech Valley, Dubai’s food technology hub has entered into an agreement with Abu Dhabi-based Emirates Development Bank (EDB).
The collaboration seeks to bolster the national vision to better secure agritech efforts from the UAE while diversifying the oil-dependent economy and investing in future-proofing food security in the region.
As per the collaboration, EBD and Food Tech Valley will provide financing to tech-based companies already operating in the hub and those aspiring to set up in the near future. The two parties will also assist in professional guidance and knowledge transfer.
By leveraging the expertise of both parties, the partnership will enhance the offerings of Food Tech Valley’s tenants while creating an environment that attracts local and foreign direct investment in the food sector to fortify UAE as a global food-tech hub with leading agritech solutions.
Food Tech Valley, launched in May 2021, is among a series of projects that aim to enhance the country’s food, water, and agricultural systems in line with the National Food Security Strategy. Food Tech Valley’s mission is to further improve and support agritech solutions such as hydro and vertical farming technologies.
The collaboration is in line with the Ministry of State for Food and Security’s goals to make the nation’s food supply systems more self-reliant and resilient. Accordingly, the valley has four clusters to establish a network to export technical expertise for a sustainable food supply chain. These sectors focus on agritech, engineering, R&D, and advanced smart food logistics hub.
To bolster its positioning and goals, EDB will leverage funding worth $8mn (Dh30mn) covering direct and indirect lending to approximately 13,000 companies by 2026, the company has said.