CP approves Dh1 billion of incentives for AgTech firms

abu dhabi — His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has approved a series of incentive packages totalling up to Dh1 billion for local and international agriculture technology (AgTech) companies to build and grow a presence in Abu Dhabi.

The announcement aims to drive the development of the AgTech ecosystem and to establish Abu Dhabi as a global centre for desert environment agriculture innovation.

Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Chairman of the Executive Committee and Member of the Abu Dhabi Executive Council, said: “This initiative has been launched to accelerate the growth of local AgTech companies and encourage other leading international companies in the field to invest in Abu Dhabi. Helping to transform the sector and in turn, create new opportunities that will positively impact the economy.”

“Abu Dhabi offers strong and competitive investment opportuni-

ties for AgTech companies that will enable them to scale their innovative products. In addition to Abu Dhabi’s well established logistics sector, our geographical location offers great expansion opportunities with millions of consumers located in surrounding countries all with growing economies and increasing food consumption,” he added.

The initiative, led by the Abu Dhabi Investment Office (ADIO), is part of the Abu Dhabi Government’s economic accelerator programmeme

“Ghadan 21”. The creation of an advanced AgTech sector is intertwined with the strategic knowledge pillar of the Ghadan programme.

Leveraging Abu Dhabi’s climate and environment including plentiful land availability, natural heat and sunlight conditions, incentive packages will be awarded to companies focused on delivering solutions within three key sub-sectors: Precision Farming and Agriculture Robotics; Bioenergy (algae); and Indoor Farming.

The AgTech packages being launched by the ADIO will not only create a vibrant AgTech ecosystem, but are also expected to generate over Dh1.650 billion ($450 million) of GDP contribution and create more than 2,900 jobs in the emirate by 2021.

The programme aims to create a vibrant ecosystem for testing technologies and provide avenues for offtake agreements with local, commercial and international farms. It will also promote the adoption of innovative agriculture technologies and stimulate stability and positive competition within the AgTech ecosystem. The initiative is in line with the broader UAE federal agenda aimed at attracting global companies to establish an advanced AgTech ecosystem in the UAE.

Ghadan 21 is a three-year, Dh50-billion Abu Dhabi Development Accelerator Programme endorsed by Sheikh Mohamed bin Zayed Al Nahyan. Ghadan 21 is anchored around four main pillars: Social, Economic, Liveability and Knowledge. —