The UAE SME socio-economic development entity Khalifa Fund for Enterprise Development has partnered with UAE-based food and agricultural investment organization Elite Agro on a two-year joint project.
The memorandum of understanding signed by the two parties has been developed to manage and operate a number of protected farms with the aim of increasing their production capacity and operational efficiency by introducing the use of innovative agricultural technologies.
Mouza Obaid Al Nasri, acting CEO of Khalifa Fund for Enterprise Development, said: “This agreement will promote the spirit of entrepreneurship amongst Emirati farmers while contributing to food security in the UAE. 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.”
She added, “Elite Agro are experienced in the field of agricultural investment, with extensive experience managing farms, both traditionally and those utilising modern farming systems. Khalifa Fund has a positive outlook on future agricultural projects that will benefit from this agreement. 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.”
The two-year agreement will allow farmers to benefit from Elite Agro’s vast experience and encourage the exchange of knowledge pertaining to research and development in the produce industry.