UAE-based agro-technology company Veggitech is in discussions with the Ministry of Climate Change and Environment (MOCCAE) and a leading local bank to obtain funding for a pilot project which would be implemented under a new BOT (Build-operate-Transfer) model, a senior official said.
“We are in the midst of discussions where they (MOCCAE) may give us a pilot project, which will be funded by a leading bank, which we do not wish to name at the moment. At the same time, we are approaching other UAE government entities because we are confident that we can guarantee profitability with our proven expertise and know-how in the agritech sector for the last three years,” Rami Nairat, Group CFO of SNASCO Investments, he said.
“We have been verbally told by the bank that we can start with one project, and if we are successful, they will back us with more funding. We are also discussing with several local [farm] owners in the UAE. Some owners said they are willing to fund the BOT project themselves.”
Founded in 2020, the Sharjah-based Veggitech offers protected hydroponics for traditional farms, grow-light-assisted hydroponics for vertical farms, turnkey design-build and consultancy services. It was acquired by Saudi-based regional investment company SNASCO Holding in 2021.
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