Elite Agro and Khalifa Fund sign MoU
The Memorandum of Understanding will see a number of farms in the UAE introduce innovative agricultural technologies to boost capacity and efficiency
UAE producer Elite Agro has signed a two-year Memorandum of Understanding (MoU) with Khalifa Fund for Enterprise Development, the country's leading SME socio-economic development entity.
The MoU has been agreed 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.
The MoU was signed virtually by Mouza Obaid Al Nasri, acting CEO of Khalifa Fund for Enterprise Development, and Dhafer Rashed Alqasimi, general manager of Elite Agro.
“This agreement will promote the spirit of entrepreneurship amongst Emirati farmers while contributing to food security in the UAE," said Al Nasri. "Through the ongoing Zari’ programme, Khalifa Fund provided AED88m (€20.9m) 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.”
Al Nasri welcomed Elite Agro's experience in the field of agricultural investment and in managing both traditional farms and those using modern farming systems.
"Elite Agro will manage and operate a number of agricultural projects in collaboration with their owners," she said, "with the end aim to improve production, increase operational efficiency and convert them into investment-friendly projects.
“Our two-year agreement will allow farmers to benefit from the vast experience of Elite Agro, as well as play an instrumental role in bringing modern technology to those projects. It will encourage the exchange of knowledge pertaining to research and development in the produce industry, organise scientific and technical meetings surrounding innovation and tech in agriculture, and strengthen the engagement of UAE nationals in the fresh produce industry.”
“We are very proud of this partnership with Khalifa Fund and we plan on working closely together to develop the agricultural industry in the UAE," said Elite Agro's Alqasimi. "Khalifa Fund was one of the first entities to support innovative technologies that decrease the cost of agricultural production through decreased water and energy consumption.
“Elite Agro has a vast experience in this field, utilising the latest agro-tech, pointing to their preparedness to contribute towards sharing the knowledge and technology needed to advance targeted agricultural projects and to improve the quantity and quality of production.”