Saudi Arabian agriculture technology start-up Red Sea Farms said it raised $16 million as it closed its latest funding round, exceeding its initial target of $10m, to accelerate its growth in the kingdom and across the Middle East, as it focuses on sustainable food production in the arid region.
Investors from the US, UAE and Saudi Arabia – including Aramco entrepreneurship arm Wa'ed – participated in the oversubscribed pre-series A investment round in Red Sea Farms, the start-up said in a statement on Sunday.
“We look forward to working closely with our investors and our Red Sea Farms team to accelerate plans to roll out our technology in Saudi, the Middle East and North America,” Ryan Lefers, chief executive of Red Sea Farms, said.
Red Sea Farms uses mainly salt water to cool greenhouses and irrigate crops, reducing the fresh water and energy requirements by up to 10-fold, according to its website. Established in 2018, it mainly grows organic tomatoes in environment-controlled farms at a number of locations in Saudi Arabia, including Mishkat, Jaww and Thuwal.
Sustainable farming is a priority for countries in the region with arid climates to improve food security, with governments partnering with the private sector to develop new agricultural technologies.
Red Sea Farms received an initial $10m investment from Aramco's Wa’ed venture, the Saudi government-owned Future Investment Initiative, King Abdullah University of Science and Technology (Kaust) and the UAE-based venture capital group Global Ventures, according to the statement.
US-based AgriTech firm AppHarvest and investment firm Bonaventure contributed the remaining $6m in the funding round.
AppHarvest, an applied technology company building indoor farms in Appalachia, is listed on the Nasdaq in the US. It combines traditional agricultural techniques with cutting-edge technology including artificial intelligence and robotics in sustainable farming methods.
Potential investors are already exploring opportunities to be part of Red Sea Farms’ next round of fundraising in 2022, the company said.
Investors are increasingly seeking opportunities in sustainable projects that contribute to UN Sustainable Development Goals, as well as meet environmental, sustainability and governance (ESG) principles as countries seek to rebuild greener economies in the wake of the Covid-19 pandemic.
Red Sea Farms, set up by Mr Lefers along with Mark Tester and Derya Baran, aims to reduce the use of fresh water in farming by 85 to 90 per cent. It is based at Kaust in Thuwal, 96 kilometres north of Jeddah.
Red Sea Farms is initially using its technology to grow and sell tomatoes in Saudi Arabia, but ultimately plans to sell entire growing systems to buyers around the world, it said in June.
In 2019, the company received a $1.9m investment from the Kaust Innovation Fund and Riyadh-based Research Products Development Company.
Other governments in the region are also supporting AgriTech companies. Last year, Abu Dhabi said it will offer more than Dh110m ($30m) in financial incentives to companies in the sector looking to set up operations in the emirate as part of its Dh50 billion Ghadan 21 accelerator initiative.
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
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Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company%20Profile
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
Company%20profile
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
