PIF-owned Saudi Downtown Company, RedSea to work together

Saudi agtech firm RedSea has partnered with the Saudi Downtown Company (SDC) – a fully-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF).

Red Sea is known for enabling commercial farming in hot environments globally.

The new partnership, underscored by an MoU, will see the two parties discuss the design, building, and operation of RedSea greenhouses at SDC locations across the kingdom.

Each downtown project is a mixed-use development that will provide a platform to enhance the quality of life and promote economic growth across 12 Saudi cities.

HRH the Crown Prince unveils the #Saudi_Downtown Company, #aPIFcompany, which aims to build and develop downtown areas and mixed-use destinations in 12 cities across Saudi Arabia.

Learn more: https://t.co/dxqzPb0m55 pic.twitter.com/ywpoijViGz

— Public Investment Fund (@PIF_en) October 3, 2022

The partnership will see the integration of sustainable greenhouses into modern city landscapes with original concepts designed to highlight the rich culture and tradition of each area, according to a statement.

Read: Saudi launches company to develop world’s largest downtown in Riyadh

Advanced tech in greenhouses

The greenhouses are not only sustainable but also include the most advanced technologies.

The facilities will also be promoted as attractive destinations in the kingdom for visitors through creative experiences and culinary-driven offerings.

New job and training opportunities for locals can also be expected in horticultural management, juice bars and cafes as a result of this partnership.

RedSea’s technologies span from the roots of the fruits and vegetables to the roof of the greenhouse and have been proven in its six-hectare facility near Riyadh and its research and development facility in KAUST.

Ryan Lefers, CEO and co-founder of RedSea, said: “We are excited to announce our collaboration with SDC. The greenhouses are not only sustainable and inclusive of the most advanced technologies.

“The facilities themselves are designed as experience centres for community visitors whilst also providing agriculture education as well as economic advantages.

“We are delighted to be working with key Saudi partners such as SDC to further our mission to feed the world sustainability while significantly scaling our business.”

Dr Ryan Lefers, CEO at Red Sea Farms is stimulating consumer interest in nutrient-rich fresh produce whilst reducing pressure on energy and freshwater resources #KAUST_SustainableFoodSecurityKSA pic.twitter.com/PrNpyLyCWm

— Vanessa MELINO (@vanessa_melino) March 16, 2022

RedSea: Pioneering sustainable solutions

RedSea has a full platform of proprietary technologies including transparent nanomaterial which allows visible light through whilst absorbing the heat.

It has a smart enterprise remote monitoring and control system enabling higher yields and sustainability for agriculture producers in hot climates globally.

Its goal is to become a world leader in providing sustainable technologies for hot environments, pioneering sustainable solutions to tackle food insecurity.

RedSea now has its technology deployed in seven countries and is currently delivering produce to over 100 retail locations across Saudi Arabia, under the Red Sea Farms produce brand.

This partnership with SDC is part of the portfolio of high-profile sustainable farm facilities RedSea is building, including RedSea Global and Silal.

In April last year, Red Sea Farms, the Saudi Arabia-based agtech company announced a strategic fundraise worth $18.5m.

The fundraise was co-led by Wa’ed Ventures, the venture capital arm of Saudi Aramco, and The Savola Group, the strategic investment holding group in MENA food and retail, through their corporate venture capital programme.

KAUST Innovation Fund, one of Red Sea Farms’ original investors, has also participated along with OlsonUbben, an investment entity.

Read: Agtech Red Sea Farms completes $18.5m fund raise

Red Sea Farms announced its expansion into the US in January 2022.

It has also completed a new commercial-scale six-hectare technology retrofit site near Riyadh and an R&D facility at the King Abdullah University of Science and Technology in Thuwal.