Saudi Arabia-based agritech company, Mowreq, and Taiwan-based YesHealth Group have initiated a joint venture to develop a network of indoor vertical farms throughout the Kingdom.
The company stated that “the JV, Vertical Farms Company, will begin by building the Kingdom’s largest indoor vertical farm in Riyadh.”
This first farm is slated to be fully operational by the fourth quarter of 2023, providing jobs and healthy, sustainable produce to the local community.
The total investment in the Vertical Farms Company is valued at more than 100 million Saudi Arabian Riyals, or approximately $28 million at the current exchange rate. The project is backed by Saudi venture capital and funds.
Mr. Modar Hisham Nazer, Co-Founder of Mowreq and Chairman of Vertical Farms Company said that, “We built the Kingdom of Saudi Arabia’s first indoor vertical farm and now we’re building the Kingdom’s largest indoor vertical farm. This massive, new farm that we’re building in Riyadh, will enable more of our compatriots to benefit from locally-produced Janafarm products, which are always clean, fresh, and free of pesticides.”
In line with the Saudi 2030 Vision, the partners will create 50 full-time jobs at the Riyadh farm, and they aim to create more jobs over the next five to ten years, leading the development of the controlled environment agriculture industry, as per the company statement.
“YesHealth Group has overcome the operational challenges of indoor vertical farming in Subtropical Asia. The Middle East is our next challenge. We will guide the Riyadh farm through its initial phase of operation, with the aim of maximizing output and efficiency at the high level we achieve in our Taiwan farm,” commented Mr. Jesper Hansen, CCO of YesHealth Group.