DUBAI: Shuaa Capital has led a $50 million structured sukuk for Pure Harvest Smart Farms, the UAE-based agribusiness.
Shuaa also co-invested in Pure Harvest through its managed funds, the Dubai-based asset manager said in a filing on Monday.
Pure Harvest has also raised $10 million in growth equity.
It represents the first time in the region that an early-stage business has been able to secure venture debt funding from capital markets, Shuaa said.
“We see exciting potential in the technology space and this is a great example of how we are executing on our stated strategy to focus on this area,” said Shuaa CEO Jassim Alseddiqi
Founded in Abu Dhabi to address the gap in local, sustainable food sources, Pure Harvest is soon to complete its second high-tech hybrid greenhouse growing system within the Emirates and is also setting up in Saudi Arabia.
It will produce a variety of tomatoes, leafy greens and berries,with plans to continue to diversify its offering in the future.
Shuaa leads $50m finance deal for Pure Harvest Smart Farms as it targets Saudi Arabia
https://arab.news/nucgn
Shuaa leads $50m finance deal for Pure Harvest Smart Farms as it targets Saudi Arabia
- Abu Dhabi firm to expand in Kingdom
- Food security in Gulf spurs agribusiness
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
