Abu Dhabi Investment Office offers startups USD$41 million in AgTech incentives
As part of its AgTech Incentive Programme, the state-run Abu Dhabi Investment Office (ADIO) introduced incentives worth USD$41 million for 3 agriculture technology (AgTech) companies to promote the use of technological innovation in advancing farming practices and improving food production capabilities, whether by solving pre-existing problems or improving established methods. ‘We look at our partnerships from an ecosystem level and one of our earliest considerations is the company’s alignment with our overall objectives and strategy. This new batch of partnerships will increase Abu Dhabi’s Agtech capabilities in food production across “land, sea, and space,”’ highlighted ADIO’s Director General Tariq Bin Hendi. This is also in line with the National Food Security Strategy, which has a target of improving domestic yield by 30% using technology-enabled production methods by 2021. ‘These solutions help local farmers minimise use of water, energy, and land resources – outcomes very much aligned with Abu Dhabi’s values of conservation and sustainability,’ said Bin Hendi.