Abu Dhabi Investment Office (ADIO) has launched a series of incentive packages totaling up to AED1 billion for Agriculture Technology (AgTech) companies across the world to build a presence in the Emirate. The initiative is part of the Abu Dhabi Government’s accelerator programme, Ghadan 21 with the aim of establishing Abu Dhabi as a global centre for desert environment agriculture innovation.
A clear set of cash and non-cash incentives have been identified and will be made available to AgTech companies locally to aid growth and international companies to accelerate their establishment in Abu Dhabi. The incentives could reach up to 75% rebate on R&D expenses, subject to eligibility and commercialisation conditions.
His Excellency Saif Mohammed Al Hajeri, Chairman of the Department of Economic Development commented: “The incentive packages will enable the creation of advanced AgTech knowledge in
Abu Dhabi and help to solve traditional farming challenges. This will not only benefit the UAE, but also other nations across the world with arid conditions. Our aim is to position Abu Dhabi as a beacon for innovation in agriculture technologies applied to desert environments.”
Incentive packages will be awarded to local and international companies focused on delivering solutions within three key sub-sectors: Precision Farming and Agriculture Robotics; Bioenergy (algae); and Indoor Farming. Each of the sub-sectors leverage Abu Dhabi’s climate and environment including plentiful land availability, natural heat and sunlight conditions.
Elham Al Qasim, Acting CEO of ADIO said: “ADIO’s objective is to create clear and specific investment opportunities for domestic and foreign investors aligned with Abu Dhabi’s economic priorities. These opportunities can be in the form of PPP projects or sector incentives such as the AgTech package we have launched today. The AgTech incentive packages will not only create a vibrant AgTech ecosystem, but also stimulate the agriculture industry in Abu Dhabi.”
Al Qasim continued: “In addition to the generous AgTech packages on offer, Abu Dhabi also offers numerous benefits to businesses and innovators including globally competitive tax rates, world-class infrastructure, the ability to handle high-volume commodities, inexpensive energy sources and favourable tariff structures.”