Green Queen Gulf Vol.2

Welcome to the second edition of Green Queen Gulf, powered by NUOS!

It’s all eyes on Saudi Arabia this week, as the country hosts the 8th Future Investment Initiative (FII) in Riyadh known as ‘Davos in the desert’. Headlines are pouring in as the Kingdom welcomes a slew of IPOs (New York i-banker Ken Moelis called it one of the top IPO markets worldwide). Saudi also revised its foreign investment numbers (effectively doubling its FDI inflows) and announced its sovereign wealth fund would cut back on foreign investments by almost a third YoY to focus on supporting its domestic economy. Our prediction? Saudi leadership will increasingly look to invest in domestic agrifood solutions as it continues to bolster local startup ecosystems and shore up its national food security. Elsewhere, Semfaor’s Liz Hoffman makes the case for the region, and Riyadh in particular, to become a new super-connector city akin to the Hong Kong and London of the past few decades, nothing that Abu Dhabi is already a major player on the ‘world’s most exciting cities’ stage. Exciting times no doubt.

Briefly: We are thrilled at the response to our launch - we’ve had so much positive feedback and many of you have written in to say how much the region needed a dedicated agrifood newsletter. We are sticking to a monthly cadence for now (arriving in your inbox on the 2nd of every month) though we may increase the frequency to bi-monthly soon. → If you like what you read, share it. 

Regional Roundup: Top Agrifood News

Each month, we'll bring you our curated roundup of the top news from the region, from funding to new product launches and climate initiatives. Highlights this month include Saudi startup Greeneration’s diversification into superfoods and adaptogens, a $30 million partnership to support nature-based initiatives, and Saudi Arabia’s new Alliance for Agricultural and Food Technologies.

Future Food Foundry (3F) is backing Greeneration, a UAE-based vertical farm, as it shifts towards longevity products like superfoods and adaptogens. This move reflects a growing market trend focusing on health and sustainability. In parallel, the UAE’s new $30 million partnership with Ghana supports biodiversity corridors and sustainable farming practices to combat deforestation linked to cocoa production. This aligns with broader environmental goals and could set a precedent for cross-border climate collaboration.

Abu Dhabi’s Emirates Development Bank has also launched the AGRIX Accelerator to support local farmers and agribusinesses. This initiative is essential for encouraging sustainable agriculture practices within the UAE, aligning with the country’s broader food security objectives. 

Meanwhile, new data underscores the UAE’s heavy reliance on food imports, coupled with significant food waste—amounting to $4 billion annually. Abu Dhabi is seeking to attract $34.9 billion in investment by 2045 to address these issues by fostering advanced agrifood technologies such as alternative proteins and seaweed cultivation. However, achieving food security in such a climate will require not only investment but also innovation and collaboration with international partners.

The new Saudi Alliance for Agricultural and Food Technologies represents another step in this direction. Bringing together 40 public and private entities, including NEOM’s food subsidiary Topian, the alliance aims to revolutionise Saudi Arabia’s food supply chain. And the Netherlands and Saudi Arabia are strengthening their partnership in sustainable food security, leveraging Dutch expertise in water management and controlled environment agriculture to address Saudi Arabia's food production challenges, in line with Saudi Vision 2030.

Additionally, South Korea’s Nongshim is planning to build a smart farm in Saudi Arabia, set for completion by 2025, marking another example of the region’s increasing reliance on international collaboration to boost food security. This mirrors the ongoing construction of Dubai’s Agricultural Innovation Hub, a project focusing on sustainable agriculture and agri-aquaculture thanks to a collaboration between the International Centre for Biosaline Agriculture and Al Rostamani Group.

While funding in the MENA startup ecosystem continues to rise, with $328.3 million secured in September 2024 alone, most of these investments are concentrated in digital infrastructure. The hope is that more attention will shift towards startups working in agri-tech and food security, critical sectors that are key to the region’s future sustainability.

Abu Dhabi’s ADQ sovereign wealth fund is involved on both ends of the upcoming IPO of Lulu Retail, one of the Middle East’s largest supermarket chains, in what’s set to be the UAE’s biggest share debut this year. ADQ, which owns a 20% stake in Lulu and controls the Abu Dhabi Exchange where Lulu’s 25% stake will be floated, underscores the tight-knit investment landscape within the Gulf’s major sectors, including food, ports, and energy, where ADQ holds substantial stakes in other prominent ADX-listed companies.

Go Deeper: This essay provides a useful overview of the region’s growing power in the global food system and the challenges that it will need to overcome. Elsewhere, the Middle East Research and Information Project (MERIP) explores how extractive agribusinesses in the Gulf play a complex role in addressing food security challenges while The National shares how technology is helping Gulf farmers extend their growing seasons. In a more controversial take, the Wilson Center posits that agrifoodtech investments in the Gulf are less about food security and more about economic development. 

Gulf City Spotlight: Abu Dhabi

We’re zoning in on the Gulf’s twelve largest cities by population size, and each month we will be sharing three interesting agri-food facts about one of them. We started with Dubai, and next up: Abu Dhabi, home to approx 2.5 million people (NB: this is the city population; Abu Dhabi the emirate is home to 3.8 million people). It’s difficult to get an exact figure for the number of restaurants in Abu Dhabi, as it appears there is no official stat. We found one site that quoted over 8,800, which seemed very high, while Zomato, a popular reviews app, counts around 1,000 and another source quoted 2,000. Between 1,000 and 2,000 seems right, so one restaurant per 1,250-2,500 people. 

• In 2023, Abu Dhabi established a $100 million investment fund aimed at attracting more global restaurant brands to the city. The Abu Dhabi Culinary Investment Fund, introduced by the Department of Culture and Tourism (DCT) Abu Dhabi, will also facilitate the creation of a culinary school with new degree programs focused on maritime sustainability and food security. The fund's objective is to enhance the culinary landscape by co-investing with local asset partners and incentivising renowned chefs, restaurants, and culinary educational institutions to enter the Abu Dhabi market.

• Abu Dhabi’s major agricultural food crop is dates, comprising 61% of plant production at around 258,335 tons. The significance of dates in Abu Dhabi extends beyond mere agricultural production; they are deeply embedded in the cultural, economic, and historical fabric of the region. The date palm is often referred to as the "mother tree" or "blessed tree," symbolising abundance and blessings in Arab culture. Dates are a traditional food in Emirati cuisine, enjoyed during Ramadan and other celebrations. They are often served with coffee and used in various dishes, showcasing their versatility.

• Abu Dhabi is increasingly adopting modern farming practices for its over 24,000 farms such as vertical farming - the AgTech Park launched in 2023 aims to produce up to 40,000 tons of fresh produce annually - and sustainable practices - the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) promotes the use of modern irrigation systems and organic farming methods.

Gulf AgriFood Startups Highlight

We asked the team behind Green Shoots Startup Pitch Competition (Sascha Dutta, Diane Fermin Roeder, Jamal Maxey and Mehraj Ahmed), which took place last month in Dubai as part of the Gulfood Green conference, for their picks of some of the most exciting agrifood startups from the Gulf. Here’s their list:

Greeneration (UAE), founded by Roman Ulyanov, provides farm-to-kitchen fresh edible flowers, microgreens and specialties to HoReCa on the same day of harvest.

The Food Engine (UAE), founded by Ghita Bahmad, provides innovative, NASA-backed aeroponic farming solutions that enable sustainable agriculture in water-scarce regions like the UAE and empower local farmers and businesses by growing, selling, and educating on efficient, sustainable practices to meet the rising global demand for food while reducing environmental impact.

eJABY (UAE), founded by Menna Shahin and Maxim Haartsen, is revolutionising the shopping experience by connecting customers to premium overstock products, fostering sustainability and enhancing value.

Circa Biotech (UAE), founded by Dr Haythem Riahi,  is the UAE's first and only organic waste management plant powered by the Black Soldier Fly. Organic waste is diverted from landfills and upcycled by insects to produce high-quality protein suitable for poultry and farmed fish. 

Gulf Genius Bar: Dr Dalal AlGhawas

We’re tapping Gulf ecosystem insiders to share their favourite things in food and ag across the Gulf. This month, we are featuring part two of our chat with Dr. Dalal AlGhawas, founder of SWAPAC, a Gulf-based agrifood consultancy focused on food security and bridging the commercial and cultural worlds in the GCC and Asia Pacific regions. A specialist in future food technologies, Dalal has worked with over 100 global tech startups and is an international thought leader in the food tech space - in fact, Dalal had so many favourite things, we had to split them into two parts.

QATAR- You wouldn't have guessed that there’s an award-winning vegan franchise in Qatar. Enbat Holdings, which describes itself as a family of vegan companies, was founded in 2016 by Qatari actor Ghanim Al-Sulaiti and encompasses health & wellness, sustainable packaging and F&B brands. You will find their concepts everywhere in Doha from Evergreen Organics Cafe (three locations, including at the airport), Green and Go (takeaway food brand), Mylk (vegan ice cream and cakes), and Thalatheen (modern plant-based cuisine at the Qatar Museum). 

KUWAIT- I love the Kuwait Flour Mills and Bakeries Co. story. The state-owned company has been around since the 1960s, ensuring wheat security, and they are going from strength to strength, with record profits announced in 2023 (a staggering 47% increase of KW$ 76.7M ($235M). This is a notable achievement given the significant geopolitical challenges for commodity grains posed by the Russian-Ukrainian war and escalating threats in the Red Sea and Yemen. 

SAUDI ARABIA - Saudi Coffee is making a splash! The PIF-funded (Public Investment Fund) Saudi Coffee Company has plans to plant 1.2 million coffee trees by 2026 with a focus on provinces in its southwestern region such as Aseer, an area heavily promoted by Visit Saudi. In fact, the award-winning Let's Go To Aseer by Nora Al Rayes Production, 'Best Film on Gastronomy MENA' in Barcelona's International Institute of Gastronomy, Culture, Arts and Tourism (IGCAT), showcases the gastronomic culture and potential of the area.

Our Pick of Events & Ecosystem Highlights

The 2024 Edition of the Dubai Future Forum - the world’s largest gathering of futurists (including our founder Sonalie Figueiras) - will continue to promote the highest quality thought leadership on foresight and futurism from around the globe and will focus on five themes. This year, the Forum aims to reflect diverse viewpoints on the UN Summit of the Future and then support in implementing the core outcomes and recommendations of the Summit. Learn more and sign up here.

Don’t miss Gulfood Manufacturing on 5th-7th November at the Dubai World Trade Centre - its landmark 10th edition. Register here.

Mark your calendars for Abu Dhabi Sustainability Week, 12th-18th January 2025. Featuring a massive lineup of climate-focused events, it’s not one to be missed. Get more info here.

The 2nd Global Summit on Food Science & Technology’s theme will be Feeding Innovation: The Nexus of Food Science & Technology. It’s happening in Dubai on 3rd-5th March; find out more here.

The Saudi Food Manufacturing Summit is taking place from 13th-15th April 2025 to help transform the landscape of the kingdom’s F&B manufacturing industry. Learn more here.

Oman AgroFood is happening 2nd-4th December. It will unite government decision-makers, international stakeholders, regional buyers, traders, and innovative technology providers to support sustainable growth in the agriculture, food, and fisheries industries. More details here.

On 15th-16th November, the Kuwait International Conference on Agriculture, Environment and Biotechnology will provide a platform for researchers and practitioners from both academia and industry to share cutting-edge developments in their fields. Sign up here.

Love food, drink, and music? The Taste of Abu Dhabi Festival has three days of ultimate festival vibes including numerous bands and DJs, exclusive workshops with celebrity chefs, and pop-ups from 16 of the city’s best restaurants. Find out more here.

Foodpreneurs Collective Pitch Lounge, an event series co-hosted by Marketing Strategiser, Meiraj.ai, Pitch Lounge, and Founder Institute, is taking place on 14th November. Get investor pitch ready by presenting in an informal setting and getting helpful feedback from a panel of experts. Sign up here.