First transaction of vertical agriculture from Israel to Dubai – the capital market

New agricultural cooperation between an Israeli company and a company from the United Arab Emirates. The Israeli agate-tech and food-tech company Future Crops reported today that it signed with the United Eastern Group (UEG) from the UAE a memorandum of understanding to examine the establishment of a venture that will use the technology developed by Future Crops in vertical agriculture, controlled conditions and enclosed buildings. Establishment of a crop growing facility in the United Arab Emirates.

The intention of the parties is to examine cooperation according to a business model that will be agreed upon for the purpose of establishing the growth facility. UEG will use its connections and expertise to find a suitable area that will be used to build the facility. If the project is implemented, the parties intend that the products that will be produced at the facility will be marketed in the UAE, as well as sold to other countries, and UEG will work to locate potential customers for the sale of the products.

Gary Greenspan, CEO of Future Crops: “By its very nature, Future Crops’ technology is also suitable for countries whose climatic conditions are extreme and do not have the option of doing traditional agriculture. In the UAE there is a problem with both climate and field conditions, so there is an opportunity for special cooperation “We know how to adapt the ideal conditions for each plant, whether in the Netherlands or in Dubai. I am happy that UEG trusts us and I am sure that together we will be able to grow and market quality agricultural products to the residents of the bay.”

Danny Ayalon, Chairman of the Company: “Cooperation with the Emirates is a tremendous strategic move, the establishment of Future Croops’ facility where it will enable the marketing of its products to the entire Middle East and the Far East. Utilizing the free trade area there ensures long-term growth in both revenue and profits.”