PLENTY AND MAWARID LAUNCH REGIONAL PARTNERSHIP TO GROW FRESH PRODUCE IN GCC

First joint vertical farm underway in Abu Dhabi, slated to bring strawberries to market in 2026

ABU DHABI, UAE, July 18, 2024 /PRNewswire/ -- Today, Plenty Unlimited Inc. ("Plenty") and Mawarid Holding Investment ("Mawarid")—a subsidiary of Alpha Dhabi Holding, a major publicly listed company on the Abu Dhabi Securities Exchange (ADX)—announced they have entered into an exclusive, multi-year, region-wide partnership to bring locally grown fresh produce to countries across the Gulf Cooperation Council (GCC). The joint venture Plenty and Mawarid have formed will invest more than AED500 million (US$130 million) into the partnership's first project in the GCC – an indoor vertical farm in Abu Dhabi, designed to grow more than 2 million kilograms of strawberries annually. The joint venture plans to develop up to five farms in the next five years, which would require investing up to AED2.5 billion (US$680 million) and bring thousands of direct and indirect employment opportunities to the region.

The Abu Dhabi farm will develop a year-round supply of berries with peak-season flavor for both the local UAE market and export to other GCC countries, replacing air freight and reducing food miles compared to current imports. The farm's complete production of strawberries is already pre-committed to Plenty partner and global premium berry leader Driscoll's, which will also contribute its proprietary genetics, global brand and extensive market experience.

"As part of our strategy to delight berry consumers around the world, we are excited to partner with Plenty and Mawarid on this pioneering project," said Soren Bjorn, CEO of Driscoll's. "The Gulf region and the United Arab Emirates specifically have long been great markets for Driscoll's, and this project will help ensure we can meet the demands of consumers in this market into the future."

The new farm will be the world's first commercial-scale vertical strawberry farm outside of North America, following the opening of Plenty's first strawberry farm in Virginia later this year – also in partnership with Driscoll's. Construction on the Abu Dhabi farm–which will be approximately 7,500 square meters (81,000 square feet)–is targeted to be completed in late 2026.

"Mawarid has increasingly focused on adopting cutting-edge technologies in support of the UAE mandate to build innovative food security capabilities," said Mr. Kashif Shamsi, Group CEO of Mawarid. "Our global search for a sustainable solution to the challenges we face in the Middle East led us to the incredible team at Plenty. This joint venture enables us to leverage the most advanced farming technology in the world to grow local food supply throughout the GCC, beginning with our home market in Abu Dhabi, while preserving our precious natural resources."

"Plenty has built the most technologically advanced indoor farming platform aimed not only at meeting year-round consumer demand but making it possible to build a long-term food security infrastructure that can adapt to the needs of regions like the Middle East," said Arama Kukutai, CEO of Plenty. "The Mawarid team's extensive expertise with agriculture and land management in the Emirates makes them a great partner to meet these dual opportunities, in a region that has long been poised to benefit from the promise of indoor agriculture."

In the UAE, 80% of the land is desert¹ and only 0.7% of the land is arable². Developing local food production is essential to creating a more sustainable and secure food system that gives communities access to fresher, more nutritious food. And in the GCC countries, which import more than 85% of their food³, it is a key unlock to food security.

About Plenty
Plenty is rewriting the rules of agriculture through its technology platform that can grow fresh produce almost anywhere in the world, year-round, with peak-season quality and up to 350x more yield per acre than conventional farms. Plenty farms are the world's highest-efficiency system for converting electricity into fresh fruits and vegetables. Plenty's proprietary approach is designed to preserve the world's natural resources, make fresh produce available to all communities and create resilience in our food systems against weather, location, pests and climate impacts. Plenty operates the world's most advanced indoor farm in Compton, California, and is currently building the world's first vertical farm to grow strawberries indoors at scale near Richmond, Virginia, and the world's largest vertical farming research center in Laramie, Wyoming. For more information visit www.plenty.ag.

About Mawarid Holding Investment
Headquartered in Abu Dhabi, Mawarid is a pioneer in the field of natural resources cultivation and conservation in the UAE. The group has a portfolio of innovative businesses operating across multiple business lines including Agriculture, Forest Management, Landscape Design and Construction, Asset Operation and Maintenance, Plant Nurseries, Soil and Irrigation technologies, Wildlife Conservation, Eco-Tourism Services, Hotel Management Services, Biosciences Research, and Organic Recycling. Mawarid works to minimize environmental impact through eco-friendly practices and green technologies. Desertification, water stress, and food security are of particular importance to the group which, through strategic partnerships, looks to preserve ecosystems and support climate affected regions by promoting sustainable land and natural resources management in the UAE and beyond.
For more information visit mawaridhi.com.

Media Contacts
Plenty: Erin Santy, press@plenty.ag
Mawarid: press@mawaridhi.com

¹ FAO
² World Bank
³ GCC Food Industry Report