Vertical farming company AeroFarms has started construction in Abu Dhabi on a 8,200-square-metre research and development centre, the largest in the world, which aims to advance sustainable agriculture in arid climates.
AeroFarms AgX, the New Jersey company's wholly owned subsidiary in the UAE, is part of a group of four agriculture technology ventures to share in a $150 million investment from Abu Dhabi Investment Office, announced in April 2020, to bring cutting-edge research to the capital to improve food security.
“This important milestone for AeroFarms AgX is another step in the realisation of Abu Dhabi’s mission to ‘turn the desert green’," Tariq Bin Hendi, director general of Adio, said.
Food security and innovation in agriculture are priorities for the UAE.
The Abu Dhabi government has earmarked Dh1 billion ($272m) for the agricultural technology incentive programme as part of its Ghadan 21 accelerator initiative.
While 90 per cent of the nation's food is imported, the UAE aims to increase domestic food production by "30 to 40 per cent in the next 10 years", Mariam Almheiri, Minister of State for Food and Water Security, said in an interview with Bloomberg in April.
UAE residents are already seeing evidence of recent efforts to localise agriculture: locally harvested produce at the market or on dining menus is now a common sight. Much of this surfaced over the past few years as vertical and hydroponic farming ventures, research and cloud-seeding bear fruit.
The site, expected to open in the first quarter of 2022, will employ 60 engineers, horticulturists and scientists and start with research and growing methods for lettuces, tomatoes and berries.
The R&D centre will have high-tech laboratories conducting advanced speed breeding, as well as robotics and automation research aimed at increasing food yields and reducing the resources needed to grow produce.
AeroFarms AgX also plans to partner with local universities on research projects to tackle problems agriculture faces in desert climates.
“This is an important development for AeroFarms as we expand globally," said David Rosenberg, co-founder and chief executive of AeroFarms.
"We are pleased to take this step forward and proud to be a catalyst for helping to establish the emirate of Abu Dhabi as a global hub for AgTech innovation.”
The company monitors 130,000 data points for every harvest and uses 5 per cent of the water consumed by a typical field.
The plants are not grown in water or soil but rely on aeroponics, which mists the crops with a balance of water and nutrients without the use of pesticides.
In March, the company announced it would go public on the Nasdaq under the new ticker symbol ARFM through a merger with Texas-based special purpose acquisition company Spring Valley Acquisition.
The deal gives the combined entity an equity value of about $1.2 billion.
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
The%20Super%20Mario%20Bros%20Movie
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Aaron%20Horvath%20and%20Michael%20Jelenic%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Anya%20Taylor-Joy%2C%20Charlie%20Day%2C%20Jack%20Black%2C%20Seth%20Rogen%20and%20Keegan-Michael%20Key%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
