HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, announced the launch of the Food Tech Valley on the 1stMay, 2021. It is an economic zone to cater for the extensive growth of the food industry by using AgTech.
The initiative is a result of a partnership between the Ministry of Food and Water Security with Wasl Properties. Food Tech Valley will help the UAE reach its National Food Security Strategy 2051 targets and triple food production. The increase in food production will allow more stock to be kept and sold by food retailers across the country.
“We launched the first phase of Food Tech Valley, a new modern & vibrant city that will serve as a global destination for start-ups and industry experts in the food ecosystem. It will host R&D facilities, innovation center, smart food logistics hub and areas for vertical farming,” HH Sheikh Mohammed tweeted.
Four clusters that make up The Food Tech Valley include the food innovation centre, smart food logistics hub, areas for vertical farming, and R&D facilities.
“The Food Tech Valley project represents an instrumental stride towards enhancing food security and will serve as a global destination for expertise in the entire food ecosystem,” said Mariam Al Mheiri, Minister of State for Food Security.
“The size of the AgTech market is projected to grow from $13.5bn to $22bn over the next four years. The project is part of our efforts to achieve our strategic national goals with respect to food security, as it constitutes an incubator for advanced farms – including indoor and vertical farms – with more than 60 per cent of the project’s space allocated to these activities,” she said.
Sheikh Mohammed also highlighted that food trade within the UAE overreaches AED 100 billion per year. UAE is also known as a global food logistics hub where the country plans to nurture the environment to work in favour of agribusinesses to further develop by introducing new farming technologies to ensure food security in the future.
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,June 13, 2021 | By Shruthi Nair
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