Shuaa leads $50m sukuk for Pure Harvest

Arabian Post Staff

SHUAA Capital has led a USD 50 million structured Sukuk for Pure Harvest Smart Farms, the world-leading, sustainable technology-enabled agribusiness based in the UAE. SHUAA also co-invested in Pure Harvest through its managed funds as part of this funding round.

SHUAA originated, structured and placed the innovative financing solution, which comprises a USD 50 million 3-year sukuk with embedded warrants. Simultaneously, Pure Harvest has also raised USD  10 million in growth equity.  This is the first time in the region that an early-stage business has been able to secure venture debt funding from capital markets, highlighting SHUAA’s unique capabilities to structure instruments which meet the objectives of the business as well as the strong investor demand for products such as for Islamic investments and ESG (green sukuks). This investment round attracted cornerstone investments from Franklin Templeton and Sancta Capital amongst others.

Founded in Abu Dhabi on the premise that the region needs local, sustainable food sources, Pure Harvest is soon to complete its second high-tech hybrid greenhouse growing system within the Emirates, is currently constructing its beachhead in Saudi Arabia, and has announced a further EUR 39 million expansion project in Kuwait. Upon completion of its new projects the company will produce a variety of tomatoes, leafy greens, and berries, with plans to continue to diversify its offering in the future.

SHUAA’s investment in Pure Harvest Smart Farms follows the recent announcement that another SHUAA technology investment, Anghami, the leading music streaming platform in the Middle East and North Africa, will become the first Arab technology company to list on NASDAQ via a merger with Vistas Media Acquisition Company Inc, a Special Purpose Acquisition Company (SPAC). SHUAA is also acting financial adviser and global underwriter for Anghami.