Media ININ Economy We Trust
15-05-2019 Media in\ Jeddah
King Abdullah University of Science and Technology (KAUST) has announced that Red Sea Farms, an emerging agricultural technology company specializing in brackishwater technology, has secured a joint investment of $ 1.9 million from the Innovation Finance Fund and the University’s Research Product Development Company.
For his part, KAUST Vice President for Innovation and Economic Development Kevin Kullin said that through this investment, 50 tons of tomatoes will be produced annually by 2020 and up to 30% of the desalinated seawater will be used to grow these crops and thus provide more fresh water. The new system, which has a patent under registration, is installed on the existing greenhouses, thus providing valuable fresh water to provide 5% of the greenhouses of the Kingdom with the new system, thus achieving a return on investment for farmers in less than two years.
“KAUST and the Product Development Company share common interests in IP marketing and support for high-tech startups in the Kingdom. This investment is an example of the commercial application of academic research in Kaust, and the enormous potential to revolutionize the future of food production in the Kingdom and the region. To participate in the investment with a research product development company, to support scientists in marketing their discoveries and to stimulate leading technology-based startups in the Kingdom.
Dr. Mohsen Al-Majnouni, CEO of Research Products Development Company, said: “The research product development company has a strong track record in transferring technology to the Kingdom market, looking to support the Red Sea Farms with increasing size. Salt water in the Kingdom, which will enable them to increase their production of tomatoes using salt water.
“As a national engine for technology marketing, our ambitious business research product development strategy is driving the growth of biotechnology in the region and other marketing projects are under development,” said Mishal Al Harbi, vice president of strategy and planning at Morshal Al Harbi.
He praised the cooperation with KAUST to establish an environmental system that helps the Kingdom to lead the region and the world using local technologies in line with the vision of the Kingdom 2030.
KAUST has taken a bold stance in the past five years to create a supportive environment for emerging projects in the Kingdom by effectively investing in those technology projects that are still in their early stages, The Red Sea is the first joint venture between the University’s Innovation Finance Fund and a research product development company to support high-tech entrepreneurs in the Kingdom.
