Abu Dhabi has approved a series of incentive packages worth Dhs1bn to support agricultural technology (AgTech) projects, Crown Prince Sheikh Mohammed bin Zayed al-Nahyan said on Monday.
Taking to Twitter, Sheikh Mohammed said the packages aimed “to attract global partnerships supporting research and development in agricultural technology.”
“We look forward to making Abu Dhabi a leading global centre for agricultural innovation in desert environments,” he said.
The Abu Dhabi Investment Office (ADIO) confirmed that the initiative is part of the Abu Dhabi Government’s accelerator programme, Ghadan 21.
A set of cash and non-cash incentives have been identified and will be made available to agricultural technology companies locally to aid growth and international companies to accelerate their establishment in Abu Dhabi, a statement said.
Incentive packages will be awarded to local and international companies in three key sub-sectors: precision farming and agriculture robotics; bioenergy (algae); and indoor farming.
Each of the sub-sectors leverage Abu Dhabi’s climate and environment including land availability, natural heat and sunlight conditions.
The incentives could reach up to 75 per cent rebate on R&D expenses, subject to eligibility and commercialisation conditions.
Saif Mohammed Al Hajeri, chairman of the Department of Economic Development said: “The incentive packages will enable the creation of advanced AgTech knowledge in Abu Dhabi and help to solve traditional farming challenges.
“This will not only benefit the UAE, but also other nations across the world with arid conditions. Our aim is to position Abu Dhabi as a beacon for innovation in agriculture technologies applied to desert environments.”
Elham Al Qasim, acting CEO of ADIO added: “The AgTech incentive packages will not only create a vibrant AgTech ecosystem, but also stimulate the agriculture industry in Abu Dhabi.
“In addition to the AgTech packages on offer, Abu Dhabi also offers numerous benefits to businesses and innovators including globally competitive tax rates, world-class infrastructure, the ability to handle high-volume commodities, inexpensive energy sources and favourable tariff structures.”