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SAUDI ARABIAN OIL COMPANY

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Saudi startup Red Sea Farms raises $10 mln to fund expansion

06/07/2021 | 04:06am EDT

DUBAI, June 7 (Reuters) - Saudi Arabian agriculture technology startup Red Sea Farms on Monday said it had raised $10 million which it would use to develop commercial scale farming facilities and expand into neighbouring United Arab Emirates.

Red Sea Farms, established in 2018, grows tomatoes in an environment-controlled, enclosed farm that primarily uses saltwater to cool greenhouses and irrigate crops. Fresh water is sparsely available in the predominantly desert Gulf region where arable land is also scarce.

Red Sea Farms aims to have between four to eight farming sites across six hectares in central and western Saudi Arabia and in Abu Dhabi, the UAE's largest emirate, Co-Founder and Chief Executive Ryan Lefers told Reuters.

"We are looking to also (grow) snack peppers, snack cucumbers as part of this round to really keep that focus around fresh (and) healthy," he said.

The company plans to sell produce in UAE supermarkets. Its tomatoes are already available in Saudi supermarkets.

Red Sea Farms has trialed its technology using a pilot saltwater greenhouse in Saudi Arabia's west at the King Abdullah University for Science & Technology.

Investors included Saudi Aramco's entrepreneurship arm Wa'ed, the Future Investment Initiative Institute, the King Abdullah University for Science & Technology and Dubai-based venture capital firm Global Ventures, Red Sea Farms said.

To date, Red Sea Farms has raised $11.9 million. (Reporting by Alexander Cornwell; Editing by Kirsten Donovan)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / DIRHAM (EUR/AED) -0.02% 4.3585 Delayed Quote.-2.68%
SAUDI ARABIAN OIL COMPANY -0.14% 34.85 End-of-day quote.-0.43%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
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Financials
Sales 2021 1 334 B 356 B 356 B
Net income 2021 366 B 97 648 M 97 648 M
Net Debt 2021 281 B 74 939 M 74 939 M
P/E ratio 2021 19,7x
Yield 2021 4,06%
Capitalization 6 966 B 1 857 B 1 858 B
EV / Sales 2021 5,43x
EV / Sales 2022 5,14x
Nbr of Employees 79 000
Free-Float 1,76%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 34,85 SAR
Average target price 35,30 SAR
Spread / Average Target 1,30%
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Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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