Bahrain-based agribusiness platform Green Corp, ultimately owned by Gulf Islamic Investments (GII), has acquired a majority stake in Badia Farms in its first deal since its establishment in March.
While the price and percentage stake acquired have not been disclosed, a spokesperson for Green Corp has confirmed with ISFI that the acquisition in Badia Farms constitutes a substantial and majority stake.
Supplying its produce to hotels and consumers, the urban vertical farming company will use the investment from Green Corp to expand its production models and pesticide-free farms to Saudi Arabia and Bahrain.
“We look forward to providing premium, locally-produced fruits and vegetables using our high-tech farms across Saudi Arabia and Bahrain,” Omar Al Jundi, CEO of Badia Farms, commented.
Badia Farms previously raised US$4 million in seed funding in the same year it was founded, ie 2016, according to Crunchbase.
The farm’s sustainable farming techniques produce fruits and vegetables without sunlight or soil and use up to 90% less water than traditionally-grown crops with higher yields.
The debut project for Green Corp, which is the business creation platform of Gulf Ventures Capital, GII’s Bahrain-based subsidiary focusing on food sustainability projects launched in February this year, confirms a report by ISFI last month on its project plans.
According to Saleh Albelushi, CEO of Gulf Ventures Capital, Green Corp will identify business opportunities in food companies, including soilless farming, fish farming and aquaculture, efficient agricultural production and food processing.
In addition to acquisitions, its projects may include strategic investments and the introduction of existing food production and processing businesses across borders into neighboring GCC states, Saleh detailed.