The AgriTech market is expected to reach over AED 80bn by 2026
Food Tech Valley, which is being developed by wasl Asset Management Group, is a UAE-government-led initiative that was announced in 2021 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, that seeks to triple the UAE’s food production and position the nation as a global destination for the industry, partners with Tradeling, the MENA’s e-marketplace focusing on B2B transactions.
The aim is to ensure a number of benefits for both parties and B2B buyers and sellers, as well as to bolster the primary goal of growing the UAE’s self-sufficiency in food imports.
The agreement was signed at wasl Experience Center by Ahmed AlShaibani, Project Lead, Food Tech Valley, and Marius Ciavola, CEO, Tradeling, in the presence of senior officials from both entities.
Key objectives
Several key objectives were agreed upon to ensure that Food Tech Valley realises its potential of being a commercial hub for industry experts in the food ecosystem. Tradeling’s platform will grant business users access to food and agricultural technology products via easy payment solutions, logistics, warehousing solutions, and marketing and customer acquisition benefits.
Food Tech Valley will establish a B2B marketplace powered by Tradeling to help support, connect, and match buyers from across industries, including hospitality, which is host to F&B sellers who source local and international quality products and raw ingredients.
This collaboration will enable a digitalised trade experience that will support food producers by helping expand their businesses in the UAE. Tradeling will support local producers by accelerating their growth through the platform. Credit finance solutions will also be offered to select eligible companies, comprising flexible payment options for SMEs and start-ups.
Empower food security
“Our combined efforts will eventually help empower the UAE’s food security plans, and we look forward to working closely with Tradeling to pioneer sustainable food production towards reimagining how the world produces and consumes food,” remarked a spokesperson from Food Tech Valley.
“More than 200mn consumers have shifted to online shopping since 2020, and through this partnership, we believe that we can collectively revolutionise the ecosystems of both e-commerce and AgriTech,” commented Ciavola.
UAE food trade exceeds AED 100bn (US$ 27.22bn) every year, and the AgriTech market is expected to grow from US$13.5bn to US$ 22bn over the next four years. The primary objectives include bolstering the UAE’s food security, helping the country achieve self-sufficiency, and further developing vertical farming and other advanced agriculture technologies, among other goals.
The MoU between Tradeling and Food Tech Valley has been formed to help expedite this process and boost both organisations’ offerings. As this strategic partnership progresses, Tradeling will contribute to strengthening Food Tech Valley’s market position while simultaneously becoming the preferred online channel for its technology providers, the press communique concluded.
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