Saudi Arabia: Shuaa Capital has led a $50 million structured sukuk for Pure Harvest Smart Farms, the UAE-based agribusiness.

Shuaa also co-invested in Pure Harvest through its managed funds, the Dubai-based asset manager said in a filing on Monday.

Pure Harvest has also raised $10 million in growth equity.

It represents the first time in the region that an early-stage business has been able to secure venture debt funding from capital markets, Shuaa said.

“We see exciting potential in the technology space and this is a great example of how we are executing on our stated strategy to focus on this area,” said Shuaa CEO Jassim Alseddiqi

Founded in Abu Dhabi to address the gap in local, sustainable food sources, Pure Harvest is soon to complete its second high-tech hybrid greenhouse growing system within the Emirates and is also setting up in Saudi Arabia.

It will produce a variety of tomatoes, leafy greens and berries,with plans to continue to diversify its offering in the future.