Case study Growing sustainable farming businesses
Unlocking growth opportunities for Abu Dhabi-based,
Agritek to promote sustainable agriculture solutions
Ensuring food security and supporting entrepreneurs in the UAE is a key focus for ADCB. As part of this drive, we are working with sustainable agriculture solutions company Agritek.
Abu Dhabi-based Agritek has made it their mission to make the food production process easier through innovation and sustainable solutions. From water management to healthier seeds and soil to higher quality fresh produce, Agritek helps farmers develop more sustainable practices with products from multinational suppliers.
Agritek is an Emirati company which commenced operations in 2020 with the development of the largest berry farm in the UAE. Today, it’s a multi-million-dirham business, working with dozens of farms and strong diversification plans. As the business flourished, Agritek turned to ADCB to help them scale and grow their operations.
Through our Corporate & Investment Banking (CIBG), we facilitated the formation of the business into a group and provided a range of digital banking solutions (ProTrade and GoTrade) to fuel their expansion. ADCB provided the business with over AED 70 million in trade working capital facilities, making the growing number of new contracts more manageable. Our Letters of Credit facilities improved the efficiency of importing vital agricultural equipment, such as greenhouses, pumps, and irrigation systems.
CIBG offered forex solutions with preferred exchange rates to support Agritek’s international trade and growth. ADCB maintains a strong partnership with Agritek as it continues to unlock its potential for growth in the coming years.