Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Pure Harvest Smart Farms
GM driftAgTech·Specialty Consumer & Industrial·Growth Equity·Invested 2022·9% stake
Position
Mark0.74x
Gross IRR-12%
Invested$22M
LatestNo recent touchpoints recorded.
Next board:2026-05-28
Ownership + team
9% stake · 1 observer seat1.0x liquidation preference
UAE controlled-environment agriculture · 0.74x mark · capex overruns and energy costs higher than underwritten · food security mandate provides political support but unit economics under pressure
Ask about Pure Harvest Smart Farms · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Revenue$28MLTM · UAE + KSA farms
MOIC0.74x$0.22B entry → $0.16B mark
Greenhouse area240,000 sqmUAE + KSA + Bahrain
Gross margin32%Down from 42% thesis case · energy cost drag
Three-way benchmark
Revenuemeasured in $M
Actual
Thesis target
VCP plan
Peer median
Performance update
Mark $0.16B · -26% from $0.22B entry · energy cost overruns and delayed KSA ramp-up
Revenue $28M LTM · +18% YoY · KSA Riyadh farm Phase 1 operational Q2 2025
Solar integration pilot: 40% energy self-sufficiency achieved at Abu Dhabi farm · Q1 2026
ADQ extended working capital facility by AED 100M · near-term liquidity secured