Abu Dhabi – Mubasher: Commercial Bank International (CBI) has injected an investment in carbon project developer Boomitra to advance regenerative agriculture initiatives across the Middle East, Africa, and Asia.
The investment aims to utilise AI-enabled solutions to empower farming communities and boost climate resilience, according to a press release.
CBI will support Boomitra’s efforts in leveraging cutting-edge satellite data and artificial intelligence to measure soil carbon sequestration. This approach will enhance soil health and boost crop yields while generating carbon credits that offer financial incentives to farmers.
Chief Strategy and Innovation Officer at CBI, Giovanni Everduin, said: "Our investment in Boomitra reflects our commitment to embracing innovative solutions. The fact that Boomitra was included in TIME magazine’s Top 100 Most Influential Companies list for 2024 reflects the level of innovation they bring to the region.”
Everduin noted: “We are confident that this partnership will advance sustainable farming practices and contribute to securing the long-term livelihoods of farmers across the region. We recognise that collaboration and open dialogue are critical to leveraging the transformative potential of AI in addressing climate challenges.”
He concluded: “Our commitment to positively impact our country, community and environment drives us to support groundbreaking technologies that accelerate progress towards a sustainable future.”
This investment underscores CBI’s commitment to sustainability, focusing on impactful and technology-driven initiatives that benefit local communities and align with the UAE government's vision to create more sustainable and climate-smart agricultural systems.
Meanwhile, the CEO of Boomitra, Aadith Moorthy, said, "This investment will enable us to expand our reach and impact, bringing regenerative agriculture practices to more communities in the Global South, and supporting farmers in their efforts to enhance soil health and climate resilience."
The investment comes at a pivotal time as the UAE is actively addressing environmental challenges such as water scarcity and land degradation.
With up to 70% of land in the Middle East and North Africa affected by degradation, the partnership with Boomitra is instrumental in supporting ongoing efforts to utilise cutting-edge technology to restore soil health.
Furthermore, by contributing to these pivotal initiatives, CBI reinforces its contribution to advancing sustainable solutions that further position UAE as a global leader in technological innovation and support the nation’s proactive approach to environmental stewardship and resilience.
It is worth noting that in the first nine months (9M) of 2024, CBI achieved a 27% annual rise in net operating income to AED 529 million while it posted AED 278.50 million in the third quarter (Q3) of 2024.
Recently, the UAE lender joined forces with areeba to become the first UAE bank to offer areeba’s comprehensive card and payment solutions to fintechs.
