Date: 29 Dec, 2023
Location: Dubai - UAE
AAAID held its 4th meeting of the Board of Directors for the year 2023 on Thursday, 28 December, 2023 at its regional HQ in Dubai, which was chaired by H.E. Mr. Mohammed bin Obaid Al Mazrooei, President of AAAID and Chairman of Board of Directors, and attended by Their Excellencies members of the Committee, so as to address several matters including increasing the capital of some of AAAID’s companies and establishing an agricultural activities company in Algeria in partnership with Sonatrach company.
The Arab Authority for Agricultural Investment and Development (AAAID) is an Arab financial institution with an independent and international legal personality that was established on 1 November 1976, and which authorized Capital is KWD 336 million (USD 1.1 billion), while paid-up capital till 31/12/2022 is KWD 221.1 million (USD 722 million). In addition, AAAID’s headquarters lies in Khartoum – the Republic of Sudan and the regional office in Dubai – the United Arab Emirates.
Moreover, agricultural investment is considered as one of the main activities of AAAID which includes establishing agricultural companies, contributing to them, following up on their performance and providing them with the necessary technical, financial and administrative support to accomplish its goals. AAAID’s shares in existing and under establishment and implementation companies were distributed among four main sectors including the agricultural manufacturing sector by 49.5%, animal production sector by 23.7 %, plant production sector by 22.5%, and agricultural services sector: 4.3%. By the end of 2022, the total number of companies in which AAAID is a shareholder has reached to 54 companies with a total investment of around USD 673 million. These companies produce commodities and crops to bridge the Arab food gap, providing more than 127,000 employment opportunities.
Lastly, AAAID also established an exclusive program to finance small-scale farmers and producers that includes providing a comprehensive services package and implementing the latest agricultural technologies. During 2013-2022, the total number of beneficiaries from the program reached 498,000 beneficiaries across the Arab countries.
