Date: 27 May, 2024
Location: Cairo - Arab Republic of Egypt
AAAID Board of Shareholders held its 48th annual meeting under the esteemed patronage of President Abdel Fattah El-Sisi in the New Administrative Capital, Cairo – Arab Republic of Egypt, on Wednesday, May 22, 2024. This meeting was part of the annual joint meetings of the Arab financial institutions. The session was chaired by H.E. Mrs. Feryal Al-Warghi, Minister of Economy and Planning of the Republic of Tunisia and Chairwoman of the Shareholders’ Council for the 48th session.
H.E. Dr. Obaid Saif Hamad Al-Zaabi, Chairman of AAAID Board of Directors, delivered a comprehensive speech, beginning with expressions of gratitude and appreciation to H.E. Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, for his gracious patronage of the annual meetings of the Arab financial institutions and for the efforts made in preparing and organizing the meetings.
Dr. Al-Zaabi provided an overview about AAAID activities during 2023, noting that the number of agricultural companies in which the AAAID invested by the end of 2023 reached 52 companies across four main sectors: Agricultural Manufacturing at 49.9%, Animal Production at 23.92%, Crop Production at 22.74%, and Services Sector at 3.44%. These investments represent 92% of AAAID paid-up capital. Dr. Al-Zaabi highlighted that AAAID total income for 2023 amounted to approximately 69 million USD compared to about 33 million USD for the fiscal year 2022, with a net profit of around 42 million USD for 2023.
He further explained that since the beginning of 2024, AAAID has been reviewing its strategic plans to adopt more ambitious goals aligned with its founding mission. AAAID is focused on developing investment policies and strategies and enhancing its investment sector activities according to best practices, in addition to automating its operational procedures to ensure greater efficiency and effectiveness. Steps have also been taken to improve performance and governance by enhancing internal control systems and promoting risk management in core administrative units.
The meeting also discussed several important topics, most notably AAAID investment program for 2024, which was prepared in light of the directives of the approved strategic plan for the year 2024.
