In June 2019, the Arab Authority for Agricultural Investment and Development signed a framework agreement with Al Rajhi International for Investment Company for the establishment of an agricultural investment entity aimed at developing the performance of existing agricultural companies and the integration of related companies to be a pioneering model in agricultural investment to serve the strategies and objectives of both parties. As a first stage, the entity will study and evaluate companies and factories that have the potential and right elements for success. H.E Dr. Khaled Al Malahy, CEO of Al Rajhi International for Investment Company stated that Al-Rajhi International and AAAID are among the largest investment establishments in the Arab region and both parties share similar strategies and objectives. At a later stage, and under the umbrella of the new entity will rise the opportunity for existing investments to expand, grow and develop, in accordance with the regulations and conditions of investment agreed upon by both parties.
H.E Mohammed Bin Obaid Al Mazrooei, President of AAAID, expressed that the accumulated expertise of the Arab Authority and Al Rajhi International for Investment in the field of agricultural investment in Arab countries, the financial solvency of the two parties and their distinguished relations with Arab, regional and international institutions, funds and organizations are among the most important strengths that will achieve the desired objectives of this partnership. The two sides will seek sustainable agricultural development in Arab countries through the integration of agricultural projects, the transfer and resettlement of modern agricultural technologies, smart farming systems and the development of rural communities. In addition to the management of investment projects in modern and innovative ways using the appropriate technology to achieve efficient productive that contribute to the reinforcement of Arab food security.