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Dubai: H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, received the Chairman and members of the Board of Directors of the Arab Authority for Agricultural Investment and Development (AAAID) at his palace in Zabeel on 12 December, 2019. The delegation expressed their thanks and gratitude to H.H. for the continuous support the authority receives in the UAE through its regional office in Dubai.
H.H. praised the crucial role the UAE plays in supporting the various sectors working on the Sustainable Development Goals, and on enhancing the nation’s standing regionally and globally. H.H. said: “Food security is one of the main challenges in the Arab world, and countries in the region seek to achieve optimal utilization of natural, human and financial resources since it is vital. Concerted efforts is required from countries across the region to achieve this and in order to foster a culture that stimulates agricultural investment. This can be achieved through innovative plans and programs, which facilitate the transfer of Arab capital and produce between Arab countries, thus promoting joint action by Arab financial institutions.”
During the meeting, H.H. was briefed on the results of the AAAID's performance, as well as the expansion of its business in light of the 50% increase in capital. The number of its agricultural companies were 54 by the end of September 2019 – they specialize in the production of basic commodities such as grains, vegetable oils, meat, dairy, sugar and fodder and contribute toward reducing food gap.
H.H. reaffirmed the UAE’s commitment to support the work of the authority in managing food security in the region. H.H. said: “The UAE is committed to cooperating with several international entities to work towards achieving the UN’s Sustainable Development Goals in order to meet the people’s requirements and ensure the security and sustainability of their resources. This in turn supports sustainable economic and social development.”
The AAID Chairman gave a detailed explanation which covered a comprehensive overview of the increase in net agricultural investments to about $US 607 million, with total assets of about $US 4.6 billion, which created about 115,400 jobs. He also pointed to the increase in the authority’s assets from about $US 917 million to $US 1,180 million, the decrease in its liabilities from $US 151 million to $US 46 million, and that its dividends to member countries, which have reached 70% of the paid-up capital.
The Chairman also pointed to the increase in the number of farmers benefiting from the revolving loan fund and development activities provided by the authority, which went up from 1,320 farmers and rural women in 2013 to 35,885 farmers and rural women by the end of 2018. The number represents a three-fold increase in cultivated and productive areas as a result of the authority's support to farmers through modern agricultural technologies.
The meeting outlined the AAID’s investment plan for the period 2020-2024, which includes programs and initiatives that aim to develop the investment authority’s portfolio and meet the requirements of the authority in the future. The investment criteria were also updated to cover the main parameters of the plan.
The AAAID is a financial institution with an independent legal entity established in 1976 in Sudan with the vision to achieve food security in the Arab World by developing Arab agricultural resources. AAAID aims to provide basic food commodities between Arab countries. Headquartered in Sudan, it also has a regional office in Dubai, and has 21 Arab member states. The UAE is one of the founders of this prestigious institution, with its contribution amounting to 15% of its capital.
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