The Arab Authority for Agricultural Investment and Development (AAAID) signed a framework agreement with Al-Rajhi International Investment Company in June to establish an agricultural investment entity aimed at developing the performance of the existing agricultural companies and integrating relevant companies to be a pioneering model in agricultural investment to serve the objectives of the parties.
As a first stage, the entity will study and evaluate the companies and factories that have the potential for success. The Chief Executive of Al-Rajhi International Investment Company Dr. Khalid Al-Malahi said that Al-Rajhi Company and AAAID were one of the largest investment entities in the Arab region and compatible in the most of their strategies and objectives. Under the umbrella of the new entity to be established, it will open the way for the accession of existing investments to expand and develop them to join other investors according to specific investment rules and conditions agreed upon by both parties.
The AAAID Chairman Mohamed bin Obaid Al Mazrouei said that the accumulated experience of the Arab Authority for Agricultural Investment and Development and Al-Rajhi International Company for Investment in the field of agricultural investment in Arab countries, financial suitability of the two parties and their distinguished relations with Arab, regional and international institutions, funds and organizations were among the most important strengths that would achieve the desired objectives of this partnership.
Al-Mazrouei added that the two sides seek to achieve sustainable agricultural development in the 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, as well as the management of investment projects in modern and innovative ways using the appropriate technology to achieve productive efficiency to contribute to the enhancement Arab food security.