Hamdan Bin Rashid Receives AAAID Chairman And Board Members

Hamdan bin Rashid receives AAAID Chairman and Board Members

DUBAI, (UrduPoint / Pakistan Point News / WAM - 15th Dec, 2019) 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 Sunday evening, where the delegation expressed their gratitude to Sheikh Hamdan for the continuous support the authority receives in the UAE, through its regional office in Dubai.

"Food security is one of the main challenges in the Arab world, and countries in the region seek to achieve optimal utilisation of natural, human and financial resources. Concerted efforts are 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 programmes, which facilitate the transfer of Arab capital and produce between Arab countries, thus promoting joint action by Arab financial institutions," said Sheikh Hamdan.

During the meeting Sheikh Hamdan was briefed on the results of the AAAID's performance, as well as the expansion of its business, in light of the 50 percent increase in capital. The number of its agricultural companies reached 54 by the end of September 2019.

Sheikh Hamdan reaffirmed the UAE’s commitment to support the work of the authority in managing food security in the region.

"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 requirements of the people and ensure the security and sustainability of their resources. This, in turn, supports sustainable economic and social development," he noted.

The AAID Chairman gave a comprehensive overview of the increase in net agricultural investments to some US$607 million, with total assets of some $4.6 billion, which created 115,400 jobs. He also pointed to the increase in the authority’s assets, from some $917 million to $1,180 million, the decrease in its liabilities from $151 million to $46 million, and that its dividends to member countries have reached 70 percent of the paid 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.

The meeting further outlined the AAID’s investment plan for the period 2020-2024, which includes programmes and initiatives that aim to develop the investment authority’s portfolio and meet the requirements of the authority in the future.