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AAAID Board of Directors holds its first meeting for the year 2010

 The Board of Directors of AAAID holds its first meeting for the year 2010 in the period 2-4 March 2010, Khartoum. The meeting will be chaired by H.E. Mr. Ali Bin Saeed Al-Sharhan, President of AAAID.
The meeting agenda contains many items, the most important of which are the investment program of AAAID for the period 2010-2011, following up preparations for the Board of Shareholders’ 34th meeting sheduelled to be held in Khartoum early in April
2010, as well as the work progress in AAAID projects.
 

AAAID Granted a loan of $ 12 million to the
Arab Sudanese Blue Nile Agricultural Company (Agadi)

In his office in Khartoum, today Monday 18th January 2010, H.E. Mr. Ali Bin Saeed Al-Sharhan, President of the Arab Authority for Agricultural Investment and Development (AAAID), signed a loan agreement according to which AAAID grants a $ 12 million loan to the Arab Sudanese Blue Nile Agricultural Company (ASBNACO) to finance the operational needs of the company for the agricultural season 2010 - 2011. Eng. Omer Marzoug, the general manager of the company, signed for the company. .

This comes in the framework of the technical and financial support provided by AAAID to its affiliated companies in Sudan, the host country for AAAID. Following the signing of the agreement, H.E. the President of AAAID stated that AAAID is doing its best to enhance the performance of its affiliated companies, especially in Sudan, and is preparing an ambitious plan for rehabilitation of the companies which need rehabilitation, beside shareholding in numerous agricultural companies in Sudan, such as the White Nile Sugar Company. He assured the great role that can be played by Sudan with its capabilities and natural resources for achieving Arab food security. He praised the role of the Government of Sudan in providing all necessary facilitation for AAAID companies, and expressed his appreciation of the developmental progress which Sudan witnesses in various fields.

On his part, Mr. Omer Marzoug, the general manager of the company, stated that the loan allows the company to expand the area under cultivation in the next season to reach 60,000 feddans, adopting zero-tillage farming system, and applying the latest agricultural technology, to achieve the highest yields in all crops which the company intends to grow according to its agricultural plan. He also explained that the loan would create local job opportunities and accommodate a number of the agricultural graduates who have already been trained by AAAID on the latest technologies. He added that the company has achieved high yields this season, despite the experienced adverse climatic conditions of rainfall scarcity in some areas.
 

Board of Directors’ 5th Meeting for 2009

The Board of Directors of AAAID held its 5th meeting for the year 2009 on 16-17 December, Cairo, Arab Republic of Egypt, Chaired by H.E. Mr. Ali Bin Saeed Al-Sharhan, president of AAAID.
At the beginning of the meeting, the Board welcomd H.E. Mr. Najah Kareem Abd, representative of the Republic of Iraq, succeeding H.E. Mr. Salah El-Dein Kazim Aziz, for whom the Board expressed thanks and great appreciation to his efforts during the period he was a member of the Board. The minutes of the 4th meeting of the Board were then ratified, and the Board took note of what have been implemented of its resolutions and recommendations pertaining to those minutes. The Board reviewed the production and financial performance of AAAID companies, the performance of the financing and lending activity for the last quarter of 2009, as well as the performance of the investment portfolios. The Board also reviewed the management memorandum on the administrative manual (organizational system) of AAAID and listened to the presentation delivered by the consultant in this regard.

In addition, the Board considered the general framework of the strategic plan guidelines and expressed its recognition of the determinants contained therein. The Board then decided to give members a sufficient time to study that subject and complete the elements of the plan in preparation for a full discussion in a separate meeting of the Board, to be convened in Dubai within a month from date, in order to take the appropriate decision .

In the light of the presented items and the objective discussions made regarding them, the Board adopted a series of important resolutions. Those resolutions included, among other decisions, renaming AAAID representatives in the boards of directors of some of the companies, approval of granting the Arab Sudanese Blue Nile Agricultural Company (Agadi) / Sudan an operational loan in the amount of about $12 million, approval of payment of AAAID share in the capital increase of the Arab Company for Crop Production / Sudan which amounts to $6,331,200, approval of the draft administrative budget of AAAID for the year 2010 in the limits of KD 5,476,000, in addition to some other decisions concerning administrative and internal matters.

 

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