His Highness Dr. Ibrahim bin Abdel Aziz Al-Asaaf , Saudi minister of finance, received in his office in the city of Ryadh, H.E. Mr. Ali bin Saeed Al-Sharhan president of AAAID. The event was attended by H.E. Dr. Suleiman bin Mohamed Al-Turki, financial affairs secretary, as the representative of the Kingdom of Saudi Arabia in AAAID’s board of directors.
Following the welcome of His Highness to AAAID delegation and valuing its efforts in enhancing Arab food security, H.E. president of AAAID gave a comprehensive presentation of the results of AAAID’s activities during the year 2010. Showing the net profits to be approximately $16.5 million dollars, profits received from the portfolio of the companies that AAAID has shares in to be approximately $16 million dollars with an increase of about 25% compared to the year 2009. H.E. president of AAAID explained that the profits resulting from actual AAAID operations (projects) amount to more than 75% of the financial return of portfolios (this is the first time that the rate reached this high since AAAID was setup in 1976).
In the same context His Highness the minister was informed about the last steps taken to set up the Agricultural Investment Holding Company that aims at the investment in a number of agricultural projects for the production of main food products for Arab citizens. The capital of this project is estimated to be $180 million. In addition to AAAID, a number of Arab investors have also joined this venture including “Tabook Company for Agricultural Development” “Al-Rajhi International Company” and others.
On his part His Highness the minister affirmed the importance of AAAID giving attention to strategic agricultural projects that produce the main agricultural food products for the Arab citizens like wheat and rice. H.E. president of AAAID confirmed that it has prepared feasibility studies for a number of strategic projects that have been accepted by the board of directors. H.E. also mentioned the procedures taken to address some countries like Egypt, Sudan and Mauritania to allocate the suitable agricultural lands to carry out these projects that aim specifically at the production of the crops of wheat, rice oil cereals and green fodder.