Chaired by H.E. Mr. Ali Bin Saeed Al-Sharhan, President of the Arab
Authority for Agricultural Investment and Development (AAAID), the founding
committee of the Arab agricultural holding company held its 4th meeting in the
headquarters of the Ministry of Finance in Riyadh, K.S.A., on Saturday, 19th
December, 2009.
After welcoming the honorable members of the Founding Committee, H.E. Mr. Al-Sharhan
expressed his sincere thanks and appreciation to H.E. Dr. / Suleiman Bin
Mohammed Al-Turki, member of the Board of Directors of AAAID, and to the
Ministry of Finance, K.S.A., for the spirit of cooperation, seriousness, and
keenness towards establishing the company, hoping that those efforts lead to
success. The agenda of the meeting was then discussed. The meeting took a number
of decisions and proposals pertaining to the organizational and financial
aspects of the company, such as technical teams and anticipated shareholders in
addition to the current founders.
It is worth mention that the establishment of this company came in accordance
with the directives and resolutions of the Board of Shareholders of AAAID, and
the Memorandum of Understanding which was signed by H.E. the President of AAAID
with Tabuk Company for Agricultural Development, Janat Investment Company, in
addition to other companies and investors, to establish an agricultural
investment company to contribute in achieving Arab food security and
strengthening the role of the private sector in achieving sustainable
development in the Arab world. The objective of the company is to invest in the
areas of agricultural production, both plant and animal, agricultural
processing, agricultural services, and financing and agricultural marketing, in
the Arab and Muslim countries in accordance with comparative advantage for
investment, giving priority to the production of grains and fodder. It also aims
at developing the productive capabilities of smallholder and medium-sized
producers, the transfer of advanced agricultural technology, as well as
contributing to the development of infrastructure which supports agricultural
handling and marketing.