Date: 04 Sep, 2023
Location: Republic of Egypt
Participation of H.E. AAAID’s President in the meetings of the 112th regular session of the Economic and Social Council of the League of Arab States, which was held at the HQ of the General Secretariat of the League of Arab States during 27-31 August 2023, with an aim to identify the investment opportunities in the agricultural field and introduce AAAID’s projects in the Arab Republic of Egypt.
H.E. Mr. Mohammed bin Obaid Al Mazrooei, President of AAAID, and an accompanying delegation paid a recent visit to the Republic of Egypt, where he met with several officials and major investors in the agricultural field, in which he met with H.E. Dr. Alaa El Din Farouk, Chairman of the Board of Directors of the Agricultural Bank of Egypt. During their meeting, H.E. Al Mazrooei introduced AAAID, its vision, objectives, sectoral distribution of its contributions and investments, its strategy and role in contributing to supporting small-scale farmers and producers, and its development programs in the Arab countries, besides reviewing its investments in the Republic of Egypt in particular, and Arab countries in general.
In addition, H.E. AAAID’s President highlighted that AAAID’s total investment costs of its existing projects in the Arab Republic of Egypt reached to USD 158 Million, adding that there are permanent and seasonal job opportunities and contracts provided by existing companies and those under implementation and establishment to which AAAID contributes in the Republic of Egypt, reaching to 56,380 job opportunities.
The light was also shed on AAAID’s contributions in the Arab Republic of Egypt including Al Faiyum Sugar Works Company in Egypt, which produces white sugar, molasses, and beetroot, with an aim to contribute to covering the needs of the local market and export. The company’s designed capacities include the production of 180,000 tons of white sugar, 80,000 tons of molasses, and 60,000 tons of beetroot. In addition to the Arab Company for Production and Preservation of Crops, which aims to dry, preserve, manufacture and pack agricultural crops, and Middle East for Vaccines – MEVAC, which aims to contribute to meeting the needs of the Arab countries for some important and most widely used vaccines.
Lastly, H.E. AAAID’s President reviewed the projects and investment opportunities that are studied in the Arab Republic of Egypt, including the production of high grades of potato seeds project in partnership with Al Dahra Company, the vaccine and biotechnology city project, the establishment project of laboratory of tissue culture of potato and date palms, the non-banking financial services fund, and the production project of wheat, fodder, and agricultural crops, as well as other promising investments.