Date: 07 May, 2025
Dr. Obaid Al Zaabi:
The annual report of the Arab Authority for Agricultural Investment and Development (AAAID) revealed AAAID’s success in adopting and implementing an advanced strategic plan aimed at achieving food security in Arab countries. With a focus on achieving sectoral and geographical balance and diversity in accordance with Arab food security strategies.
His Excellency Dr. Obaid Saif Hamad Al Zaabi, Chairman of the Board of AAAID’s, stated that AAAID’s 2024 performance demonstrates the effectiveness of the initiatives adopted by AAAID, in accordance with the 2024-2026 Strategic Plan, which focuses on financial discipline, operational efficiency, and improved resource utilization.
His Excellency added that this year, the corporate governance management methodology was adopted and implemented in accordance with the ISO 37000 Corporate Governance standard, with the aim of ensuring the effectiveness of the governance system, enhancing accountability and transparency, and ensuring the effectiveness and efficiency of the AAAID’s operations. And exploit its resources and employ them in the best possible way to achieve its strategic objectives.
Dr. Al Zaabi explained that AAAID has been able to enhance financial governance in accordance with established targets by adopting a strict cost control approach, improving record keeping, and rationalizing general expenditures.
His Excellency added that AAAID seeks to enhance cooperation with international and regional organizations and institutions in the field of investment, with the aim of maximizing returns on investments and enhancing the sustainability of its financial resources.
Dr. Obaid Al Zaabi thanked the Board of Shareholders of AAAID’s from Arab Countries, and reiterated the AAAID determination and continuous efforts to launch new projects in several Arab countries. Reflecting its confidence in future growth prospects and its commitment to achieving sustainable development for shareholders.
During its last meeting, the AAAID’s Board of Shareholders approved AAAID’s Annual Report for the year 2024, which included a comprehensive review of AAAID’s performance and projects in Arab countries. Highlighting its qualitative contributions to enhancing food security and achieving sustainable agricultural development in the Arab world. The report affirmed that the outstanding performance in 2024 reflects a disciplined approach to cost management and supports its assigned tasks, most notably its effective contribution to bridging the food gap for basic commodities. The number of agricultural companies in which the Authority has a stake increased to approximately 45 by the end of 2024. These companies are distributed across four main sectors: food processing, animal production, plant production, and agricultural services. The Authority’s total investments in these companies amount to approximately $664 million.
The report also presented other achievements made in 2024 in terms of developing AAAID’s work, most notably enhancing cooperation with international and regional organizations and institutions in the field of investment, and maximizing the return on investment. Enhancing the sustainability of financial resources in accordance with the new strategic plan.
The report also pointed out the AAAID’s achievements in enhancing its development role by seeking to launch new agricultural projects in a number of Arab countries. Holding meetings with decision-makers in AAAID’s field of expertise to achieve the vision and strategic coordination with the countries represented on the Board of Shareholders, and improving corporate governance management by employing the best standards and practices in auditing, risk, and compliance.
The Annual Report also revealed that AAAID had implemented a project to apply and use information systems, network security and management, in addition to completing the transition to the full application of the International Financial Reporting Standards (IFRS). Updating and completing the AAAID’s investment policy and investment activity guides, as well as the corporate governance guides and standards for the companies in which AAAID has a stake.
It is noteworthy that the Arab Authority for Agricultural Investment and Development was established pursuant to a multilateral agreement, and the AAAID’s Board of Shareholders includes 21 Arab countries in its membership: the United Arab Emirates, the Kingdom of Saudi Arabia, the State of Kuwait, the Sultanate of Oman, and the State of Qatar. The Kingdom of Bahrain, Iraq, Jordan, Syria, Lebanon, Palestine, Yemen, Egypt, Sudan, Morocco, Algeria, Tunisia, Mauritania, Somalia, Djibouti, and the Comoros.
