The Thirty Seventh Annual Meeting of the board of shareholders of AAAID From 2 to 3 April 2013 Dubai United Arab Emirates

Date: 02 Apr, 2013

The thirty seventh annual meeting of the board of shareholders of Arab Authority for Agricultural Investment and Development was held during the period 2-3 April 2013 in Dubai UAE, within the joint meetings of the Arab financial bodies.
The most important resolutions are the followings:

  • Resolution No (1):
    Naming the representative of State of Palestine as a chairman of the board of shareholders at its thirty seventh sessions and naming the rep of the republic of Comoros as a vice president, to assume their duties from the date of the meeting and till the thirty eighth meeting.
  • Resolution No(2):
    After reviewing the thirty fifth annual report of AAAID and after approving AAAID’s budget as at 31/12/2013, after reviewing the final accounts and reserves for the end period at that date beside the report of the board of directors on these statements, the board decided to allocate 10% of the net profit which gained in the year 2012 to support Palestinian people through funds Aqsa & Jerusalem and to convert the rest of the net profit to the general reserve.
  • Resolution No (3):
    Appointing of Messrs (KPMG) Fawzan & Sadhan. KSA, as auditors for the accounts for financial year ends at 31 Dec 2013.
  • Resolution No(4):
    The board approved AAAID’s program of investment operations for the year 2013.
  • Resolution No(5):
    Increasing the capital of AAAID by 50%, from 150 KD Million to 225 KD Million, this resolution based on the resolutions of the third Arab economical, developmental and social summit in Riyadh KSA according to the initiative of the custodian of the two holy mosque King Abdullah bin Abdul-Aziz Al Saud who called to increase the capitals of the Joint Arab Financial institutions by at least 50% due to the importance of the role played by these institutions to meet the development needs and to enable them to contribute effectively in the economical and social development in the Arab world.
  • Resolution No (6):
    The board has appointed H.E. Mohamed Bin Obaid Almazrooei to be a chairman of AAAID for the session 2013-2018, to assume his duties and powers as of the date of 3 April 2013.
    The board has recommended issuing a letter of thanks and appreciation to H.E. Ali Bin Saeed Alsharhan for his tireless efforts made to AAAID during his chairmanship period.
  • Resolution No (7):
    The board expressed the deepest thanks and sincere gratitude to his highness Sheikh Khalifa Bin Zayed Al Nahyan, the president of the state of the United Arab Emirates on the graciousness that comprised the meeting of AAAID’s shareholders board.
    The board has also made Multitude thanks to H.E. Sakhr Ahmed Abbas Al Wajeh Rep of the Republic of Yemen for his efforts during his chairmanship of the board in the thirty sixth sessions, the board has also made deepest thanks to the chairman, members of the board of directors and all the staff of AAAID for their fruitful efforts that they provide during the last year in order to enable AAAID to achieve its objectives.