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Monday, 25 October 2021

AAAID to invest USD 220 mn in Egypt’s agriculture sector

The Arab Authority for Agricultural Investment and Development (AAAID) could invest USD 220 mn in Egypt’s agriculture sector, according to Hapi Journal. The finance will be directed primarily towards small farmers, authority head Mohammed Bin Obaid Al Mazrooei said during a presser, without providing further information.

What’s the AAAID? The AAAID is a Sudan-based financial institution that aims to improve food security in the Arab world. Some 21 Arab countries are shareholders in the authority, with Sudan contributing two-thirds of its capital.

This investment would amount to a fifth of the institution’s 2019 capital, which according to its website amounted to USD 1.1 bn. Enterprise was unable to verify the report.

OTHER INVESTMENT NEWS- Saudi garment and textile company Alaseel is looking at Egypt as part of its ambitious regional expansion plan, CEO Ahmed bin Saleh Al Sultan told CNBC Arabiya. The company’s board recently approved a capital increase to SAR 400 mn (USD 106 mn) as it plans to boost the brand’s presence, primarily in Arab countries, Al Sultan added.

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