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US$1.55 billion invested by AAAID in ongoing projects in the UAE: Mohammed Al-Mazrooi

The value of the authority's current investments in projects in the United Arab Emirates is estimated to be US$1.55 billion, according to Mohamed bin Obaid Al Mazrooei, President and Chairman of the Arab Authority for Agricultural Investment and Development (AAAID), who also praised the success of the smart projects put forth in the country's agricultural and food industry sectors.

Al Rawabi Dairy Company, the first initiative in the UAE to receive funding from the authority, was established in 2001, according to Al Mazrooei, who stated in an interview that these investments comprise them.

According to him, the authority has worked with investors from the private sector on irrigation-related agricultural projects in Saudi Arabia and the United Arab Emirates as well as fish farming initiatives in Gulf Cooperation Council (GCC) nations. Currently, the authority is participating in six fish farming projects, including new ones in the United Arab Emirates.

According to him, the authority is considering a number of investment opportunities in Saudi Arabia under this framework. One of them is funding the expansion of a cutting-edge fish farming company, which would enhance its current operations, boost its production capacity by about 5,000 tonnes, and introduce new species of fish.

Al Mazrooei also discussed the authority's focus on a wide range of food items, particularly cereals, meat, dairy products, vegetable oils, and sugar. The authority has undertaken agriculture programmes connected to wheat in collaboration with small-scale farmers because wheat is a significant grain crop, he continued.

Then he emphasised the value of wheat to Arab communities as a crucial crop that provides vital nutrition, promotes stability, and aids in the eradication of disease and poverty.

Al Mazrooei applauded the UAE's determination to build agricultural projects based on thorough food management by employing sustainability standards to increase food output by twofold. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, launched the Food Tech Valley and Bustanak projects, which he emphasised.

According to him, these initiatives represent advancement in the agricultural sector's local adoption of cutting-edge technologies to address the shortage of arable land and the difficult climate conditions through the use of creative solutions based on artificial intelligence (AI) and cutting-edge technologies.

He also emphasised the GCC countries' strong potential for agricultural investment success. He stated that the agriculture sector has seen substantial progress in recent years as a result of the findings of related research studies and an increase in agricultural investments in GCC and Arab countries.

He confirmed that the UAE and GCC countries offered numerous benefits, including favourable investment environments that assure economic stability and new regulations that facilitate agriculture initiatives.

According to Al Mazrooei, AAAID is developing its administrative and investment operations to assist global development efforts, keep up with changes in the outside world, and enhance organisational working conditions.

According to this framework, the authority has set up a quality control system in accordance with international ISO standards and has obtained a Certificate of Conformity from Germany.

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Posted on :12/2/2022