The Arab Authority for Agricultural Investment and Development (AAAID) is set to significantly bolster Egypt's agricultural and livestock sectors with a substantial $100 million investment over the next three years. This announcement, made by Chairman Mohamed Bin Obaid Al Mazrooei at the Gulf-Egyptian Business Forum, marks a pivotal moment for the nation's agri-business.
AAAID is already a key player in Egypt's agricultural landscape, with current investments totaling around $158 million. These include major stakes in prominent companies like Fayoum Sugar Company, the Arab Company for Production and Preservation of Crops, and Middle East for Vaccines (MEVAC).
This fresh infusion of funds is aimed at transforming and expanding Egypt's agricultural and livestock production. With a focus on modernization, the investment promises to ramp up productivity and bolster national food security, aligning with Egypt's broader economic goals.
The timeliness of this investment is underscored by a recent report from Egypt's Ministry of Agriculture, which highlights a significant year-on-year increase in agricultural exports. As of May 2023, exports had grown by over 432,000 tons, reaching 3.427 million tons. This uptick is driven by a diverse range of exports, including citrus fruits, potatoes, onions, and more.
AAAID's commitment is more than just financial; it's a strategic move that supports Egypt's vision of becoming a leading agricultural powerhouse. With this initiative, Egypt is poised to not only meet its own food security needs but also to strengthen its position as a key player in the global agricultural market.