AAAID plans to invest $100mln in Egypt’s agricultural sector

The Arab Authority for Agricultural Investment and Development (AAAID) will invest $100 million into Egypt’s agricultural and livestock production sectors over the next three years, Egypt’s State Information Service announced on Saturday.

The investments are spread across three companies including; Faiyum Sugar, the Arab Company for Production and Preservation of Crops, and the Middle East for Veterinary Vaccines Company (MEVAC).

Mohammed Bin Obaid Al-Mazrooei, the chairman of AAAID revealed that the authority currently has existing investments in Egypt reaching $158 million. These remarks came during the first Gulf-Egyptian Business Forum held on Wednesday.

For his part, Jamal Al-Jarwan, Secretary General of the UAE International Investors Council (UAEIIC), highlighted that Emirati investments in Egypt have reached $29 billion, the statement added.