Cooperation between "Arab Investment and Agricultural Development" and"Bahrain Food Company"
Dubai, 8 January / WAM / The Arab Authority for Agricultural Investment and Development (AAAID) signed a memorandum of understanding with Bahrain Food Holding Company “Food”, one of the companies affiliated with Mumtalakat Holding – the sovereign wealth fund of the Kingdom of Bahrain, to establish a general framework for strategic cooperation between the two sides in areas of common interest, in a way that supports food security and sustainable agricultural development in the Arab region.
The memorandum was signed at the Authority’s main office, while it was signed on behalf of the Authority by His Excellency Dr. Obaid Saif Hamad Al Zaabi, Chairman of its Board of Directors, and for “Food” by His Excellency Bassem Mohammed Al Sa’i, Chairman of the Board of Directors.
The memorandum aims to enhance cooperation in the areas of food security, including supporting food production, developing strategic reserves of basic food commodities, achieving efficient distribution, and ensuring fair and sustainable access to food, in line with national and regional priorities in this field.
Areas of cooperation also include facilitating mutual visits between work teams, exchanging experiences and knowledge, developing best practices in the fields of agriculture and food security, in addition to exploring opportunities to develop, expand and market innovative products and services through companies affiliated with both parties, in addition to identifying and investing in strategic opportunities to enter regional and international markets, and exchanging market information, research data and strategic analyzes to support planning and decision-making processes.
On this occasion, His Excellency Dr. Obaid Al Zaabi said that this memorandum represents an important step towards strengthening effective Arab partnerships in the fields of agriculture and food security, and embodies the Authority’s commitment to supporting sustainable investment initiatives that contribute to achieving food security and developing the agricultural sector in Arab countries, through cooperation with leading national institutions such as “Food.”
Food, a subsidiary of Mumtalakat Holding Company, brings together a group of leading national companies in the food sector, and plays a pivotal role in supporting the food security goals of the Kingdom of Bahrain. During the next five years, it will continue its expansions and strategic investments, including establishing partnerships with food companies from the private sector, with the aim of accelerating growth, enhancing operational capabilities, and expanding the scope of its business locally, regionally and internationally.
For his part, His Excellency Basem Mohammed Al-Sa’i said that this memorandum represents a strategic opportunity to exchange experiences and expand areas of cooperation in the food and agricultural business sector, in a way that supports the Kingdom of Bahrain’s directions in enhancing food security and achieving sustainable development.
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