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Gulf States Launch $2 Billion Agricultural Fund

Gulf Arab states will inject $2 billion into a new agricultural fund in coming months to secure food supply by buying shares in agricultural firms, the pan-Arab daily ASHARQ AL AWSAT reported Monday. Gulf countries, which rely on the importation of food, have increased efforts to secure food supply through buying agricultural land in developing nations or buying shares in agricultural companies. The new agricultural fund will be part of the broader Arab Authority for Agricultural Investment and Development (AAAID), which is an organization involving 20 Arab and African states all seeking to ensure food supply. The AAAID, which is headquartered in Sudan, was established in 1967 and has a capital of 400 million.

"We are now in the establishing phase of the new holding company, and its name will be announced soon," said Rajagopal Ramamoorthy, director of financial investments at AAAID, according to ASHARQ AL AWSAT. "The $2 billion fund was already approved in January and the money mainly comes from members of the Gulf states, to purchase listed and unlisted food companies in the Middle East and Africa", he added.
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Title Annotation:Regional Report
Publication:The Daily Middle East Reporter (Beirut, Lebanon)
Date:Oct 13, 2009
Words:189
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