The United Bank is awarded as a strategic partner by Rakhaa Company for Agricultural Investment- Saudi Arabia
05/10/2022
The United Bank is awarded as a strategic partner by Rakhaa Company for Agricultural Investment- Saudi Arabia
Cairo: October 5th 2022
Highlighting its supportive policy in Arab investments, expansion especially in agricultural field, livestock development and value chains to achieve local self- sufficiency and raising export rates, The United Bank was awarded as a strategic partner by El Sheikh Abdullah Ben Ibrahim Ben Abdullah El Kharif.
In the presence of constellation of top notch companies officials, headed by Dr. Salem Ben Soliman El Shawy- General Manager of Rakhaa Company for Agricultural Investment, Mohamed Ben Rasheed Kablan El Balwy- the vice president and representative of Al Jouf for Agricultural Development, Ammar Ahmed Amin El Zbeedy- BOD member and representative of Abdullah El Kharif company, Bedor Daughter of Nasser Ben Ibrahim El Rashoudy- BOD member and representative of Jazan Development Company, Yahiya Ben Ahmed Ben Ibrahim Mobarky- BOD member and representative of Tabouk for Agricultural Development, Makaad Ben Ibrahim Ben Ramthan El Otebi- BOD member and representative of Wafrah for Industry and Development, and a number of the elite members of UB team, Farag Abdel Hamid- Vice President of The United Bank, Nevine Kashmiry- Deputy Managing Director for Business Sector, and Dr. Mohamed Abo Nar- Senior Manager of Islamic Corporate Finance Sector.
On the sidelines of the Company’s General Assembly meeting, Mr. Ashraf Al-Kady and UB team were awarded for the pioneer supportive role in banking field, especially financial solutions compliant with Shariaa aiming to maximize Arab and local investments, and increase the expansion in agricultural production and livestock development to achieve local self- sufficiency and export.
El Sheikh Abdullah Ben Ibrahim Ben Abdullah El Kharif- Chairman of Rakhaa Company for Agricultural Investment, said that Rakhaa company is regarded as one of the pioneer Saudi investment in Ease Ouinat- El Wadi El Gaded governorate in the western desert since 2010. The company’s business is anchored on agricultural field and production, especially the strategic agricultural yields that are in the food security framework. Like: Wheat, Yellow corn, barely and alfalfa.
Dr. Salem Ben Soliman El Shawy- General Manager of Rakhaa for Agricultural Investment, stated that the company is applying the most recent scientific theories in clean agriculture, that is compliant with international standards in production. That’s to provide a harm-less agriculture product. Rakhaa Company depends on Egyptian labor. As there are more than 200 Egyptians contributed in establishment process, operations, expansion process and increasing production. Thus, maximizing profits.
Parallel, the company depends on service expansion applications, through a supply chain base for agricultural process elements. Like: fertilizers, seeds, and well drilling. The thing that maximizes the company’s contributions in climate change field and reducing thermal emissions.
Commenting on the award, Ashraf Al Kady- Chairman of The United Bank, expressed that the strategic partnership between UB and Rakhaa Company for Agricultural Investment, is based on human, economic and social co-responsibilities.
Its strategic goals are to provide food, achieve local self-sufficiency, increase agricultural production and qualify the production with the required quality to export of surplus. Besides, maximization of The Arab investments to increase agricultural areas, establishing agricultural communities, and maximizing value chain role.
Farag Abdel Hamid- Vice president of the United Bank, stated that East Ouinat region is called the good side. It is regarded as the second largest agricultural development projects implemented in the Southern valley in east of Egypt, after Toushka project. The project aims to increase 230 thousand acres in the agricultural groundwater- based areas in Egypt. The project also enjoys many benefits that qualifies it to be a pioneer in the clean agriculture field. Hence, strengthening the Egyptian- Saudi partnership in achieving development goals and maximize investments.
Nevine Kashmiry- Deputy Managing Director for Business Sector, pointed out that The United Bank is the sole partner for Rakhaa Company for Agricultural Investment. As UB provides a package of banking solutions, products and distinctive digital services that are compliant with shariaa. The things that contributed to maximizing the company’s profits over the last 12 years. As well as, enabling the company to expand and grow through a full package of funding facilities compliant with sharia, in The Central Bank of Egypt framework to provide support to the small and medium enterprises sector, that is regarded as the sustainable development engine. Moreover, providing services to support production components and agricultural activity settlement that is required to expand the company and achieve self- sufficiency.
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