Egypt land settlement is ‘satisfying’, says Prince Alwaleed

Kingdom Holding has reached deal over disputed land caught in post-Mubarak scrutiny
Egypt land settlement is ‘satisfying’, says Prince Alwaleed
Prince Alwaleed
By Bloomberg
Sun 24 Apr 2011 03:38 PM

Prince
Alwaleed bin Talal, the Saudi billionaire who controls investment company
Kingdom Holding Co, said the agreement it reached with Egypt over contested
land in the country was “satisfying.”

The
Riyadh-based company’s Egyptian investments won’t be affected by the dispute,
Prince Alwaleed told reporters in Kuwait today.

Kingdom
Holding reached an initial agreement with the Egyptian Ministry of Agriculture
over the 100,000 feddans (103,800 acres) of land it owns in Toskha in southern
Egypt, it said in an announcement to the Saudi bourse today.

The
company’s Kingdom Agricultural Development Co unit would give up 75,000 feddans
to Egypt, own 10,000 feddans and lease 15,000 feddans, Kingdom said.

Ahmad
Halwani, Kingdom Holding’s executive director for private equity and
international investments, said yesterday that “such a settlement guarantees
all rights of Kingdom Agricultural.”

The
agreement “will not adversely impact the shareholders of Kingdom Holding Co,”
he said in an emailed statement.

The
disputed land is part of the Toshka development project, which plans to use
water diverted by a canal from the Aswan High Dam reservoir to reclaim land in
Egypt’s western desert. Kingdom’s acquisition was criticised after the revolt
that ended the 30-year rule of President Hosni Mubarak.

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