Saudi prince and business tycoon Al-Waleed Bin Talal should arrive to Cairo mid-May to sign a new contract for land Al-Waleed owns in Toshka, in Upper Egypt, as agreed with the Ministry of Agriculture and Land Reclamation.
The new deal stipulates that Kingdom Holding Company give up 75 per cent of the 100,000 feddans (420 million square metres) of land Al-Waleed owns in Toshka. The Saudi prince will retain ownership of 10,000 feddans. He will keep another 15,000 feddans according to a concession system, provided that his company respects a scheduled timeline to cultivate the land.
A Kingdom Holding Company draft contract for the new deal was delivered to Minister of Agriculture Ayman Abou Hadid, who is supposed to present it to the cabinet. The draft should be revised by legal counsellors of the Ministry of Agriculture, the Council of State, and other concerned agencies before the arrival of Bin Talal.