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Prince Al-Waleed to sign new contract regarding Toshka today

Saudi press reported Monday that Prince Al-waleed bin Talal, chairman of the Kingdom Holding Company, will visit Cairo today to sign a new contract for the Toshka project in Egypt

DPA, Monday 30 May 2011
Prince Al-Waleed Bin Talal
Photo:(Reuters)
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The Saudi newspaper Al Jazeera quoted sources as saying that the Egyptian Ministry of Agriculture received yesterday from the State Council a legal opinion about the new contract, by which the Egyptian government will allocate 25,000 acres in Toshka to Kingdom Holding company, instead of ​​the 100,000 acres owed under the original 1997 contract.

The new contract includes two clauses: first, the Egyptian government will give the company the right to use ​​15,000 acres for a period of 15 years, at which time the government will decide whether to give the company ownership of the land. The government’s determination will be made on the basis of the seriousness of the company’s commitment to the project evidenced by the completion of cultivation.  

Second, Kingdom Holding will directly own 10,000 acres in exchange for LE5 million paid by the Saudi company to the Egyptian government over the past years.

The newspaper added that Al-Waleed is expected to meet the head of the Supreme Council of the Armed Forces, Mohammed Hussein Tantawi to congratulate him on Egypt's 25 January Revolution and discuss ways of cooperating and promoting more Saudi investments to support the Egyptian economy.

 

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