Kingdom Holding eyes $350 million Egypt investment: paper

Reuters, Sunday 19 Jun 2011

The company owned by Al-Waleed bin Talal considers new investments in agro-industrial project in Egypt

Saudi firm Kingdom Holding is considering investing $350 million in an agro-industrial project in Egypt, newspaper al-Mal quoted a senior company executive as saying on Sunday.

"I think we will reach the stage of negotiations and due diligence a month and a half from now," the financial daily cited board member Ahmed Halawani as saying.

An Egyptian agriculture investment deal signed by Kingdom's billionaire owner Prince Alwaleed bin Talal in 1998 was annulled by a court in April as prosecutors investigated the terms of several state land sales under former President Hosni Mubarak.

That dispute was settled this month when Alwaleed signed a revised deal for the farmland at Toshka in southern Egypt.

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