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FINANCIAL NEWS
Kingdom Holding to reach a deal over an Egyptian land
17 Apr 2011
(MENAFN) Kingdom Holding, the Saudi company owned by Prince Alwaleed bin Talal, declined the news which were broadcasted on the Egyptian state news agency claiming that the company has given up the land it owns in Egypt, reported Arabian Business.
The company added that the land which is located in Southern Egypt was bought by Alwaleed’s Kingdom Agricultural Development Co. (KADCO) at the area of Toshka thirteen years ago and it is a part of a project to pump water from Aswan High Dam then transfer it via a 30 mile canal to a farmland located sixty km from the border with Sudan.
It also said that Kingdom Holding suggested some solutions to the public prosecutor in order to reach a deal, that include an initial public offering (IPO) so that the Egyptian people can invest in the project.
It is worth noting that the Egyptian public prosecutor started investigations in all business transactions that took place during Hosni Mubarak’s regime. It says that the Toshka project is one of these transactions, which is illegal since the land bought was twice the legal limit and it was exempted from all taxes.
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