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In the Presence of the Egyptian PM, Prince Alwaleed & Minister of Agriculture Sign Contract for “Toshka” Land

June 8, 2011

In the presence of the Egyptian Prime Minister HE Dr. Esaam Sharaf, HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), signed the contract for “Toshka” land with HE Dr. Ayman Farid Abu Hadid, Minister of Agriculture and Land Reclamation at the Prime Minister’s head office in Cairo on Tuesday 7th June 2011. The signing ceremony was attended by HE Mr. Ahmad Kattan, Ambassador of Saudi Arabia to Egypt, and Eng. Ahmed Halawani, KHC’s Executive Director for Private Equity and International Investments and Member of the Investment Committee.

Moreover, Prince Alwaleed and the PM held a press conference wherein His Royal Highness reaffirmed his continuous support to the people and government of Egypt in accord with the guidance of the Custodian of the Two Holy Mosques, King Abdullah and HRH Prince Talal Bin Abdulaziz.

After completion of the signing ceremony, Prince Alwaleed proceeded to the headquarters of the Supreme Council of the Armed Forces where he was received by Head of the Council of the Armed Forces Field Marshal, Mohamed Hussein Tantawi. The two discussed a number of economic and social issues.

Prince Alwaleed was received by HE Ambassador Ahmed Kattan, and members of the Saudi Embassy in Egypt upon his arrival at Cairo International Airport.
Prince Alwaleed had met with the Egyptian PM HE Dr. Esaam Sharaf at the Conference Palace in Riyadh in April 2011. The Egyptian delegation included Ms. Faiza Abu Al-Naga, Minister of Planning and International Cooperation, HE Mr. Samir Radwan, Minister of Finance, and HE Dr. Nabil Alarabi, Minister of Foreign Affairs, and HE Mr. Mahmoud Mohammed Ouf, Egyptian Ambassador to Saudi Arabia, and HE Dr. Samy Saad Zaghloul, Secretary General of the Cabinet of Ministers, and Mr. Usama Saleh the Head of the General Investment Authority, and Mr. Mohamed Qassim Deputy Minister of Foreign Affairs, and General Abo Talib Mahmood Abo Talib Head of the Prime Minister’s Office. The meeting was also attended by Engineer Ahmad Halawani.

Recently, KHC had announced reaching to an initial agreement with the Egyptian Ministry of agriculture on “Toshka” land in the south of Egypt.
The Ministry of Agriculture expressed their approval to the offer made by KHC and the mutual respect to foreign investors’ rights, this came during the joint committee meeting from both parties in Cairo whereby they reached the settlement to keep 10,000 acres for kingdom’s current usage in addition to 15,000 acres for development ending with ownership, and returning the remaining 75 thousand acres to the Egyptian Ministry of agriculture. The two sides signed a Memorandum of understanding in which they agreed on the offer and as to finalize a new agreement which ensures the rights between the parties. This had been presented to the Egyptian Cabinet of Ministers for approval, and it was approved by Kingdom Holding Company’s board members for the signing of the contract between the Prince and Minister of Agriculture Dr. Ayman Farid Abu Hadid.