In light of the strong and historical relationship between the Saudi and Egyptian people, KHC has addressed Minister of Agriculture Ayman Farid Abu Hadid with the intention and desire to reach a settlement on the 100,000 acres of Toshka land.
The Egyptian ministry expressed its approval to the offer made by KHC and expressed 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 75,000 acres to the Egyptian ministry.
Ahmad Halawani, executive director for private equity and international investments at KHC, said: "Such a settlement guarantees all rights for Kingdom Agricultural Development, a subsidiary of Kingdom Holding Company. It will not adversely impact the shareholders of KHC.
The two sides signed a memorandum of understanding in which they agreed on the offer and to finalize a new agreement, which ensures the rights between the parties. This will be presented to the Egyptian Cabinet of Ministers for approval, and it will be voted on by KHC's board members for approval.
