Saudi billionaire Prince Al Walid Bin Talal has said that he is willing to invest $500 million in the Toshka agricultural project in the Egyptian Western Desert, reported the Middle East Times.
The paper said that that the offer comes after rumors that he would withdraw from the project. Rumors also circulated that he would buy the supermarkets of the British supermarket chain, Sainsbury's. The prince dismissed both rumors as baseless, said the report.
The Saudi business magnate was quoted as saying that he has entered into a partnership with the Talat Mustafa Group to execute the agricultural project in Toshka. He added that investing in Egypt represents a priority for him.
Bin Talal's investments in Egypt are estimated at E£2 billion in all.
The tycoon, who brought hi-tech from the US and Australia to Toshka, was quoted by Egypt online in 1998 as expecting investment in the huge project to bring 20 percent in profits. He criticized Egyptian press that attacked his participation in the promising project.
Citing a report by the UN Food and Agriculture Organization (FAO) in 1997, Egypt Online said that the Toshka project would achieve a development leap in southern Egypt.
In its report that year, the FAO mission said Egypt could cultivate 3.5 million feddans after reclaiming land in the New Delta. The report said Toshka canal could irrigate 2.5 million feddans while underground water could irrigate one million feddans in addition to 200,000 feddans east of the EL-Ewainat region. The FAO also pointed out that Toshka project will help settle six million citizens in the New Valley region and will create new urban communities – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
