The Ministry of Agriculture and the Kingdom Agricultural Development Co. have reached a settlement on the controversial Toshka land deal signed by Saudi Prince Al-Waleed bin Talal, the company's owner, in 2008.
The agreement was reached on Wednesday, in the second round of negotiations, after the ministry rejected the proposals that Talal presented in the first round.
According to the settlement, the prince is to hand back to the government 75,000 acres out of 100,000 acres that were allegedly allocated for him in violation of Egyptian law.
Of the remaining 25,000 acres, he is to maintain ownership of 10,000 acres, and keep the remaining 15,000 for a period of three years on a usufruct basis, managing it and enjoying its benefits.
“We have also amended the excessive clauses of the contract,” said ministry advisor Saad Nassar. “And we obliged the company to cultivate strategic crops determined by the ministry and within set timetables.”
Nassar also said that the confiscated land would be used for small and medium-size agricultural projects.
Translated from the Arabic Edition