Egyptian PM to meet Prince Al-Waleed bin Talal in Riyadh

Saudi Prince Al-Waleed bin Talal will meet with Egyptian Prime Minister Essam Sharaf to finalize bin Talal’s agreement with the Egyptian government on Toshka, an area near Aswan where he owns disputed lands.

The meeting was announced by Mohamed Gamal Eddin, legal advisor to bin Talal's Kingdom Agricultural Development Company (KADCO). He said that on Monday, during Sharaf's visit to Riyadh, the two will determine where the Egyptian and Saudi sides will sign the approved amendments to Talal’s Toshka contract.

The Egyptian Agricultural Ministry and bin Talal reached a preliminary agreement in negotiations conducted last week.

The dispute is over 100,000 acres of land allegedly allocated to the prince in violation of the law.

According to the amendments, KADCO will be allowed to maintain ownership of 10,000 feddans in Toshka. It will be allowed to manage a further 15,000 acres on a usufruct basis, working the land and enjoying the profits for a period of three years after it begins reclamation.

Gamal Eddin also told the press on Sunday that the prince has agreed to give up 75,000 feddans that are part of the same project.

Senior Egyptian government sources said the expected meeting reflects the government's desire to reassure Arab investors regarding their investments in Egypt, while preserving their right to protect Egyptians' interests.

Translated from the Arabic Edition

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