Prince Alwaleed said to sell KADCO Egypt for $70,000

02/04/2017 Argaam

Saudi billionaire Prince Alwaleed bin Talal sold Kingdom Agricultural Development Co. (KADCO Egypt) – a wholly owned subsidiary of Kingdom Holding Co. – in January to Egypt’s defense ministry for $70,000 (EGP 1.25 million), Egyptian media reported on Sunday.

 

Prince Alwaleed, the founder of Kingdom Holding, decided to exit the project due to losses reaching $89 million so far. 

 

Saudi Arabia’s Al Rajhi Group, which owns land in the same area, had previously offered to buy the project for $17 million but later withdrew its offer, it was reported.

 

KADCO Egypt was established in 1998 to acquire and develop land to produce eco-friendly premium crops for domestic and international markets.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.