Thursday, April 14, 2011

Egypt land deals violated the law: why am I not surprised?

"Since 1998 Alwaleed has invested $127 million in 100,00 acres (40,470 hectares) of land in the Nile River delta Tushka agricultural project (also known as Toshka). The land is owned by Alwaleed’s Kingdom Agricultural Development Co., which is part of his Saudi-listed Kingdom Holding investment vehicle. Egypt’s public prosecutor’s office said Sunday it froze the land controlled by Alwaleed because the original sale of the land violated the law, Reuters reported on Monday."

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