Cairo - Decypha: Saudi billionaire prince Al-Waleed bin Talal reportedly has sold Kingdom Agricultural Development Company (KADCO Egypt) to the Armed Forces-affiliated National Service Project Organization (NSPO), several sources in the Egyptian media have reported.
The value of the deal is EGP1.25 million ($69,000). The company is believed to be sold due to its losses, which are estimated at $89 million in total.
Established in 1998, KADCO was founded to buy 100,000 acres in Toshka national agriculture project in southern Egypt, which targeted to cultivate and irrigate 540,000 acres through High Dam Lake-pumped water. The project, however, made a slight progress and work on the site has been eventually stalled due to irrigation issues and transportation challenges.
KADCO has not released an official statement on the matter yet.
KADCO Egypt was fully owned by Riyadh stock exchange-listed Kingdom Holding Company.
By Decypha Editorial Team
