Nazif: Al Rajhi Saudi group invests one billion to reclaim 100,000 feddans in EGypt
Saudi Arabia-Egypt, Business, 3/13/2007

Al-Rajhi Saudi Group will reclaim 100,000 feddans in Toshka at investment costs amounting to LE one billion.

An agreement to this effect was signed yesterday between the Ministry of Agriculture and the Group. Prime Minister Ahmed Nazif attended the signing ceremony.

Signatories to the agreement were Agriculture Minister Amin Abaza and the board chairman of Al-Rajhi group, Mohamed al-Rajhi.

Following the ceremony, the agriculture minister said the signing of the agreement crowned several months' talks between the two sides. He voiced hope that the group would start operation of the project in the nearest possible time wishing it luck in its work.

The group board chairman praised the investment-friendly atmosphere in Egypt and the facilities offered by the government to investors.

He expressed his deepest thanks to President Hosni Mubarak and the Egyptian government under Nazif for their help to seal the deal. He said the Group's project in Toshka will be implemented in several phases -- each phase will last two years and will cover the reclamation of 20,000 feddans.

He urged Arab investors to channel their capital to Egypt, noting that Toshka in particular possesses highly promising future potentials.

Formed in 1990, Al-Rajhi Saudi Group is a company in the kingdom of Saudi Arabia and in diversified in a wide range of businesses, including agriculture and agricultural development by implementation of modern biotechnology application

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