As many as nine Saudi Arabian agricultural investment companies, including Almarai, The National Agricultural Development Company (NADEC), and Savola Group, signed deals worth SAR 10 billion with the Egyptian government to reclaim 300,000 acres of land, according to a report by Al-Youm 7 newspaper.
The Egyptian daily cited Fahd Al-Hamadi, a member of the Egyptian-Saudi Business Council and head of the Arab Contractors Union.
The companies, which reportedly signed the agreements during an investment conference in Sharm El-Sheikh, also include Al-Rajhi Group, Capital Company, Al-Khuzayem group and Al-Jazea group, among other firms.
No further details were given of the projects, which come as part of the Egyptian government’s drive to reclaim four million acres of land.
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