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.
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