Nadec awarded 75,000-feddan farmland in Egypt

13/08/2014 Argaam

Egyptian government committee allotted 75,000-feddan farmland to the National Agricultural Development Company (NADEC) at Toshka project of southern Egypt, the company said in a filing to Tadawul.

A final Egyptian cabinet approval has yet to be obtained.

The investment falls within the company’s hunt for alternative agricultural investment opportunities abroad given Saudi Arabia’s water conservation plans.

In December 2013, the company signed a contract with Egyptian agriculture ministry to reclaim 70,000 feddan in Toshki project and set up a dairy farm

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