Kingdom Holding eyes $350 mln Egypt investment: paper

Farmers collect cabbage in the outskirts of Cairo

Saudi firm Kingdom Holding is considering investing $350 million in an agro-industrial project in Egypt, newspaper al-Mal quoted a senior company executive as saying on Sunday.

"I think we will reach the stage of negotiations and due diligence a month and a half from now," the financial daily cited board member Ahmed Halawani as saying.

An Egyptian agriculture investment deal signed by Kingdom's billionaire owner Prince Alwaleed bin Talal in 1998 was annulled by a court in April as prosecutors investigated the terms of several state land sales under former President Hosni Mubarak.

That dispute was settled this month when Alwaleed signed a revised deal for the farmland at Toshka in southern Egypt. Reuters