Published on Food Crisis and the Global Land Grab, April 13, 2011.
Saudi Prince Alwaleed bin Talal, the richest man in the Middle East, had a grand vision for turning a swath of land in southern Egypt into an agricultural marvel. Now that land has become part of a political struggle, in the wake of the overthrow of former President Hosni Mubarak.
Since 1998 Alwaleed has invested $127 million in 100,00 acres (40,470 hectares) of land in the Nile River delta Tushka agricultural project (also known as Toshka). The land is owned by Alwaleed’s Kingdom Agricultural Development Co., which is part of his Saudi-listed Kingdom Holding investment vehicle. Egypt’s public prosecutor’s office said Sunday it froze the land controlled by Alwaleed because the original sale of the land violated the law, Reuters reported on Monday … (full text).