Saudi prince suggests IPO offering to solve Toshka dispute

Prince Al-Waleed bin Talal, owner of Kingdom Agricultural Development Company, has suggested another solution to resolve the dispute over 100,000 acres of land in the southern region of Toshka that were allegedly allocated to him in violation of the law.

He suggested offering shares in his company in an Initial Public Offering (IPO). Only Egyptians would be allowed to buy shares.

His representative, Mohamed Gamal Eddin, said the prince is willing to amend the contract he signed with the Egyptian government to meet Egypt’s interests.

He claimed that thugs seized the land after hearing rumors the prince had waived his rights to it. He said he reported the incident to the armed forces to take the necessary measures to protect his investments.

Bin Talal had previously suggested that he would be willing to give up the land in return for the initial price of LE50 per acre and compensation for expenses incurred. He had also proposed relinquishing 50,000 acres at LE50 per acre for the benefit of Egyptian youth.

The prince ruled out resorting to international arbitration to resolve the problem.

Translated from the Arabic Edition

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