ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Saudi Arabia's Al Rajhi to Invest in Egypt's Industry

by 5m Editor
22 December 2008, at 8:38am

EGYPT - Al Rajhi of Saudi Arabia says it will invest one billion pounds (EGP) in National Poultry.

Saudi Arabia's Al Rajhi Investment Group will invest EGP1 billion in National Poultry, a joint venture in which it owns a stake, in the Toshka land reclamation project in southern Egypt, according to its chairman, Muhammad Sulaiman Al-Rajhi. His comments were reported by EFG-Hermes, citing Al Mal.

Al Rajhi has bought 100,000 feddans (around 42,000 hectares) in Toshka from the government but has so far received only one-quarter of this area, and they lack infrastructure and water. The company hopes to receive another 50,000 feddans in the first quarter of 2009 to expand its agricultural and poultry projects, according to EFG-Hermes.