CAIRO: Saudi Prince Alwaleed bin Talal said on Sunday that an agreement with the Egyptian government has been reached on returning most of the disputed agricultural land in southern Egypt. The prince said he would return 75,000 out of a 100,000-acre (40,469 hectare) agricultural property frozen two weeks ago by Egypt's public prosecutor after raising questions over the legality of its sale in 1998. “We have reached a preliminary deal satisfactory to us, to the Egyptian people and government to return 75,000 acres,” Alwaleed told reporters in Kuwait City. “We have signed the deal which will be studied and approved by the Egyptian government.” The contract entitled Bin Talal to outright ownership of land, “in violation of rules stipulating that the land must be completely reclaimed and planted within five years,” added Saeed. The actual land-size amount turned out to double the measure allowed by rules on private ownership. Moreover, the contract sanctioned Bin Talal's property rights to a thorough exemption from taxes and fees. Former Agriculture Minister Wali availed the contract on the government's side. He is now being persecuted for corruption and mismanagement, and his assets have been frozen. The Saudi billionaire tops Forbes' list of the wealthiest Arabs with a fortune amounting to $19.6 billion. He recently met Egyptian government representatives and offered to pay $4 billion for the dismissal of charges against Mubarak and his family, published newspaper al-Watan online. ** Davide Morandini contributed to this report. BM
