Saudi Lehaa Says to Pump EGP60 mln in Egypt, Conditions Easier Procedures

The Saudi-based Lehaa for Trading and Agriculture Investment is planning to inject new investments worth EGP 60 million in Egypt within 2014 on the condition that the Egyptian government eases the procedures of owning agricultural lands.

Hamoud Al-Saleh – Chairman of Lehaa – has referred that his company plans new investments in Egypt in sectors of livestock and agriculture.

Lehaa has held talks with the Egyptian Ministry of Agriculture to resume the procedures of owning the long-awaited 15.000 feddans in Lake Nasser.

The Egyptian government vows to solve the problematic ownership of agricultural lands in Egypt as soon as possible, Amwal Al Ghad has further cited Lehaa’s Chairman as saying.

Lehaa’s volume of investments in Egypt amounts to EGP 230 million, Al-Saleh noted.

Lehaa for Trading and Agriculture Investment has around 4000 feddans in Egypt, including 3000 feddans dedicated for planting local wheat in addition to one thousand feddans designated for planting potatoes to be exported to the neighbouring Arab markets.

Lehaa for Trading and Agriculture Investment has been established in 1998 as a result of Saudi investment in Egypt in the Agriculture sector.