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08/06/2011 00:00 AST
Egypt settled one of a string of disputes over state land sales under deposed President Hosni Mubarak, revising the terms of a farmland deal with Saudi Prince Alwaleed bin Talal, the Egyptian government said.
The Saudi billionaire signed a new contract with the Egyptian government for land allocated to his Kingdom Agricultural Development Holding (Kadco), the cabinet said.
Land sale scandals have torn through Egypt's once booming housing sector and gathered pace after Mubarak's overthrow in a popular uprising.
Courts have scrapped land contracts for Egypt's two largest property developers, Talaat Moustafa Group and Palm Hills and two former government ministers have been sentenced to jail over graft in state land sales.
Kadco, part of Alwaleed's Kingdom Holding Co, bought 100,000 feddans (420 million sq m) at Toshka in southern Egypt in 1998 as part of a project to irrigate reclaimed agricultural land near the Sudanese border.
Egypt's public prosecutor said in April that the sale violated the law and the Saudi company later agreed to give back 75,000 feddans, according to Egypt's government.
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