Cairo-based Kingdom Agricultural Development Company (Kadco), which is controlled by Prince Alwaleed, has announced plans to combine its business with Sun World International, a subsidiary of Californian water and agricultural development company Cadiz. Proposals call for Kadco to have a 49.75 per cent interest in the combined venture, with Cadiz holding 50.25 per cent. Kadco will bring to the combined business some $85 million in cash resources raised from prospective investors in the Toshka project.
The venture will market produce from the Toshka farm, where extensive tests are under way on a range of crops including vines for table grapes. Says Prince Alwaleed: ‘The combination of Kadco and Sun World will go a long way in fulfilling our objective of creating an important export source for a variety of agricultural products’.