Alwaleed, a diversified global investor, owns stakes through Kingdom Holding in Citigroup, News Corp.
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The Toshka land is owned by a Kingdom Holding unit called Kingdom Agricultural Development Co.
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Kingdom Holding also said it discussed the matter with the Egyptian Minister of Agriculture.
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Since it went public in July 2007, no analysts have issued research on Kingdom Holding.
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When Kingdom Holding went public in 2007, its stake in Citigroup was its most valuable asset.
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In July 2007 Alwaleed listed 5% of Kingdom Holding on the Saudi stock exchange.
Kingdom Holding shares have fallen 23% since then to a recent 7.95 Saudi riyals.
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Through his Kingdom Holding Company, Alwaleed co-owns the Savoy Hotel with Lloyds Banking Group.
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"These allegations are completely and utterly false, " said the statement from his investment firm, Kingdom Holding Company.
His fortunes, and the underlying value of his Saudi stock exchange listed company Kingdom Holding Co.
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Alwaleed was involved in building another Kingdom Tower in Riyadh, where his Kingdom Holding Co. offices are headquartered.
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Alwaleed did not disclose the size of his purchase, which he made with personal funds outside of Kingdom Holding.
Kingdom Holding officials didn't provide any further details of the purchase early Monday.
The funding in question is from an investing concern called Kingdom Holding Company , the largest company in Saudi Arabia.
The company is slated to be added to the FTSE 100 index on May 25, according to the Kingdom Holding release.
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But Kingdom Holding said Monday that the company is progressing with its two significant real estate projects in Jeddah and Riyadh.
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The billionaire nephew of the Saudi king owns about 7% of News Corp. shares through his Saudi-listed investment vehicle Kingdom Holding.
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Kingdom Holding now trades at a rich 107 times trailing earnings, not exactly the province of a value investor like the prince.
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"To invest in one company, I reject maybe eight or nine, " says Alwaleed, who employs 20 financial analysts at Kingdom Holding Co.
Kingdom Holding shares tumbled between early 2008 and early 2009, falling 60%.
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Kingdom Holding also owns a stake in the Fairmont Hotels management company.
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In addition, Kingdom Holding has stakes in News Corp. ( NWSA), Apple ( AAPL), and the management company for the Four Seasons Hotels.
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Alwaleed, for his part, minimizes the implosion of the Citi shares and focuses instead on the value he plans to add to Kingdom Holding.
Logic would have it that Kingdom Holding's shares should have fallen as well, since so much of its value resides in its Citi stake.
When Alwaleed listed his Kingdom Holding Co. on the Saudi stock exchange in late 2007, the prospectus also listed stakes in eBay, Motorola and Priceline.com.
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Kingdom Holding is placing a strategic bet with the Glencore investment.
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Meanwhile, Saudi investors are lacking detailed third-party guidance about Kingdom Holding.
As part of the acquisition, Kingdom Holding is in the process of trying to sell all of the hotel stakes formerly owned by Kingdom Hotel Investments.
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Just over a year ago, a press release issued by a Saudi outfit called Kingdom Holding trumpeted: "When others sold in April, the Prince was buying!"
The rise in the value of Kingdom Holding's hotel assets and real estate developments has offset some of the losses from Citi, says Kingdom Chief Financial Officer Shadi Sanbar.
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