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not quite the unique bargain it is purported to be: the present discounted value of a (virtually) nil-yielding asset which is "locked up” for eighteen years (the remaining life of our lease) is approximately 8% of what its market value would be were a conservative 15% yield factor to be applied. This is pointed out merely to show that both the University and the Government have much to gain from concluding this deal. The total cost of purchasing the 500 feddan should not exceed L.E. 870,000, and, if we are successful in registering possession within two years (a feat we have not yet accomplished, however, on other property deals), the cost may be as low as L.E. 825,000. We understand that we would not be permitted to resell the land within five years from the date of purchase, but thereafter we would be free to dispose of it at whatever price it would command in the open market. Whilst the future of the Desert Development Center cannot be assured at the present time - it still lacks a core endowment to provide long-term financial stability - purchase of the 500 feddan looks an attractive proposition. Finally, it should be remembered that, assuming the Center will be a permanent feature of the University, we will be faced with the prospect, in eighteen years time, of either leaving the land or negotiating to purchasing it at the then market value