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Gaza - Palestine Real Estate Investment "PRICO" launched the operations of the first five-star Hotel in the Gaza Strip, before the official opening in the coming weeks, under a state of unprecedented recession in the tourism sector. Al Mashtal Hotel which is located in “Al Sudanieh” region in the north of Gaza City, views the Mediterranean Sea from the western side and “Al-Shati" Refugee Camp” - one of the poorest communities in the world- from the southern side. Nabil Al-Sarraf, the Chairman of the Board of Directors of PRICO described operating the Hotel in these circumstances, and after years of a significant decline in the various investment activities, particularly those regarding the tourist sector, as a "major achievement". In press statements, Al-Sarraf said that launching the operations in Al Mashtal Hotel which is owned by Al Mashtal Tourism Investment Company – a subsidiary of PRICO-, "reflects the determination of the company to continue its investment activities in spite of the risks surrounding the investment in light of the blockade and the absence of active tourism". The $45 million Hotel consists of 225 rooms and suites, in addition to restaurants and closed and open halls, and swimming pools. The Hotel which is managed by a Spanish company employs about 100 employees. Al-Sarraf revealed that the company is nearing to complete 175 chalets related to the company, in preparation to run about 50 of them in the first phase of the project at a cost of $ 15 million. In a related context, he announced PRICO’s intention to execute a series of housing projects, including construction of five residential towers in the northern Gaza Strip, at a cost of about $ 25 million. It should be noted that PRICO is implementing a number of projects in the city of Ramallah, including Days Inn Hotel, Al Ghadeer Neighborhood, Rabeyat Al Quds Neighborhood, Ministry Complex, Prime Ministry Building, Grand Park Hotel expansion in addition to Renovation of St. George Hotel.