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2007-12-15
The Palestinian Investment Fund and Land holding for investment and real estate development ( a member of Al-Rajehi group ), signed together a $200 million cost" project for developing the commercial aspect of Ramallah and Al-Beireh. The agreement was signed at the presence of president Mahmoud Abbas and the Jordanian foreign minister Salah Bashair in the house of the Palestinian ambassador Attallah Al Khairy in Amman yesterday. The president invited Arab investors to imitate " Land holding for investment and real estate development " in investing in Palestine and participate in growing partnerships that contribute in Palestinians" resistance. Pursuant to the agreement, a private company will be established to develop "AL-Ersal" area, %50 will be possessed by " Land holding for investment and real estate development " and the other %50 by PIF to be reduced to %30 later, the remaining proportion will be given to local contracting companies. The new company will develop and execute the plans and designs at the beginning of next year 2008, the project will be built on 50,000 meters, and include malls, markets, entertaining and cultural centers , in addition to high quality" residential units, and will be carried out by local Palestinian companies. Dr.Muhammad Mustafa the general manager of PIF, expressed his delight in signing with this giant company in all measures that considered an added value for investment in Palestine in general and for real estate sector in particular. Dr. Mustafa hoped to see more companies and investors in the future, considering the agreement with " Land holding for investment and real estate development " another link in attracting Arab and international investment to Palestine, and added that the new partnership with this company is within the framework of the fund"s strategy to gradually transfer its investment to Palestine.
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