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2019-05-23
Al-Quds Index traded, in this week, in low range, to close at the level of 525.74 points; down by 0.18% than its previous weekly closing level, and by 0.68% than its last year’s closing. Whereby, the liquidity in still at its prevailing levels in this period; scarce, conservative and lacks institutional transactions. During the week, one stock’s performance didn’t shine than any other listed stocks. Where the leading stocks and others are witnessing idleness in trading and slow wave in price movements. This coincides with the routine trading of the holy month of Ramdan, and entering a decreasing in prices phase for the listed companies in Palestine Stock Exchange PEX that approved dividends to reach price balancing after the distribution.
Regarding the significant news of this week, Palestine Authority announced completing a short term economic plan under the name “ 100 days plan” with total value of $245 million that is based on encouraging the agricultural, tourism and industrial production, reducing poverty and unemployment, strengthening the role of women and youth, relying on the vocational training, safeguarding public freedoms, enhancing transparency, establishing industrial cities, creating entrepreneur projects, investing in the energy sector, concentrating on the financial resources, in addition to being separated from the Occupation. Whereby this plan will be implemented through guiding itself to development through agricultural, industrial and tourism clusters in several cities in Palestine. Moreover, creating business plans with partners to restructure the electricity sector done by being able to purchase electricity from Jordan through providing a loan worth $50 million to solve the current electricity problems and providing solutions to prevent raising the electricity prices for citizens. In addition to relying on vocational training for graduates, and relying on the development through moving from being in need to production by reinforcing the private sector role to develop the economy, and creating investment-stimulating environment, promoting entrepreneurship and empowerment projects, and transferring the ownership of the economic empowerment project from the United Nations Programs “ UNDP” to the Palestinian Authority with a total of $27 million. In addition to executing infrastructure projects with total value of $144 million, developing and improving the marginalized areas and being responsible for Jerusalem and the old city of Hebron, besides empowering women and marginalized groups, and institutional building and reforming.
Among the other significant news that will contribute in reviving the Palestinian economy, Palestine Investment Fund PIF announced establishing solar panel plant in Jericho that is able to produce 7.5-megawatt MW. This project is part of Massader for Natural Resources & Infrastructure Development Company, a fully owned subsidiary of the PIF which was established in 2018, that is called “Noor Palestine Solar Program” which include establishing three solar panel plants that produce 35 MW through the installation of rooftop photovoltaic (PV) systems on 500 public schools in the West Bank. Whereby, the Jericho solar panel plant is the first of this size in the Palestinian Territories, where 20 thousand solar panels spread over 100 dunams in Jericho that is sunny most time of the year. It is good to note that the West Bank consume 1000 MW annually, almost entirely imported from Israel, and small amount from Jordan worth $700 million a year. The PIF noted that it seeks to change the image of Palestine and reduce the reliance of the Occupation energy sources through developing in progress projects such as: power plant in Jenin and another project to produce 200 MW solar energy by the end of the year 2026. By this, Palestine will be able to diversify its energy sources, by generating part and importing other part. This is important in terms of energy security and creating competitive energy prices.
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