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Palestine Investment Fund issues its annual report for 2007 and realizes $262 million profit

2008-05-14

Palestine Investment Fund issued its annual report for the year 2007 that had been delivered a copy of to president Mahmoud Abbas and to the office of financial supervision. This issuance came compatible with the managerial and financial transparency that the fund committed to follow in obligations of law provisions. The report contains PIF"s audited consolidated financials presentation as of Dec 31, 2007 in addition to the board of directors chairman Shokri Bshara and the CEO Dr.Mohamad Mustafa, and an identification of the fund and its mission and major investments. Regarding the report, the auditors "Ernst & Young" indicated that the consolidated financial statements are showed justicfully from all fundamental aspects. The financial position for the fund as of Dec 31, 2007, its financial position and its cash flows are all according to international financial reporting standards. The financial results indicates $262 million in the year 2007, and also indicates that the fund had distributed $72 million as dividends for the first six months and $140 million for the second half of the year, that had been registered on the shareholders current account.