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Munib Al-Masri: Starting the foundation of Jerusalem fund for investment with a capital of $100 million

2008-06-10

The prominent businessman and the chairman of PADICO Mr.Munib Al-Masri announced that the steps of establishing the Jerusalem fund for investment had started with a capital of $100 million, indicating that PADICO will contribute by $25 million, and the fund will be active in small and large projects especially in the housing aspect. Al-Masri pointed out that there are contacts with the Islamic "Waqf" and the church that both own lands in Jerusalem city to establish projects on, alluding that there is a big crises in this city due to lack of houses. Al-Masri said "we believe that the investment in Jerusalem is glory, and there are huge opportunities for work" and added "it is important to reactivate the economic movement in Jerusalem, and we hope that this will contribute in refreshing the economy, because Jerusalem is precious on all of us". Al-Masri pointed out in a conversation with the press in Jerusalem that PADICO will contribute with $25 million and the remaining capital will be ingathered from other shareholders, and the banks and other investment funds had shown readiness to contribute.