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(PADICO) Establishes a fund for Investment Real Estate in the City of Jerusalem

2007-06-06

Dr. Farouk Zeiter, Executive Chairman of the Palestine Development and Investment Company (PADICO) revealed the inclinations of the company to a fund for real estate investment in the city of Jerusalem . Zeiter explained  that the company is working in cooperation with the Emirates Investment Company and a number of Investors to a fund for real estate with the investment  capital of 50 million dollars, contributed by the (PADICO) by 25%,while Emirates investment company contributed at a similar rate, in addition to the contribution of other investment bodies .Zeiter informed the (PADICO) is cooperating with the Palestine Real Estate Investment Co. (PRICO) in a balcony project, a residential real estate project in the area of Beit Safafa in Jerusalem costing approximately 27 million dollars. He noted that this project is still in the stage of obtaining the necessary permits for its implementation, assuring the importance of activating the real estate investment in Jerusalem and encouraging citizens to own apartments and housing units in the city .Zeiter pointed out that a number of investors, home and abroad, expressed readiness to contribute to this project because of its specificity to activate investment activity in the city. He referred to the current trends of (PADICO) aimed at setting up a Nutrition Company with consolidation of a number of small companies related to food production. The capital of incorporation value of the company is expected to be between 20 to 30 million dollars. Zeitar assured his keenness to involve Arab and foreign investors in various investment projects looking forward to implementing in the Palestinian territories. While the return of calmness and stability is necessary for the implementation of such projects to stimulate foreign investors to participate. Considering that the promotion of stability and tranquility is one of the most important  elements of economic development  and at the sometime constitutes fertile ground for attracting foreign investments .Zeiter is currently touring the UAE, Qatar and Kuwait to discuss to a large number of investment companies about investment promotion opportunities in the Palestinian Territories and ways of establishing joint  investment in various projects to a number of businessmen and investment companies based in those countries. He noted his (PADICO) keen interest to continue preparing plans to expand its investment, at the same time continue its investments abroad for the benefit of shareholder of the company. Zeitar described the financial and investment situation of the company, noting that the value of profits made by the company for the first quarter of last year amounted to $17 million, and is expected to exceed the company"s profits during the current year. The value of the achievements of the profits from last year was 47 million dollars. He emphasized the (PADICO) desire in, response to trends of privatization, saying that his company is one of the most qualified firms to respond to those trends. Zeiter pointed out (PADICO) interest to maintain the strategy of the company, which depends on the balance achievement between the Palestinian Territories and the pending availability of the factors necessary to enable the private sector to participate in local projects. He assured that despite of what the Palestinian Territories witnessed recently of incidents and internal tensions, the investment opportunities still exists and there are several areas for the establishment of successful investment projects, especially since there is a state of optimism among investors regarding the return of calmness and stability in the Palestinian Territories

 

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