Palestine private sector sees projects worth $5b
The Gulf Today
BY OUR BUSINESS BUREAU
The Palestinian private sector will be presenting projects worth $5 billion at an economic conference in Gaza and Bethlehem in April to attract investors.
The Palestinian government will holding an economic conference, Palestinian Development and Investment Conference (PDIC), in April, according to Palestinian Minister for National Economy Mazen Sinokrot.
"We have chosen the UAE as the starting point for the road show on the conference that will tour the GCC countries. We will continue our roadshow in other Arab and Western countries in order to gather political support and encourage businessmen and economist to attend the upcoming event," he said in Abu Dhabi.
The government will announce at the conference the formation of a UAE- Palestinian Company to invest in Palestine.
Three initiatives which will be announced during the conference. The first initiative is to establish a $250-million Investment Security Fund for 2006 as insurance against any possible political action. The fund will be established by a number of entities including Opec, World Bank, Islamic Investment Bank, German Investment Bank, European Investment Bank, and Palestinian Investment Fund.
The second initiative is related to privatising several industries such as cement manufacturing, petroleum, ports, airports, and checkpoints.
The third initiative includes the offering of public and Waqif land mortgages with exceptional offers for the sale, rent, or auction of projects in the housing, tourism and agriculture, and industrial sectors.
The Arab League, European Union, Quartet Committee, World Bank Arab Private Sector, Palestinian expatriates and the World Economic Forum (WEF) are among the supporting groups for the conference.
The main sponsors for the upcoming events include Padico, Consolidated Contractors Company (CCC), Arab Bank, Palestinian Investment Fund, Arab Palestinian Investment Company (APIC), Arab Islamic Bank (AIB), and PalTel Group.
Sinokrot said that Palestine is part of the Arab Region and the Palestinian government is committed to holding the conference.