News & Press Releases
 

As part of its strategic plan to invest in Jerusalem:
PADICO Holding signs an agreement with Hotel St. George International – the most significant and largest hotel in East Jerusalem
 

As part of Palestine Development and Investment Ltd. (PADICO Holding) strategy to invest in the city of Jerusalem, particularly in the tourism and housing sectors, Palestine Tourism Investment Co. Ltd. (PTIC), a PADICO Holding-affiliate company, signed an agreement to revive the Hotel St. George International in East Jerusalem – one of the most prominent Arab hotels in the city. To be inaugurated at the beginning of 2011 with a new look, Hotel St. George International-Jerusalem will be amongst the largest and best hotels in the city.

Hotel St. George International-Jerusalem was among the first and finest Arab hotels to be established in Palestine. Inaugurated by His Majesty, the late King Hussein of Jordan in 1965, it was ranked as one of the most important hotels in the Middle East. At the time of Emile al Bustani, it built a working relationship with Hotel St. George International-Beirut. Since established, Hotel St. George International-Jerusalem has accommodated major conferences and events and hosted many Presidents during their visits to the city of Jerusalem. However, due to the prevalent economic and political situation, the Hotel was forced to close for extended years and its operations were reduced to the delivery of minor services.

Under the current plan, Hotel St. George International-Jerusalem will be redesigned and restored. Ultimately, it will provide 144 rooms; a wedding and conference hall that is equipped in line with the most up-to-date international standards; luxurious restaurants; and a gym. The Hotel will serve tourists as well as residents of the city of Jerusalem.

Highlighting the need to promote investment in Jerusalem, Mr. Munib R. Masri, Board Chairman of PADICO Holding, stated that this investment is particularly significant because it is located in Jerusalem, which holds a great national and religious status.

“This is consistent with our national duty towards the city of Jerusalem, which is an indispensable part of the Palestinian territory occupied in 1967. It will further consolidate the city’s Arab, Islamic and Christian dimension.” Mr. Masri added.

Mr. Zahi Khouri, PTIC Board Chairman, expressed his pleasure of signing the agreement and emphasised the project’s significance in supporting the tourism sector in Jerusalem. Mr. Khouri said that this and other projects implemented by PADICO Holding are a clear sign that feasible investment opportunities in Jerusalem need serious investors.

According to Mr. Khouri, the distinctive location of Hotel St George International-Jerusalem has given it a further advantage over other hotels. It is very close to the most important religious landmarks in the world. In addition to serving Jerusalemites, the project will deliver innumerable services to the tourism sector in Jerusalem and will provide a real competitor to Israeli hotels, which have often attracted most tourists arriving to Jerusalem. Mr. Khouri also indicated that internal schemes and designs are now being developed with a view to preserving the traditional pattern of Jerusalem in the 1960s. Within the defined timetable, the project will be finalised and Hotel St George International-Jerusalem will be inaugurated and managed in line with the highest international standards.

Mr. Samir Hulileh, CEO of PADICO Holding, confirmed that Hotel St George International-Jerusalem project is an outstanding accomplishment and falls within PADICO Holding’s investment strategy, which pays a special attention to investment in Jerusalem. Through its investments, PADICO Holding seeks to invigorate the economic situation, create investment opportunities, generate employment opportunities, and rehabilitate Jerusalem so that it becomes a tourist city that attracts tourists and pilgrims.

Mr. Hulileh said that this is the second tourism project implemented by PADICO Holding in Jerusalem. Through its subsidiary, Jerusalem Tourism Investment Company Ltd. (JIT) , PADICO Holding inaugurated the Al Hambra Palace, located on Salah ad Din Street and formerly known as the Al Hambra Cinema, last year at a cost of over USD 2 million. Having been closed for 20 years, this distinctive landmark was revived and reopened. According to Mr. Hulileh, the project has now proved itself on the tourist map in the Holy City.

Mr. Hulileh also announced that PADICO Holding has commenced to implement a housing project in Beit Safafa, which will accommodate more than 160 residential flats and a commercial premise. In its quest to create promising and feasible investment opportunities, Mr. Hulileh indicated that PADICO Holding is considering prospects of implementing several other projects in the city of Jerusalem.

Incorporated in 1993 as a foreign, limited public shareholding company through an initiative by prominent Palestinian and Arab businessmen, the Palestine Development and Investment Ltd. (PADICO Holding) has effectively contributed to promoting and developing the Palestinian economy by investing in pioneering developmental projects in vital economic sectors.

PADICO Holding brings about its mission and commitment to developing the Palestinian economy through a group of subsidiary and affiliate companies, which invest in major economic sectors that are consistent with PADICO Holding’s overall strategy, including in real estate, telecommunications, tourism, industry, and financial services.
 

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