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PADICO Holding Showcased a portfolio of USD 145 million of Projects at Palestine Investment Conference

Concrete Partnerships and Investment Prospects were harvested by Padico Holding and Subsidiaries

Ramallah, 6 June 2010: Palestine Development and Investment Ltd. (PADICO Holding) revealed today that the outcome of its participation at the Palestine Investment Conference 2010, which convened in Bethlehem on 2–3 June 2010, was beyond satisfactory. PADICO Holding as well as its affiliate subsidiary companies were able to announce several milestone partnerships with local and international companies. USD 145 million worth of project portfolios were presented during the conference in the various sectors of group companies’ operations.

Mr. Munib Masri, Board Chairman of PADICO Holding, described the Palestine Investment Conference 2010 as a model for true cooperation between the Palestinian National Authority (PNA) and the Palestinian private sector. “The PNA has been resolute and committed to provide the private sector with opportunities and all possible support and facilities, so that it can play its aspired role in leading economic development. The private sector has equally demonstrated that it is a genuine partner in the efforts for ending the occupation, establishing the independent Palestinian state, and creating a prosperous future for the Palestinian people”, said Mr. Masri.

Mr. Masri added “that the intensive participation of PADICO Holding and its partners in the Conference, and in the Palestinian Products and Services Exhibition was a testament to PADICO’s support of this Conference and national objectives to break away from the economic misperceptions engulfing Palestine and its business sector.”

On PADICO Holding’s participation in the conference Mr. Masri said; “Today we can boast that we were able to break the economic siege of Palestine by announcing several concrete partnerships. Our participation at the highest corporate level is intended to show our commitment to investing in the Palestinian economy and continuing to attract regional and international investors. Over the past hard years, we have shouldered the burden of risk but today we are also growing our business and our profits, and this is what we promise our partners of today and tomorrow.”

Mr. Masri expressed gratitude for all those entities that supported the Conference and added: “Without those collective efforts, the Conference would have not been a success. We owe this reality in Palestine to the unrelenting efforts to pave the grounds for economic reform and the rule of law towards nation building by both HE President Mahmoud Abbas and HE Prime Minister Dr. Salam Fayyad,”

Mr. Samir Hulileh, CEO of PADICO Holding, stated that the Palestine Investment Conference 2010 was a global vote of confidence in the Palestinian economy and the people of Palestine. “At the conference we were able to achieve solid partnerships and investments in sustainable projects in Palestine, therefore breaking the current perception of Palestine not being a viable investment destination .Our partnership with the government is focused on bringing back confidence in the previously shackled economy.” Mr. Hulileh also asserted that the conference provided a unique opportunity for many regional and international companies to network with corporate Palestine. In this context, PADICO Holding was able to showcase a number of significant and vital infrastructure projects, including several opportunities in various sectors of the company’s areas of interest. A total of eleven projects worth USD 145 million were revealed at the conference by PADICO Holding, its affiliate and subsidiary companies in housing, real estate, tourism and energy sectors.

At the conference PADICO Holding signed a memorandum of understanding (MoU) with the French RBMH Group to kick off projects in the renewable energy sector. An agreement was also signed between Palestine Real Estate Investment Company (PRICO), a member of Padico Holding and Abraj Holding to construct a new office Tower in Ramallah. In the Tourism sector, PADICO Holding announced the establishment of Ziyara Tourism Investment Company in Jerusalem. The new company will seek to create management expertise to manage existing tourist hospitality facilities in the holy city in cooperation with existing hotels in order to further develop the hospitality experience in the city in anticipation of increasing numbers of tourists projected to visit the city.

As part of its networking presence at the conference PADICO hosted several dignitaries and business visitors at its wing at the exhibition centre including: H.E President Mahmoud Abbas, H.E Prime Minister Dr. Salam Fayyad; Mr. George Mitchell, US Special Envoy to the Middle East; and Mr. Tony Blair, the Quartet Representative in Palestine. 

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