Padico Holding


Signing an agreement to build destroyed facilities in Gaza Industrial City

Masri: “Our youth are the basis for building the nation and the real capital that we are proud of.”

Gaza 25 May 2022

In the presence of the Chairman of PADICO Board of Directors (BoD) Bashar Masri and the Deputy Minister of Economy, Chairman of Board of Directors of the Investment Promotion and Industrial Cities Authority in Gaza, Abdel Fattah Zrai’, an agreement was signed to build the facilities that have been destroyed in Gaza Industrial city during the last aggression. The construction bid, for which nine major local companies competed, was awarded to Al Bayan Trading, Industry and Contracting Company.

This agreement comes to promote PADICO’s investments according to its Board of Directors’ vision of the importance to continue trying to improve the economic situation of Gaza through further investments in the Industrial City, which is considered one of the most important economic landmarks in it, as it provides factories with various services and infrastructure facilities, the most important of which is the generation of electric power from solar energy at a lower tariff.

Commenting on this agreement, Masri said, “Gaza Strip needs the contribution of all Palestinians to support the national economy under the difficult challenges and circumstances that the resilient Palestinian people have been living since long years in which they were deprived of the simplest components of life.”

He added, “This step aims to develop the industrial city and raise the level of its services, and to participate in supplying the local economy in the Gaza Strip by providing an investment environment at a high level and advanced standards, through which we aspire to provide job opportunities for our youth in Gaza, as they are the basis for building the homeland and the real capital that we are proud of,” expressing his confidence that this step will motivate leaderships again to work and invest in the Gaza Strip.

For his part, Zrai’ said, “We appreciate the role of PADICO by its continuous investment and activation of the economic movement through huge projects under the challenges and impediments that limit the capital appetite to invest in Gaza Strip.”

He added that the presence of PADICO chairman of BOD in Gaza Bashar Masri today affirms the preparedness of some great investors to take risks to support their country, calling the national Palestinian investors to visit Gaza Strip and invest in it.

Under this agreement, Al Bayan Trading, Industry and Contracting Company will start implementing the construction work of all destroyed facilities in Gaza Industrial City, according to international specifications and standards and under the supervision of a specialized engineering staff of Gaza’s young men and women.

Gaza Industrial City is the first city of its kind in Palestine, which today includes a large group of factories and industrial and commercial companies, both local and international, and provides thousands of job opportunities The city also has a sustainable urban infrastructure in addition to support services and facilities management, and a variety of activities and businesses are carried out in various industrial sectors.

It is noteworthy that the Gaza Industrial City has incurred great losses in the past years as a result of the repeated bombing of the Gaza Strip, especially during the recent aggression, which led to the destruction of many industrial facilities and infrastructure, including part of the electric power plant.

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