24/01/2022

The General Authority of the “Palestine Prosper Fund for Development and Investment” held a consultative meeting at the headquarters of the Palestinian Businessmen Forum in Hebron Governorate, in which the Chairman of the Board of Directors, Rafiq Abu Munshar, and the CEO, Basil Al-Qadi, presented a summary of the most important achievements of the year 2021, to the audience of shareholders from the General Authority And whose attendance constituted 90% of the shareholders.

Whereas, Rafiq Abu Munshar pointed out that the distinguished model of the Palestine Prosperity Fund, which has become an example to be followed in the homeland, has been able to constitute a lever and an investment catalyst to attract local and international investors from the Palestinian communities in all parts of the world.

He welcomed the joining of a new shareholder and strategic partner to the group, Musa Al-Jubbeh from Jerusalem, with a contribution of ten million US dollars and an issuance premium.

For his part, the CEO of the Fund, Basil AL- Qadi, pointed to the diversification of the package of economic and development projects that Izdehar is developing.

He presented the most important achievements that have been achieved at the level of these projects, as "Prosperity of Palestine" continues to work on completing the components of the natural gas power plant project with a capacity of 200 megawatts to feed the southern West Bank region, and despite the difficulties, it is facing, Al-Qadi says, "But we are continuing to negotiate. With the Palestinian government to complete the requirements for signing the implementation agreement, the last meetings were held in the past two months - December and January - and we are still waiting for the amendments to the laws proposed by the government in this context.”

Basil AL- Qadi also presented the progress in establishing a feed factory project with a production capacity of 70 tons/hour and a storage capacity of 70,000 tons, with investments amounting to 30 million dollars. The construction work is expected to be completed by the end of the last quarter of this year. In addition to other investments such as the pickles factory in the Kardan / Jenin area and other development projects. 

It is worth noting that, during this meeting, an agreement was signed for the supply and construction of the steel structure for a feed factory between the Palestine Prosperity Company and Issa Khoury Metal Works Group, which also joined as a shareholder within the Palestine Prosperity Fund and the Palestine Prosperity Factory Company for Feed. In addition to signing an agreement to join the group's new strategic shareholder, Mr. Moussa Jaba, with a contribution of 10 shares as one of the important steps towards approaching the fund's target of $100 million in the capital.

At the end of the meeting, the General Authority was briefed on the results of the investment studies conducted by the Executive Administration for Investment in the Islamic banking sector and a group of heavy industries, which are being developed and to attract and mobilize investments during this year to launch a new set of investment packages for the group, which will constitute a lever for the national economy, alleviating the Unemployment rates, a reduction in the trade deficit and balance of payments, and an increase in national income