Palestine eyes Arab investments inside its territories, says official
Palestine seeks to switch the current financial backup it receives from Arab states into an investment inside its territories, a Palestinian official said yesterday. Such a step would have a beneficial impact on everyone, said Mohammad Mustafa, Chairman of Palestine Investment Fund (PIF). It will also contribute in eliminating unemployment and attaining economic growth, added Mustafa, also former National Economy Minister.
On his current visit to Kuwait, Mustafa said that he would represent his country as a member of the board of governors in the Arab Fund for Economic and Social Development (the Arab Fund) meeting to discuss the programs offered to the Palestinian authority. The visit will include several meetings with Kuwaiti economic officials to review investment opportunities awaiting the Kuwaiti private sector inside Palestine, he said. It also aims to encourage Kuwaiti businesspersons to take advantage of the many and various investment opportunities available inside his country, particularly real estate and housing fields.
Several Gulf companies are still active in the Palestinian market, including Ooredoo, previously owned by Kuwait Projects Company Holding (KIPCO), in the West Bank, he noted, adding that the company will soon be operating in the Gaza Strip. Qatar has a notable presence inside Palestinian territories through its investments, backed by Qatar Investment Authority, in telecommunications and housing fields, Mustafa said, adding that Kuwait and UAE also have investments in the banking sector via Bank of Palestine.
The long and historic expertise of Kuwaiti investors has always inspired PIF officials, especially in the state and private sectors, he noted, pointing out Kuwait’s major role in backing his country financially in past and present years. Kuwait has an influential diplomatic role in resolving several issues in the region, particularly financial support, in addition to reducing the negative impacts of other issues such as oil prices fall and human migrations, said the Palestinian official. He also praised Kuwait’s recent step in bringing back Palestinian educators to its schools, which will reflect positively on both sides, adding that Palestinian cadres enjoy wide expertise in education and health fields. — KUNA