Palestinians unveil their most ambitious housing project yet
Palestine Investment Fund set out $220m to build 30,000 new housing units within five to 10 years.
By Reuters Tags: Israel real estate Israel news West Bank PalestiniansThe Palestine Investment Fund (PIF) on Monday announced the establishment of the Palestinian territories' most ambitious real estate project to date, with initial capital of $220 million.
The goal is to create 30,000 new housing units in the next five to 10 years, PIF Chairman Mohammad Mustafa said.
"We want to see projects on the hilltops other than (Israeli) settlements," Mustafa told reporters.
"The aim is to participate in building Palestine in the coming period, to create jobs and economic opportunities."
The newly founded Amaar Real Estate Group, which will be listed on the Palestine stock exchange, will take over existing housing and tourism facility construction projects worth about $1 billion, Mustafa said.
He said the PIF, which administers public funds, expected to double the investment to $2 billion over the next five years.
The Israeli-occupied West Bank is home to 2.5 million Palestinians. Some 500,000 Israelis live in the territory in settlements and in neighborhoods in Arab East Jerusalem, deemed illegal under international law.
Large-scale organized housing construction projects are new to the territory. Israel, which has occupied the land since 1967, controls construction in large areas.
Mustafa said the PIF also hoped to attract Arab and foreign investors. He said the company's paid-up capital came from the fund's $870 million in assets.
The PIF has investments in real estate, tourism, electricity and telecommunications projects but has recently put more focus on real estate.
In June, it started building 2,000 low-cost housing units for 10,000 people at Reehan in the central West Bank.
On Tuesday, it will lay the foundation stone for a project in the northern town of Jenin in the West Bank, with 1,000 units for 5,000 people.
A planned new town called Rawabi, which would create 5,000 homes for 25,000 people north of Ramallah, exists for now only on paper, as it will require the building of access roads that Israel has not yet granted.
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"will jews be allowed to live there?" They will be allowed as much as Palestinians are allowed to live in Jewish settlements.
How can Palestinians unveil a new settlement scheme while the final negotiations have not been determined and this changes facts on the ground. We need to freeze all Arab settlement building for peace's sake.
How noble of the Palestinians to try and build. How many bombs from the IDF will it take to destroy it all? Reality is a ruthless mother.
After all, Israel claims it needs to expand its illegal settlements because of "natural growth". Well, with the WEST BANK, and Gaza especially being so populated per capita, it's time to start building in Israel proper. What's good for the goose is good for the....
Israel should only allow this if jews are allowed to purchase housing in this complex. Otherwise, no deal. Will the world yell racist if jews are banned? I have a guess.
economic prosperity is a great thing. Keeps people busy and not concerning themselves with bombing each other. You guys work together more and you'll have the world eating out of your hands. Fact!
It is refreshing to hear of the Palestinians doing something positive with their money and their people. Their future as a seperate state or as part of Israel, will be more peaceful if their people have a nice place to live and therefore a stake in society and a sense of something to lose in war. Alot of the criminal behavior of poor Palestinians is caused by their sense of having nothing to lose. Prosperity breeds peace. Palestinians in America are in general peaceful law abiding citizens because of their prosperity here.
they way to peace is education and economic growth.