Alarabiya's Exclusive Interview with Mr. Muneeb Almasri, Palestine Development and Investment Company
Almasri to Alarabiya: Padico intends to invest 800 million dollars in Palestine through projects including cement and iron factories.
Almasri to Alarabiya: We are optimistic towards the future and will support the new Palestinian authority.
Almasri to Alarabiya: A public offering of the Palestine Stock Exchange company will occur in the second half 2006.
In an exclusive interview for Alarabiya channel, Mr. Muneeb Almasri (Chairman of Padico) stated that the company is allocating between 55% and 60% of its total investments for the Arab markets, whereas the rest is being invested in the Palestinian market.
Almasri stated that Padico intends to invest 800 million dollars in Palestine for a variety of projects including cement, aluminum, and iron factories.
He further stated that even though the political sate of Palestine is unstable he is still optimistic and supporting the new Palestinian authority. Almasri also insured that their shareholders have trust in the company's managing strategy
He also included that the company has major investments in Gazza where it established a mutual fund worth 100 million dollars, another in north Palestine worth 60 million dollars and last in South Palestine worth 100 million dollars between Jerusalem, Hebron, and Bethlehem.
He further stated that the Palestinian Telecommunication (Paltel) is considered the jewel in the crown where Padico owns 31%. The profits Padico gained from Paltel last year was almost 50 million dollars.
He also included in his conversation with Alarabiya that Padico participates with Paltel in several projects expanding the network and penetrating into Kazakhstan and Yemen.
Padico also participates with Paltel in establishing a holding company worth almost 1 billion dollars.
Almasri also stated that Padeco will be offering 50% from its stake in the Palestinian's securities market company for subscription in second half of 2006. Padico owns 80% in the Palestinian Securities Market.
© Al-Arabiya 2006
