Abu Dhabi,Nov. 27, 05 (WAM)-- In a landmark development, the PalestineTelecommunication Company (Paltel) today signed an agreement to getits shares listed on the Abu Dhabi Securities Market (ADSM). Paltel'sagreement with the ADSM and the Palestine Securities Exchange was endorsedby the Palestine Capital Markets Authority and UAE Securities and CommoditiesAuthority.

Under the agreement, Palestinian shareholders are permitted to trade 30per cent of the total shares on ADSM by submitting an application to ADSMvia brokers.

The agreement was signed by Sabieh Al Masri, Chairman of the Board ofPaltel, Dr. Atef Allawneh, Chairman of the Capital Markets Authority,Dr. Rami Hamdallah, Chairman of the Palestine Securities Exchange, HaribAl Darmaki Chairman of the Board of Directors of ADSM, Abdullah Al Tareefe,Chairman of UAE Securities and Commodities Authority, Moneeb Al-Masri,Chairman of the Palestine Development and Investment Ltd. (PADICO) andNizar Al Obaidly, Director General of ADSM.

"It is a historical listing not only for Paltel as a company but for Palestiniansas a people. The agreement mirrors the success of Paltel as a modern companythat is capable of expanding its reach beyond the borders of Palestineby adopting a clear vision and providing distinguished services to itscustomers" Said Sabieh Al Masri, Chairman of the Board of Paltel.

"This listing provides a golden opportunity for shareholders of differentArab nationalities. It will also have an impact on the local Palestinianinvestment and the growing market. I would like to take this opportunityto extend my sincere regards to all those who helped us reach this moment,"added Al Masri.

Dr. Atef Allawneh, Chairman of the Capital Markets Authority, describedthe signing as an important event and added that the CMA would ensurethat best practices are followed in the market. He emphasized that suchagreements would benefit everyone in the marketplace and the company.

Dr. Rami Hamdallah, Chairman of Palestine Securities Exchange, noted thatPaltel is the major player at Palestine Securities Exchange and this listingat ADSM would draw the attention of investors from GCC and other Arabcountries to the promising market in Palestine.

He further noted that Palestine Securities Exchange is seen as one ofthe fast growing securities exchange markets in the Arab world which ensuresthat transparency and the highest corporate governance standards are appliedto all of its dealings.

Mr. Nizar Al Obaidly, Director General of ADSM, noted that the agreementexpanded the range of companies that are listed in Abu Dhabi and wouldresult in stronger relations between ADSM and the Palestinian SecuritiesMarket.

Abdul-Malik Al-Jaber, CEO of Paltel, noted that the company had overcomedifficulties that were unique to Palestine, and the company's staff wereproud of its achievement and looked forward to more success. He addedthat Paltel worked within a framework that guarantees excellent servicesfor its clients and new opportunities for the company to grow across markets.