Palestinian Investment Fund General Authority Holds Its Regular Meeting

Economy SadaNews - The Palestinian Investment Fund held its annual ordinary general assembly meeting at the Millennium Hotel in Ramallah, chaired by Mr. Iyad Joudah, Chairman of the Board, with the attendance of board members, general assembly members, Mr. Abdel Hamid Al-Abwa, the general director, in addition to Mr. Bilal Katanah, the representative of the corporate observer at the Ministry of National Economy, and Mr. Hazem Sababa, a partner at PwC Palestine, the external auditing company.

Mr. Joudah presented his report to the members of the general assembly about the last year 2024, highlighting numerous achievements in the field of investment programs implemented by the fund and the progress made on these projects despite the economic and political conditions. He also pointed out that the fund had worked during the past year to inject additional capital into several strategic companies and projects in which it invests, in line with its future vision for the Palestinian economy, driven by its national responsibility to enhance the stability of economic institutions.

The Fund's New Strategy for the Next Three Years

The report outlined the main axes of the new strategy prepared by the fund, considering that the current political and economic phase in Palestine requires a reassessment of the current situation and undertaking several strategic interventions.

In his report, Joudah confirmed that the strategy aligns with the emerging conditions in the homeland and focuses on several areas, including: investing in urgent and necessary sectors for economic empowerment such as infrastructure, including water, energy, and communications sectors, as well as the industrial infrastructure sector, enhancing national production by contributing to the advancement of the industrial sector, healthcare, and information technology to increase the share of national products in the Palestinian market, attracting and enhancing local and international investments targeting development, and enabling the stability of the Palestine Stock Exchange. This strategy also aims to create added value for each targeted sector, away from competition with private companies, and seeks to contribute to leading, directing, and developing these sectors, opening up possibilities to empower Palestinian private sector companies, and enhancing their sustainability and competitiveness.

For his part, Mr. Abdel Hamid Al-Abwa, general director of the fund, stated: "The fund's strategy also focuses on enhancing governance within the fund and creating a more effective work environment with fewer resources, avoiding the duplication of tasks between the fund and its subsidiaries, with the aim of benefiting from the accumulated experiences in all companies.

The chairman of the fund’s board, Iyad Joudah, addressed in his detailed report presented to the general assembly the achievements made by the fund in investment programs and projects. Below are some highlights of those achievements:

Investment in Industry and Industrial Infrastructure

Rabi'a Feed Factory: In 2024, the fund announced the commencement of commercial production at the Rabi'a Feed Factory, with a production capacity of up to 20 tons per hour. The factory is located on an area of 16 dunams in the town of Beit Oula in Hebron Governorate, making it easier for farmers in the southern West Bank to obtain feed at lower prices and enhancing their ability to sustain and expand.

Jericho Cement Mill: Construction works for the Jericho Cement Mill project are nearing completion. This project, established through the Fund's subsidiary, Sanad for Construction Resources, is one of the largest industrial investments in Palestine, with an estimated cost of about 120 million dollars and an annual production capacity of about 1.13 million tons.

Jenin Industrial Zone: The fund is developing the Jenin Industrial Zone, which is the first integrated industrial zone in northern Palestine. The project spans an area of nearly 933 dunams, located in a strategic position linking vital economic centers, with a total investment value of about 52 million dollars. It will include industrial plots equipped for lease and special facilities for the import and clearance of vehicles. A partnership agreement was signed with a Turkish company to develop the project, and the Jenin Company for Developing, Operating, and Managing the Free Industrial Zone was established.
Agricultural Industrial City of Jericho: The fund contributes to supporting and developing the Agricultural Industrial City of Jericho, which spans a total area of 615 dunams, including industrial and commercial facilities, and integrated infrastructure that meets various needs.

Electricity Generation

By the end of 2024, the fund has achieved significant savings through alternative energy projects, reducing the imported electricity bill by approximately 103.8 million shekels, while the cumulative total production from these projects since their commencement is about 271.3 gigawatt-hours, with a total annual production capacity of about 59.5 megawatts.

North Noor Solar Power Station: The fund completed the construction of the North Noor Solar Power Station near the town of Beit Lid in Tulkarem Governorate, and the station was commissioned after being connected to the electricity network of the Northern Electricity Distribution Company. The station's production capacity is 5.3 megawatts, covering an area of 55 dunams.

Solar Energy Program on School Roofs: In 2024, the fund completed the implementation of this program, after installing solar energy systems on the roofs of 331 schools in various governorates of the homeland. This program was implemented in partnership with the Ministry of Education, the Jerusalem Governorate Electricity Company, Northern Electricity, and Hebron Electricity. The program contributed to achieving cumulative savings exceeding 29 million shekels in the annual electricity bills for the beneficiary schools.

Jenin Power Generation Station: In 2024, noticeable progress was seen in developing the first phase of the project, which is one of the strategic projects aimed at enhancing energy security in Palestine. The main achievements included extending the necessary network connection for the first phase and securing a capacity of 265 megawatts on the high-voltage electricity network, in addition to signing a power purchase agreement with the Palestinian Electricity Transmission Company (BETL).

Communication Infrastructure and Digital Economy

Ooredoo Palestine: The company achieved progress last year despite all the challenges and obstacles it faces, especially in the Gaza Strip, with an 8% increase in subscriber base, reaching a total of 1.55 million subscribers.

Mada Al-Arob: The company continued to strengthen its presence in the telecommunications sector by expanding the coverage of fiber services across Palestine, successfully connecting its network to all Palestinian governorates and most population centers, enabling it to provide services to over 172,000 homes, institutions, and companies.

Investment in the Palestinian Capital Market

The fund is one of the largest investors in listed companies on the stock exchange (approximately 12-15% of the market capitalization of the exchange), playing a pivotal role in maintaining market stability, especially during critical periods. Despite the decline in the share prices of many listed companies due to the brutal aggression against our people, the fund has remained committed to its existing investments, and even worked to increase its contributions in a number of important economic companies and institutions, which has helped enhance investor confidence and support the continuity of these vital companies' operations.

Aswaq Company: The fund manages its investment portfolio in the Palestine Stock Exchange through "Aswaq," its affiliated company, which primarily invests in listed companies, in addition to investing in several operating and non-listed companies in the financial market. This portfolio contributes to supporting and enhancing national companies, developing the investment environment in the Palestinian stock sector, maintaining market stability, and working to attract foreign investments.

Jerusalem Governorate

The fund is implementing, in the Jerusalem Governorate - in addition to tourism projects - a series of programs and initiatives through the community investment portfolio, aimed at bolstering the resilience of its residents, activating its economic sectors, and providing job opportunities for our people there.

Green Energy Funding Program for Jerusalem: This program is being implemented in partnership with the European Union, aimed at providing grants to small and medium-sized projects. By the end of 2024, preliminary approval has been granted to 40 beneficiaries, with total grants exceeding 1.9 million euros. Solar energy systems with a capacity of 1.0 megawatts have been installed for more than 15 institutions, leading to a reduction in electricity bills by approximately 2 million shekels annually and creating over 50 new job opportunities.

"Start" Program for Funding Small and Medium Enterprises: A total of 145 Jerusalem-based projects have been loaned 3 million dollars, contributing to providing and preserving around 1,100 jobs for our people in Jerusalem.

Community Responsibility Program in Jerusalem: The fund has supported around 20 community institutions that deal with various social sectors such as education, health, people with disabilities, women, youth, culture, etc. These institutions provide services to thousands of our people in the Jerusalem Governorate, and the support provided by the fund has contributed to the sustainability of these institutions and the expansion of their beneficiary base.

Gaza Strip

The Palestinian Investment Fund places the Gaza Strip at the top of its priorities in the areas of reconstruction, building, and medium- and long-term investment. However, the exceptional circumstances faced by the region amid continued aggression against our people have necessitated a change in priorities to address urgent and immediate needs.

The fund launched an urgent program to meet the basic and pressing needs of our people in Gaza, working through several partner institutions operating in the sector. This program includes a series of rapid interventions in the most affected sectors, namely relief, health, and education, which still require further support and assistance during this critical phase.

The general assembly also discussed the board of directors' report for the year 2024, listened to the auditor's report for the fund for the financial year ending on 31/12/2024, and endorsed the fund's final accounts.

At the end of the meeting, Mr. Joudah expressed his gratitude to the political leadership represented by His Excellency President Mahmoud Abbas, President of the State of Palestine, for his directives and support for the fund and its strategic projects, and to Dr. Mohamed Mustafa for his leadership of the fund over the past years which witnessed many achievements at the level of institutional building and investment programs despite the challenges. He also thanked the partner institutions from the Palestinian private sector, as well as Arab and international institutions for their continued cooperation and trust in the developmental role of the fund, the board members, the general assembly, the executive management, and all the staff of the fund for their diligent work to achieve the objectives and mission of the fund.

It is worth mentioning that the general assembly of the fund consists of several prominent figures, including board members, and features a diverse representation from various sectors and specialties, such as public and private institutions and civil society, who represent the stakeholders. The general assembly meets regularly each year in the presence of the company registrar, and members are appointed by a decision of the President of the State of Palestine in accordance with the bylaws.