It is hoped that the 250,000 square metre development, the first of its kind in Palestine, will stimulate further investment and job opportunities for the troubled region.
The Palestine Investment Fund and the Saudi Arabian Land Holding real estate company have formed a partnership to create a new Arduna development company for the Al-Ersal project.
It is part of a larger plan to create new downtown areas in Palestine. It is expected to take four years to complete and is located next to Palestine's first national park.
'We are hoping this project will signal to potential future investors that even with sometimes difficult political and physical conditions we all struggle with, it is possible to invest in Palestine. We need more projects like this one in the region,' said Jamal Haddad, director of corporate relations at PIF.
He added that there are many possible opportunities available and Palestine would be an ideal location for potential Western and Middle Eastern investors alike. 'We were very persistent with our goals because we wanted to show investors that we have potential. Our way of doing business is very transparent and up to a standard of most Western companies here,' said Haddad.
The project is expected to stimulate the Palestinian economy and attract investment outside the construction sector as well as bring much needed job opportunities to the region.
'We have the choice to sit back and wait for better times or we can take fate in our own hands and be more pro-active in developing our economy in a meaningful and strategic manner,' said Chief Executive Officer, Dr Mohammad Mustafa.
