A Qatari company on Wednesday signed a $350 million deal with a Palestinian partner for building a new town in the West Bank, the first investment announced at a three-day investment conference.The government-owned Qatar Diar Real Estate Investment Co. will put up two-thirds of the cost, and the Palestinian partner, Masar Company, will provide the rest.
The town, to be called Rawabi, will be the first planned community in the West Bank. It will be built near the city of Ramallah, north of Jerusalem.
The CEO of the Qatari company, Ghanim Bin Saad Saad Al Saad, told The Associated Press that his company will open an office in the West Bank and will get involved in additional projects.
Al Saad acknowledged the political risk of investing in the Palestinian economy but said that we have instructions from our government to start investing in the Palestinian territories and to support our brothers in Palestine.
The announcement was made at a joint news conference with Palestinian Prime Minister Salam Fayyad.
"This is the first signed agreement of the conference," Fayyad said. "This is what the conference is all about, introducing opportunities, making deals."
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