Gaza Meets Jericho

The new unity agreement between the Palestinian Authority and Hamas looks, at long last, to be going ahead. And lots of Palestinians, on both sides of the divide, are delighted that the divisions have finally been resolved, or at least, negotiated.

Many Palestinians are celebrating, whatever the fears of the US, the EU and others about Hamas. Not least because it could lead to a lot of family re-unions across the borders, after decades of separation.

Once again, a time to celebrate?

Once again, a time to celebrate?


That could mean, too, real links between Gaza and the rich fertile fields of the Jordan Valley in the Israeli-occupied West Bank. Although many of these areas are currently off limits, being in Area C and under total Israeli control, the city of Jericho, the oldest inhabited city in the world, is free for tourists to visit.
Lying below sea level, it is the centre of one of the richest agricultural areas in the world.

Lying below sea level, Jericho is in the centre of one of the richest agricultural areas in the world, as well as a mecca for tourists.

While East Jerusalem and the West Bank attract some 1.5 million tourists each year, mainly from Europe and the US, as well as Israel and the neighbouring countries, the new unity agreement could also mean that many more Arabs, including members of the Palestinian diaspora living in the Arab Gulf states and Egypt, seek to visit Palestine … something that the Palestinian authorities are eager to encourage. For this, Bethlehem’s historic, landmark Jacir Palace Intercontinental is in a luxury class of its own.
The Jacir Palace Intercontinental in Bethlehem.

The Jacir Palace Intercontinental in Bethlehem.

More later on some of the thorny political issues, and surprisingly positive prospects, for investment and trade in Palestine in the near future.

Much depends, of course, on whether Netanyahu will side with the hawks, or liberals, in his Cabinet.

But, to get the flavour of the moment, here’s a bit about music and food.

 Daniel Barenboim, co-founder of the East-West Divan Orchestra (along with Edward Said), visits Gaza to encourage young musicians.

Daniel Barenboim, founder of the East-West Divan Orchestra (along with Edward Said), visits Gaza to encourage young musicians.

Mana’eesh, seafood specialities, roasted garlic and dill, buttery rice cooked in a clay pot. ... and more

Mana’eesh, seafood specialities, roasted garlic and dill, buttery rice cooked in a clay pot. … and more, all recommended by no-less than Anthony Bourdain.

Enjoy!

As always, thanks for reading, and viewing.

Pam

© Pamela Ann Smith

This is a publication of investpalestine.wordpress.com and is protected by international copyright laws. This article is for the reader’s personal use only, but may be re-distributed electronically with a credit to investpalestine.com.

(For picture credits, see the archives in the sidebar.)

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The Palestinian Economy: What Next?

Contrary to what many in the US or Europe might expect, Palestine’s economic prospects in the West Bank, Gaza and East Jerusalem may be better off after the end of the nine-month-long ‘peace’ talks involving US Secretary of State John Kerry and Tony Blair, the Middle East envoy for the EU, the US, the UN and Russia. For starters, the rapprochement between the Palestinian Authority in Ramallah and Hamas in Gaza could open the way to the long delayed exploration of the offshore Gaza oil and gas fields in the Mediterranean. Plus the agreement, announced last December, to build a new power plant in Jenin, in the West Bank, also powered by Mediterranean gas, will, at last, go ahead.

The West Bank will now get its own power plant, built by the Palestinian Power Generation Company (PPGC). reducing Palestine's dependence on Israeli electricity supplies.   Photo:  Palden Jenkins.  paldywan.blogspot.co.uk.

The West Bank will now get its own power plant, built by the Palestinian Power Generation Company (PPGC), reducing Palestine’s dependence on Israeli electricity supplies. Photo: Palden Jenkins. paldywan.blogspot.co.uk.

Al Mashtal, the 5-star luxury hotel on Gaza's Mediterranean seafront is expected to get a huge boost this summer from visitors from the Gulf states and Egypt, as well as Europe.  Christopher Furlong - AFP/Getty Images)

Al Mashtal, the 5-star luxury hotel on Gaza’s Mediterranean seafront is expected to get a huge boost this summer from visitors from the Gulf states and Egypt, as well as Europe. Christopher Furlong – AFP/Getty Images)

The publication in the past few weeks of Tony Blair and the Quartet’s Initiative for the Palestinian Economy (IPE), Beyond Aid, — a forward looking development plan for the private sector sponsored by Palestinian corporates, including PalTel, PADICO and the Bank of Palestine, plus the announcement at the World Economic Forum last year of a joint Palestinian-Israeli initiative, Breaking the Impasse, to link the most innovative private sector businesses on both sides of the divide, has already set the stage, and stretched the possibilities, for much more foreign and private sector direct investment, despite the Israeli recalcitrance. So, while share prices on the Palestinian Stock Exhange have suffered significant declines in April, foreign institutional investors have been buoyed by announcements of impressive dividends from the Exchange’s leading companies. The Bank of Palestine, for example, on 25 April agreed to distribute 8.33 per cent cash dividends and 6.66 per cent stock dividends for the year 2014. Paid up capital increased by $160 million. PalTel, another leading company on the Exchange, reported net income up by 12 per cent in the first quarter, despite the lack of progress in the ‘peace’ talks.

The Consolidated Contractors Company, founded in Beirut in 1952,  is one of the Palestinian Diaspora's most successful companies, ranking among the top 20 international contractors in the world.  It is now investing heavily in the West Bank and in Gaza.

The Consolidated Contractors Company, founded in Beirut in 1952, is one of the Palestinian Diaspora’s most successful companies, ranking among the top 20 international contractors in the world. It is now investing heavily in the West Bank and in Gaza.

We’ll be reporting on all this in May, plus the dilemmas now facing key donors to the Palestinian Authority, including the EU, the US, Japan and the Arab countries. And, of course, we’ll be tracking the budget crunch that the PA can expect as a result of Netanyahu’s squeeze on its custom revenues. As always, watch this space. And, thanks for reading, Pam © Pamela Ann Smith This is a publication of investpalestine.wordpress.com and is protected by international copyright laws. This article is for the reader’s personal use only, but may be re-distributed electronically with a credit to investpalestine.com.

Global Investors Target the Palestine Stock Exchange in 2014

Both prices and trading volumes on the Palestine Stock Exchange (PEX) have scored impressive gains since the start of this year, thanks largely to investors from the Palestinian diaspora and Arab Gulf states. Recent decisions by such respected ratings agencies as Standard & Poor’s, Dow Jones and MSCI to include Palestine in their indices, as well as plans by London’s FTSE to follow suit, are now attracting other global investors from the UK, Europe, the US, Canada, Chile and elsewhere to the Exchange and to its leading companies, such as PADICO Holding, PalTel and the Bank of Palestine, analysts report.

Expectations that these moves will be followed by PEX’s inclusion in the global ‘Frontier Market’ indices is already fuelling demand from institutional investors, the analysts add. Its multi-currency platform, allowing trading in both US dollars and Jordanian dinars, as well as Palestine’s lack of capital controls, is also encouraging international interest. Trading volumes in January were more than two-fold higher than in December, and nearly four times as high as in January, 2013.

PEX's CEO, Ahmad Aweidah, expects 2014 to be a "threshold year."  Photo:  Mark Green, mark@nwmsltd.com.

PEX’s CEO, Ahmad Aweidah, expects 2014 to be a “threshold year.” Photo: Mark Green, mark@nwmsltd.com.

The Exchange’s Al Quds index broke through the 600 barrier in early February before falling back slightly on profit taking. It had risen 10.55 per cent in January alone, making it the second best performing stock market in the Arab world so far this year. Last year, the index registered an annual gain of 13.4 per cent, according to figures compiled by Ramallah-based brokers Sahem Investment and Trading. By the middle of February, the Exchange’s total market capitalisation had reached more than $3.5 billion.

Palestine's Stock Exchange is ahead of most other Arab markets.   Graph: Sahem Trading & Investment.

Palestine’s Stock Exchange is ahead of most other Arab markets. Graph: Sahem Trading & Investment.

This year could be a “threshold year,” the Exchange’s CEO, Ahmad Aweidah, told InvestPalestine.com. Speaking during a visit to London in mid-January to mark Palestine Capital Markets Day, he said “We are now achieving a series of important economic breakthroughs that could see our growth accelerate even more strongly.

He and other members of the Palestinian delegation, which included senior executives from PalTrade, PalTel, the Palestine Investment Fund (PIF), PADICO Holding, the Bank of Palestine, Sahem Trading & Investment and Lotus for Financial Investment, as well as Abeer Odeh, CEO of the Palestine Capital Market Authority, were hosted on the last evening of their visit to London by Baroness Morris of Bolton, UK Prime Minister David Cameron’sTrade Envoy for the Palestinian Territories, at a reception in Westminster organised by the Palestine British Business Council and its co-chairman, Antoine Mattar.

The Palestine Delegation to Palestine Capital Markets Day in London, 17 January, 2014.  From left to right:  Fida Musleh-Azar, PEX Manager of Public Relations & Investor Education; PEX   CEO Ahmad Aweidah; Ammar Aker, CEO, PalTel; John Davies, Vice-President, S&P Dow Jones Indices.  Photo:  Mark Green.

The Palestine Delegation to Palestine Capital Markets Day in London, 17 January, 2014. From left to right: Fida Musleh-Azar, PEX Manager of Public Relations & Investor Education; PEX CEO Ahmad Aweidah; Ammar Aker, CEO, PalTel; John Davies, Vice-President, S&P Dow Jones Indices. Photo: Mark Green.

Financial services, banking, ICT, infrastructure and high value agriculture, as well as tourism (including such world renowned attractions as Bethlehem, the Dead Sea and Jericho) were making strong progress, Aweidah told an audience of existing and potential investors. And, although economic growth has slowed recently as local entrepreneurs and international donors await firm progress on US Secretary of State John Kerry’s ‘peace initiative,’ Palestine’s GDP has grown by a remarkable 8.4 per cent a year on average during the past five years, he noted.

“The Palestine economy continues to demonstrate exceptional endurance despite political challenges,” Aweidah explained, a performance he attributed to the “strong and vibrant private sector,” its “well regulated and sophisticated financial system,” its “modern capital market,” and “advanced investor protection regime.” The majority of the 49 stocks on the Exchange, he pointed out, also “enjoy free float ratios that are comparable to advanced markets” as well as “reassuring turnover ratios.”

Foreign investors, both individual and institutional, are helping to boost values and volumes on the Palestine Stock Exchange.  Graph: PEX, Ministry of National Economy.

Foreign investors, both individual and institutional, are helping to boost both values and volumes on the Palestine Stock Exchange. Graph: PEX, Ministry of National Economy.

At the end of 2013, foreign investment in PEX amounted to just over 40 per cent of the total value of its shares, or about 34 per cent by volume. Investors from Jordan, many of whom are Palestinians with Jordanian citizenship, accounted for the majority of the foreign shareholders, 61.4 per cent, followed by others from the Americas at 10.9 per cent, the Arab Gulf with 6.6 per cent and Europe with 2.5 per cent. Palestinians made up 95 per cent of the total number of investors, demonstrating the widespread appetite for shares among smaller shareholders living both inside and outside Palestine.

Speaking to potential investors in London and to InvestPalestine.com, John Davies, Vice President at S&P Dow Jones Indices, explained why his firm, which now includes both the respected ratings agencies, Standard & Poor’s and Dow Jones, had established two stand-alone indices for Palestine last December. “We don’t build indices simply because we feel they are needed,” he insisted. “We build them because our clients are asking for them. The establishment [of the new indices] is evidence that there is significant demand for investment in Palestine.”

John Davies, Vice President at S&P Dow Jones Indices, explaining PEX's attractions to an audience of investors in London, 17 January, 2014.  Photo:  Mark Green.

John Davies, Vice President at S&P Dow Jones Indices, explaining PEX’s attractions to an audience of investors in London, 17 January, 2014. Photo: Mark Green.

The two new additions are the S&P Palestine Broad Market Index (BMI), which aims to capture at least 80 per cent of PEX’s market capitalisation, and the Dow Jones Palestine Total Stock Market Index (TSM), which aims for 95 per cent of the Exchange’s float-adjusted market capitalisation, Davies explained. Since testing began in September 2012, he added, the stand alone BMI index had achieved a 41 per cent cumulative annual return, a figure which compares favourably with the Pan-Arab Composition Index at 24.5 per cent and the S&P Composition Index at about 30.2 per cent.

Despite general skepticism about the progress of Kerry’s peace talks, investors are more confident that he will succeed in brokering a deal, the news agency, Bloomberg, quoted Aweidah as saying in mid-January. “If there’s a framework agreement, it’ll be a game changer” for the Exchange. There’s certainly a lot of optimism in the market about the direction of the political negotiations…. The time to invest in Palestinian stocks is now.”

Processing premium quality Medjool dates at a Palestinian-owned factory in the Jordan Valley.  The possibility of greater access to the fertile soil and water of the Israeli-occupied parts of the Valley and "Area C" as a result of the current negotiations between Israel and the Palestinian Authority is a major factor in encouraging both local and foreign entrepreneurs to invest in the West Bank.  Photo: fablenaturals.com.

Processing premium quality Medjool dates at a Palestinian-owned factory in the Jordan Valley. The possibility of greater access to the fertile soil and water of the Israeli-occupied parts of the Valley and “Area C” as a result of the current negotiations between Israel and the Palestinian Authority is a major factor in encouraging both local and foreign entrepreneurs to invest in the West Bank. Photo: fablenaturals.com.

Success in the talks would, according to a recent study by the International Monetary Fund, boost economic growth in the Territories by 35 per cent over the next five and a half years, or about 6.5% a year on average, compared with 1.5 per cent in 2013. This includes Palestinians gaining control of the land, water and resources in Area C, which forms almost two-thirds of the West Bank, which is currently under Israeli military occupation. The IMF adds that an agreement would significantly reduce the Palestinian Authority’s dependence on foreign aid, greatly enhance employment and lower poverty levels.Local entrepreneurs are investing in modern factories, like this one outside Hebron.  Photo:  Palden Jenkins.  paldywan.blogspot.co.uk Local entrepreneurs are investing in modern factories, like this one outside Hebron. Photo: Palden Jenkins, paldywan.blogspot.co.uk.

Business confidence in the West Bank is also rising, according to Palestinian analysts, because of higher optimism among entrepreneurs and in the industrial sector, especially in food, textiles, chemical, pharmaceutical, engineering, plastics and construction. The Palestinian Monetary Authority reported in mid-February that its monthly index, the PMA Business Cycle Indicator, had risen from minus 1.44 in the West Bank in January to a positive 8.25 in February. Negative business sentiment in the Gaza Strip also improved, as industrialists reportedly felt more optimistic about the continuous US efforts to stimulate the peace process between Palestinians and Israelis and less fearful of a continuing deterioration in security conditions. The northern West Bank city of Jenin is to be the site of a vital new power plant due to be built by a Palestinian company. Photo: Palden Jenkins, paldywan.blogspot.co.uk.

If an accord is agreed, Aweidah revealed, as many as four family-owned businesses in Palestine may also opt to sell shares on the Exchange through initial public offerings (IPO’s). The Palestine Power Generating Company (PPGC), he added, could follow suit.

PPGC is planning to build a $300 million power plant in Jenin in the West Bank which will be fuelled by gas from the giant offshore Leviathan field in the Mediterranean under a $1.2 billion, 20-year deal agreed in January. PPGC’s leading shareholders include the Palestine Electric Company, the builders of Palestine’s first independent power plant, and the industrial conglomerate, PADICO, both of which are quoted on the PEX.

© Pamela Ann Smith

This is a publication of investpalestine.wordpress.com and is protected by international copyright laws. This article is for the reader’s personal use only, but may be re-distributed electronically with a credit to investpalestine.com.

London Welcomes Palestinian Businesses

The CEOs and senior executives of some of Palestine’s most successful companies are in London tonight to promote the benefits of investment and trade with the private sector in the West Bank, Gaza and East Jerusalem.

We’ll be reporting more on their visit, which has been organised by The Palestine Trade Centre (PalTrade) and the excitement here that has greeted their upgrades by such prestigious international ratings agencies as S & P and, soon to be confirmed, their inclusion in the all-important “Frontier” markets of the FTSE and MSCI.

Ahmad Aweidah, CEO of PEX, and Ammar Aker, CEO of Paltel, open the London Stock Exchange on 24 June, 2011.

Ahmad Aweidah, CEO of PEX, and Ammar Aker, CEO of Paltel, open the London Stock Exchange on 24 June, 2011.

And that’s not to mention that some of them may also be listed on the London Stock Exchange in the future…a welcome tribute to their success on the Palestine Stock Exchange (PEX), not so much for their share price rises but for the impressive dividends they have paid internationally despite all the adversities they have faced, and continue to face, as well as for their remarkable p/e ratios.

Bank Of Palestine Sponsors The Events Of The World Cup In Palestine.  It's also helping to promote small- and medium-sized businesses in Palestine, especially for women.

Bank Of Palestine Sponsors “The Events Of The World Cup In Palestine.” It’s also helping to promote small- and medium-sized businesses in Palestine, especially for women.

Most importantly, we’ll also be reporting on the vital work companies such as the Bank of Palestine, PalTel and Padico do in supporting social entrepreneurship, sustainable development, the creative arts and scholarships to study abroad, as well as the more traditional charities, in the occupied territories.

Their role, given the hoped-for relaxation of Israeli restrictions on checkpoints, internal and external travel, shipments and communications and on the use of the agricultural riches of the Jordan Valley and “Area C”, could be immense in helping to reduce Palestinian unemployment and increasing the productive output, and exports, of the territories.

And that’s something that the USA, the UK and the European Union are eager to see, given the increased sympathy their publics have for Palestinian rights, as well as the growing reluctance of their taxpayers to provide unending foreign aid to the Palestinian Authority in Ramallah when an end to the Israeli occupation could make Palestine self-sufficient.

Watch this space,

Thanks for reading,

Pam

© Pamela Ann Smith

This is a publication of investpalestine.wordpress.com and is protected by international copyright laws. This article is for the reader’s personal use only, but may be re-distributed electronically with a credit to investpalestine.com.

A Very Merry Christmas and Prosperous New Year

…With Peace and Justice for All.

  (A wall painting in Gaza, photographed in 2009.  Credit:  Eva Bartlett www.ingaza.wordpress.com.)


(A wall drawing in Gaza by Ibrahim Abu ‘Awyali, photographed in 2009. Credit: Eva Bartlett http://www.ingaza.wordpress.com.)

(click on the picture to enlarge it.)

From all of us here at PASCOM Associates.

We’ll be back in the New Year, after a long hiatus, to bring you up-to-date on the huge potential of the Palestinian economy and its people…both those living in the West Bank, East Jerusalem and Gaza, as well as elsewhere in the Middle East, Europe and the Americas.

In January, we’ll be highlighting the forthcoming investment roadshow in London by PalTrade and the Palestine Securities Exchange.

In 2014, the propects for Palestinian trade…imports and exports…as well as for the impressive dividends paid out to those who have invested in the companies listed on its stock exchange, promise to be even brighter, despite all the restrictions. (See the stories below and in the links to the left.)

So, too, does the international interest in realising the critical revenues that could come from exploiting Palestine’s wealth of oil and gas in Gaza and the West Bank.

Fighting back, with fun, in East Jerusalem, December, 2013.  Credit:  (Uriel Sinai/Getty Images) Fighting back, with fun, in East Jerusalem, December, 2013. Credit: Uriel Sinai/Getty Images.

We’ll be reporting on all this, as well as on the growing response of the Palestinian and Arab diaspora to investment opportunities in Palestine, as well as on the other investments…social, cultural, aesthetic and environmental…that so many people of good will have made to Palestinian projects everywhere.

Thanks for reading…and for your patience these past few months, while I have been updating my book, Palestine and the Palestinians 1876 – 1983.

— Pam

Changing Fortunes for Palestine’s Economy?

InvestPalestine.com was busy in June preparing a Special Report which has now appeared in the July issue of the London-based, pan-Arab monthly, The Middle East.TME Cover July '13

Here’s a preview:

Critical Times for Palestine’s Economy

The hopes and aspirations of millions of young Palestinians, both in the occupied territories and in the refugee camps of Lebanon, Jordan, Syria and elsewhere, as well as those of their older relatives and families both at home and in the Diaspora, could well be at stake in the coming weeks as US Secretary of State John Kerry seeks to convince Israel, as well as the Palestinian Authority, to return to the negotiating table and finally agree to accept the need for a sovereign Palestinian state.

Will there be peace for the next generation? Photo:  Eva Bartlett, http://ingaza.wordpress.com.

Will there be peace for the next generation? Photo: Eva Bartlett, http://ingaza.wordpress.com.

While many in the West Bank, Gaza and East Jerusalem, as elsewhere, are justifiably extremely skeptical about Kerry’s plans to restart the moribund “peace talks,” Palestine’s business leaders, along with some of Israel’s most progressive entrepreneurs, have welcomed his initiative, as have future leaders like the imprisoned Marwan Barghouthi, seeing it as the only way to end the decades-old conflict and ensure a viable future for the next generation.

Gaza: Dubai on the Mediterranean?

To most people around the world, the word ‘Gaza’ conjures up images of rockets and bombs, wars, poverty and invasion, never mind the appalling conditions in which many of its residents live as a result of the ongoing Israeli blockade. But, as one international commentator suggested recently, it’s not, actually, too fanciful to see it in the future as the Mediterranean’s “Dubai.” While of course that assumes that peace prevails and that the Israeli siege ends, it also recalls Gaza’s historic role as a prosperous gateway between Africa and Asia, Europe and the Middle East.

 Gaza's five-star Al Mashtal Hotel on the beach front shows the potential for luxury tourism to appeal to visitors from Europe, Asia and Africa.  Photo:  Christopher Furlong, AFP/Getty.

Gaza's five-star Al Mashtal Hotel on the beach front shows the potential for luxury tourism to appeal to visitors from Europe, Asia and Africa. Photo: Christopher Furlong, AFP/Getty.

Developing East Jerusalem?

Efforts to help the beleaguered 375,000 inhabitants of Israeli-occupied East Jerusalem – which Palestinians see as the future capital of their state – are intensifying because of renewed efforts by Palestinian businessmen and promises of some $1 billion in aid from the Arab League, of which $250 million has already been pledged by Qatar. The plans include the construction of a new airport in the city, a project which was first mooted in 2009 by the former Palestinian Prime Minister, Salah Fayyad, as well as incentives to both local and foreign investors in the fields of finance, trade, transport, tourism, real estate and housing, private education and information communications and technology (ICT).

The articles will be published in full here at the end of July.

Meanwhile, check out http://www.themiddleastmagazine.com, or get the printed edition at your local news agent or newstand.

As always, thanks for reading!

Pam

Hopes Rise for Palestinian Economy

Hopes are rising that 2013 will see a significant improvement in Palestine’s economy after the disappointments of last year. US Secretary of State John Kerry’s pledge to find new ways to promote development in the West Bank, Gaza and East Jerusalem is, despite widespread scepticism, also furthering this optimism, not least because he has recognised that this must go hand-in-hand with promoting a sovereign Palestinian state.

Palestine’s Minister of Economy, Jawad Naji Awad Hirzallah, told the Arab media in April, after US President Barack Obama’s visit to Tel Aviv, Jerusalem and Ramallah in March, that “We expect the growth rate in 2013 to be 5 to 6 percent. Against a backdrop of negative economic conditions,” he added, “ this is a good indication of growth.” Last year, Palestine’s services sector, including retail trade and tourism, grew by a remarkable 13.2 per cent, while construction was up 6.5 per cent and information and communications (ICT) 5.9 per cent.

 Not everyone, like this couple in Ramallah, can afford a BMW, but their is a hunger for the luxuries of modern life.  Photo:  Reuters

Not everyone, like this couple in Ramallah, can afford a BMW, but there is a hunger for the luxuries of modern life. Photo: Reuters.

Continue reading

The Nakba, and the Future

Today, as we mark the 65th anniversary of the Nakba (i.e. the displacement of hundreds of thousands of Palestinians from their homeland, villages, towns and cities in 1948), it’s important to remember, too, that one of the greatest achievements of Palestinians, wherever they are, is their resilience. It’s an inspiration to us all, especially in these times of austerity, war and oppression, not to mention climate change.
Palestine & the Palestinians, Full A Palestinian refugee in Jordan, after the Israeli occupation of the West Bank, 1967. Photo: UNRWA.

In the case of Palestine’s economic achievements, this involves yet more hundreds of thousands of younger generations of professionals, writers, business entrepreneurs, academics, journalists, artists and filmakers who have thrived in the diaspora these past decades, often despite great disadvantage, i.e. in the US, Europe, Latin America and the Arab world, and who are now giving us the benefit of their talents.

So, too, the indomitable spirit of those who keep steadfast in the West Bank, Gaza and East Jerusalem, as well as in the Galilee. Which is why, as this website is often pointing out, Palestine is a such a great place to invest…financially, culturally, socially, artistically.

A culinary journal through Gaza's rich heritage.  Photo:  Just World Books

A culinary journal through Palestine’s rich heritage. Photo: Just World Books.

Whether it’s the extremely attractive valuations (and high dividends) many of the 48 companies listed on the Palestine Securities Exchange currently provide; the impressive growth of the Palestinian economy (5.9 per cent in 2012); the arrival of international brands in sparkling new shopping centres; the increasing spread of pro-Palestinian campus dissent in the US (which is objecting to the activities of their institutions and global corporations which support the Israeli occupation as well as encouraging them to invest, instead, in the West Bank, Gaza and East Jerusalem); the amazing turnout for the Palestine Film Festival here in London these past two weeks, or the great reception for the new book, The Gaza Kitchen, there’s lots to look forward to.

Thanks for reading,

Pam

Editor’s Note: Elections, elections, elections! … and Resistance!

InvestPalestine took a brief mini-break this month to consider new directions for this website, given the declining outlook for the Palestinian economy since this blog was first set up in June, 2011, as well as the recent turmoil on the ground in Palestine. Here’s a few thought-provoking articles we came across that we’d like to share with you about the current situation.

Samer Abdelnour, writing for the Palestinian policy think tank, Al Shabaka, along with Alaa Tartir and Rami Zuraykh, outlines a new approach for the country’s vital agricultural sector that combines investment and development with fostering resistance to the occupation. It’s worth reading, even if just the “Overview” and “The Culture of the Land,” if your time is short.

http://al-shabaka.org/policy-brief/economic-issues/farming-palestine-freedom?page=show

Palestine's produce is renowned, but its farmers are overwhelmed by Israeli imports.  Photo:  The Gaza Kitchen,  by Laila El-Haddad and Maggie Schmitt.

Palestine’s produce is renowned, but its farmers are overwhelmed by Israeli imports. Photo: The Gaza Kitchen, by Laila El-Haddad and Maggie Schmitt.

Asmaa Al-Ghoul, writing in Al Monitor.com, outlines the movement for a “third party” in the forthcoming elections that would challenge both Fatah and Hamas. It’s the kind of thing that has happened in many parts of the Arab world recently, not to mention places like Italy, Greece and Spain. It’s premise: more democracy, that goes beyond the usual partisan politics, is needed.
http://www.al-monitor.com/pulse/originals/2013/02/third-party-palestine.html

A Palestinian Updates his Voter Registration in Gaza, 11 February, 2013. Photo: Reuters  (Ibraheem Abu Mustafa).

Palestinians registering to vote in Gaza, 11 February, 2013. Photo: Reuters (Ibraheem Abu Mustafa).


And finally, here’s an authoritative poll that shows what many Palestinians really want: elections!
http://www.jpost.com/MiddleEast/Article.aspx?id=304086

In other words, no economy exists in a vacuum. It’s also about politics, i.e. political economy. And, in the case of Palestine, that means empowering the Palestinian people, wherever they are.

As always, thanks for reading!

Pam

P.S. Please cut and paste the URLs into your browser. Next time we hope to be able to create direct links … apologies for the hassle!