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.

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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

Editor’s Note: Israeli Elections, Obama’s Inauguration, A General Strike…!

InvestPalestine.com must apologise for being so remiss in not uploading articles that were promised earlier. Hashim Shawa and Fadi Ghandour (see below) have been overtaken by events (starting with the conflict in Gaza in November, never mind the financial crisis facing the Palestinian Authority in Ramallah, and the Jordanian elections), but we are still promised exclusive interviews with both of them, which we will bring you, when they arrive.

Jordan's King Abdullah in Ramallah, November, 2012.  Photo: Photo: Mohamad Torokman, Reuters.

Jordan’s King Abdullah in Ramallah, November, 2012. Photo: Photo: Mohamad Torokman, Reuters.

Despite the international media’s focus on the rightward shift in the Israeli elections, InvestPalestine.com is impressed by the determination and fortitude of fair-minded Israelis, who have donated their votes to Palestinians in Israel and who are speaking out, courageously, for putting the Palestinian issue back on the agenda, no matter what … just as they are vociferously opposing the Israeli army’s dismantlement (with arrests and injuries) of the tent cities set up by Palestinian protestors in Bab al Shams and Bab al Karama.

Palestinian protesters set up a tent village in the vital "E-1" area between Jerusalem & Bethlehem. Photo: Slobodná Palestína, Facebook.

Palestinian protesters set up a tent village in the occupied West Bank between Jerusalem & Bethlehem. Photo: Slobodná Palestína, Facebook.

The importance of this particular form of protest in the vital “E-1” area between Jerusalem and Bethlehem (mirroring the popular protests against the ‘Separation Wall’ in Bil’lin and elsewhere) cannot be underestimated … as Hanan Ashrawi has pointed out … and, which, we are pleased to note, has caught the imagination of the international press.

Meanwhile, a general strike by public sector workers is planned in the West Bank tomorrow. Despite the Saudis coming up with some funds for the PA to partially pay overdue salaries from November and December, the strike demonstrates, once again, the futility of a “government” that depends on foreign aid, and the importance of promoting a private sector in the West Bank (and Gaza) that can provide sustainable employment.

All of us, outside, need to remember, perhaps, that survival on the land is what counts, and that can only happen if Palestinians have the basics they need to pay their bills, feed their families, and put a roof over their heads. (Like all of us, wherever we are, actually.)

Far away, celebrations were held last night in Washington. But can Obama deliver, despite the US Congress?

Somehow, Michelle's choice of "red" seemed an appropriate sign of the times.  Photo:  Agencies.

Somehow, Michelle’s choice of “red” seems an appropriate sign of the times. Photo: Agencies.

____

Next week we will bring you the long-awaited report on Gaza’s Economic Potential.

Meanwhile, its nice to note that our host, WordPress.com, has sent us a message that we are among the leading WordPress sites in terms of:

a) The longest-lasting features (i.e. viewers continue to access our articles dating back to June, 2011), and

b) the number of countries whose viewers have sought us out … at present, more than 93, ranging from the US, the UK and Canada (tops) to others, such as Brazil, Switzerland, Oman, Peru, Thailand, South Africa, Singapore, Azerbaijan, Iraq and New Zealand, who have just discovered us.

Thanks for reading,

Pam

Editor’s Note: Coming Up

As Mahmoud Abbas prepares to go to the UN General Assembly for a vote recognising Palestinian statehood, we’ll be reporting on the consequences on the ground in the West Bank, Gaza and East Jerusalem, not just the diplomatic repercussions in New York, Washington, Europe and the Arab world.

Talk about the possibility that the the Oslo Accords — and the related Paris Protocol governing economic relations between Israel and the Palestinian territories — could be abolished has huge significance for people and businesses on both sides of the border. Donor funds for the Palestinian Authority could be squeezed even more, threatening the livelihoods of families throughout the West Bank and Gaza.

Ramallah at Night. Will the lights go out? Despite fears, it’s unlikely that international donors will allow the Palestinian Authority, based in Ramallah, to collapse. Photo: CSM.


Most importantly, we’ll be highlighting two entrepreneurs who have made a huge impact on Palestinian lives over the past decades: Hashim Shawa, CEO of the Bank of Palestine, and Fadi Ghandour, the Beirut-born, Jordanian entrepreneur who has fostered a revolution that is not yet fully appreciated: creating new start-ups — with global impact – based on the huge, untapped potential of young Palestinians in the diaspora, as well as providing a superb example of his own struggles creating a successful $700 million company, Aramex.

Hashim Shawa, CEO of the Bank of Palestine, is reaching out to Palestinians everywhere. Photo: Dubai News.


Fadi Ghandour is an “Angel Investor” for new Palestinian start-ups. Photo: Financial Times, London.

Meanwhile, here’s the latest international press coverage, which InvestPalestine.com has obtained in the November issue of The Middle East magazine. (See ‘About’ on the menu at the top of this page.)

Thanks to Palestinian companies like Al Quds Holding, PADICO Holdings and investments by the Nusseibeh family, not to mention another international success story, CCC — and these are just a few of the companies involved — Palestinians in East Jerusalem have managed to stay in their homes, and in the Holy City, despite all.

Palestinian companies helping to promote jobs, investment and trade in East Jerusalem are now getting international press coverage. Credit: The Middle East magazine.

(See the full article, as it first appeared on InvestPalestine.com, 21 October, below.)

Don’t forget, that the 29th of November is the 34th anniversary of the UN’s declaration of 29 November as ‘The Day of International Solidarity with the Palestinian People,’ and the 65th anniversary of UN Resolution 181, declaring an independent state in Palestine.

Thanks for reading!

Pam

Editor’s Note: Here’s What’s Happening

InvestPalestine.com has been busy this month, promoting a ‘Special Report’ on The Palestinian Economy: Bright Prospects for the Private Sector, which is due to appear in the London-based, pan-Arab monthly, The Middle East, on the 1st of October.

It includes an exclusive interview with the CEO of the Bank of Palestine, Hashim Shawa, which we’ll bring to you then… plus other stories on PalTel, the HUGE start-up potential of Palestinian information technology firms (and the ExpoTech exhibition in Ramallah and Gaza) … plus information about the new investment funds springing up in Palestine … as well as new ventures from the UK to promote Palestinian exports and scholarships and training for young Palestinians.

A fruit and vegetable market in Ramallah. In the end, it’s all about feeding the family…ideally, with LOCAL produce. Mohamad Torokman/Reuters

Meanwhile, look out for our Special Feature on Palestine’s Agriculture: Its Untapped Potential, later this week which takes a look at the tens of thousands of jobs that this sector could create in the future, as well as its enormous potential to promote Palestine’s exports to world markets.

Thanks for reading,

Pam

P.S. Click on the “Subscribe” button at the top right of the home page if you would like to receive FREE emails on future posts, or email pamansmith@compuserve.com if you would like to suggest ideas for, or comments on, the editorial content.

$ 55 Million for Palestine’s Private Sector

While the international media has been highlighting the acute financial crisis facing the Palestinian Authority in Ramallah, Palestine’s donors have been quietly, behind the scenes, shifting their focus to promoting the private sector. While their new priorities do not exclude immediate cash transfers to the ailing interim government in the occupied territorites to prevent its collapse, their latest funding programmes, which include $55 million from the World Bank and its affiliates over the next two years, emphasise the vital role that private companies and employers could play in helping to reduce Palestine’s dependence on foreign aid, and in creating jobs.

The Minister of Economy, Jawad Naji, is working with the World Bank to promote Palestinian companies and Palestine’s international competitiveness. Photograph: Palestine News Network.

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PalTrade Launches Drive to Diversify Trade & Exports

The Palestine Trade Center (PalTrade), together with the Ministry of Economy in Ramallah, has announced a series of measures to promote Palestinian exports to the Arab countries, Europe and other international markets, including special programmes aimed at small- and medium-sized enterprises (SMEs) in the West Bank and Gaza. They are being launched as more and more countries, following the lead of the UK, the European Union and South Africa, are refusing to accept imports labelled ‘Made in Israel,’ which, in fact, come from Israeli settlements in the occupied territories rather than from Israel itself.

The measures announced by PalTrade — a national, non-profit organisation based in Al Bireh in the West Bank — include a new trade diversification programme funded by the EU which is also being supported by the Palestinian Shippers Council. In addition to encouraging alternative trade corridors to, and through, Jordan and the nearby Arab countries, the €3 million programme sets up a ‘National Export Strategy’ to improve Palestine’s international competitiveness as well as special measures to develop Palestine’s trade in services.

Medjool dates and Palestinian fruits and vegetables from the Jordan Valley are prized throughout the Arab world. Picture courtesy of PalTrade.


Jordan and the Arab Gulf states are being targetted by PalTrade and the new Jericho Agro-Industrial Park. Picture courtesy of PalTrade.

“A comprehensive package will be implemented to support the private sector in reaching new markets and developing marketing strategies,” the EU’s chief representative, John Gatt-Rutter, said at the official launch in Ramallah’s Movenpick Hotel on 27 February.
However, he also noted that its success depended on Israel complying with its international obligations to remove the existing barriers to the free movement of people, goods and services in the territories. “For this project to fully deliver its results…Israel has a major responsibility for ensuring access and movement and facilitating Palestinian trade,” he told his audience, which included Prime Minister Salah Fayyad, PalTrade’s CEO, Hanan Taha, and Maha Abu Shoshah, Chairman of the Shippers Council.

Last September, the European Parliament in Strassbourg approved a new trade agreement with the West Bank, Gaza and East Jerusalem which allows EU members states to import agricultural products, including fish, directly, i.e. without going through Israel. “This is one of the most generous trade agreements in the agricultural sector signed by the EU,” the European Commissioner for Agriculture and Rural Development, Dacian Ciolos, said at the time. “I want to be clear,” he added, that the European Commission is working to ensure that the EU does not buy any products from Israeli colonies in the occupied Palestinian territories.” Continue reading

Tourism in Palestine: Jericho’s Huge Potential

As any visitor to East Jerusalem knows, Israel dominates the tourist trade in the Holy City and in the Palestinian territories. Aside from controlling virtually all the international access points, whether Ben Gurion Airport in Tel Aviv, the bridges across the Jordan River from Amman, the many checkpoints in the West Bank or the road crossings into Gaza, Israeli tour companies and Israeli guides, as well as Israeli security forces, decide who goes where, when and how. Despite this, the Palestinian territories welcome more than a million visitors each year, many of them drawn to some of the world’s oldest historic and archaeological sites and centres of Christian worship. But this is only a small indication of the huge potential which the “Holy Land” has to attract millions more tourists in the coming years, including those from the neighbouring Arab states and other predominately Muslim countries, once these obstacles are eased.

The ancient walls of Jericho, the oldest city in the world

Nowhere is this more true than in Jericho, reputedly the world’s oldest city and the centre of the lush Jordan River Valley region, where the Palestinian Ministry of Tourism and Antiquities and JICA – the Japanese International Co-operation Agency—are working with the private sector and the Arab Hotel Association to create a new international centre of sustainable tourism. Already, their achievements are helping to put the reality of Palestine’s existence on the global map as well as promoting economic and social development in one of the poorest parts of the West Bank. Equally important, they are also helping to foster closer links between Palestine and neighbouring Jordan and the estimated 2.5 million Palestinians, including Jordanians of Palestinian origin, currently living in the kingdom. Continue reading

UK Targets Palestinian ICT & Telecoms

The UK government, along with a growing list of international ICT giants such as Google, Microsoft, Cisco and Intel, is the latest to recognise Palestine’s huge potential in information communications and technology given its highly talented younger generation, which is fluent in English and Arabic, as well as in entrepreneurial and engineering skills.   Britain’s Minister for Culture, Communications and Creative Industries, Ed Vaisey, says that his government hopes to get Palestinian and UK businesses “to work together,” and that it will actively seek to encourage British companies to “come and start business in Palestine.”

He was commenting during a visit to Ramallah in March that also included a tour of the headquarters of Palestine’s telecommunications corporation, PalTel, which, with its subsidiaries Jawwal and Hadara, provides the majority of Internet, landline and mobile services in the West Bank and Gaza.  PalTel, which is a favourite of international investors on the Palestine Securities Exchange, reported a 5.1 per cent increase in profits last year, to $128 million, despite the difficulties of the Israeli occupation in the West Bank, Gaza and East Jerusalem.  Thanks to an intensive expansion programme, it has now extended its services to the Jordan Valley region, and is planning to invest an additional $70 million to $80 million by the end of this year in new fibre optic and mobile phone infrastructure, primarily for the Internet.

PalTel’s CEO, Ammar Aker

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