Finally some good news for the economically-challenged folks over in Palestine. Word is coming that a Dubai-based private equity firm Arbaaj Capital in conjunction with the semi-official Palestine Investment Fund are launching a new $15 million private equity fund to support development in the Palestinian Authority.
The fund is the first step, sponsors say, towards creating a fully self-sufficient Palestinian economy — one that has been battered by decades of war and military occupation. It is also an important first step towards weaning the Palestinian economy off of foreign aid — which accounts for some 40 percent of its total.
The Palestine Investment Fund focuses on investments in the Palestinian territories. Dubai-based Abraaj Capital, which will manage the fund, works throughout the Middle East and North Africa, with offices in six countries.
We hope the fund is a bit success — inshallah!