The Palestine Investment Fund announces the official groundbreaking of Al-Ersal center

The Palestine Investment Fund (PIF) and The Land Holding, a highly reputed Middle-Eastern real-estate company, have successfully formed a 50-50 joint-venture partnership, creating a new development company called Arduna.

With an initial capital of about $45m and an expected investment volume of up to $200m, Arduna is entrusted with the mission to develop the Al-Ersal real-estate project.

Conceived as the new downtown mixed-use center of Ramallah/Al-Bireh, Al-Ersal comprises an area of 50 dunums and will be located adjacent to Palestine's first national park. It is expected that the development of Al-Ersal will require four years offering commercial, retail and residential space of about 250,000 square meters, with large regional investors already expressing strong interest to develop parts of the new project.

The establishment of Arduna and the inception of the Al-Ersal project are part of PIF's real-estate strategy that aims to develop new residential neighborhoods and commercial downtown centers throughout Palestine, ensuring a high positive impact on the local Palestinian economy.

PIF's Chief Executive Officer, Dr. Mohammad Mustafa, states:

"This large real-estate project is an important message to potential future investors that even with the existence of difficult political and physical constraints we all struggle with, it is indeed possible to invest in Palestine. We have the choice to sit back and wait for better times or we can take the fate in our own hands and be more pro-active in developing our economy in a meaningful and strategic manner."

This unique large-scale real estate project stems from PIF's aspiration to significantly stimulate the Palestinian economy by investing in sectors, such as real-estate, that combine low investment risk, attract direct foreign investment, and, most importantly, meet the high local demand for business opportunities and employment in Palestine. It is expected that the Al-Ersal project will offer thousands of job opportunities, boost small and medium-sized enterprises and introduce much-needed services to the Palestinian society.