Israel Matzav

Private equity fund opens office in Ramallah

A Dubai-based private equity fund is opening an office in Ramallah.

The Dubai-based private equity group Abraaj Capital has announced plans to open an office in the West Bank city of Ramallah that will handle the company’s $50 million Palestine Growth Capital Fund, which invests in small- and medium-sized enterprises.

Since its establishment in 2002, Abraaj Capital has raised $7 billion and distributed almost $3 billion to its investors. The Palestine Growth Capital Fund is part of a $700 million regional enterprise investment platform called Riyada Enterprise Development.

“The Fund highlights Abraaj Capital’s confidence in and commitment to the Palestinian economy, and the entrepreneurial spirit of the Palestinian people,” Abraaj Capital said in a statement.

But the 'Palestinian' economy is still dependent on 'foreign aid.'

“In Gaza we will not have an economy to talk about at the end of the year,” El Jafari told The Media Line. “In the West Bank it is growing, but the service…is dependent on donations.”

“Without the donations we would not be able to finance the budget. Fifty percent of the budget is donations,” he said.

“That why [they] talk peace all the time because if they don’t talk peace they will not get any donations,” El Jafari added.

So when does the 'Palestinian' economy stop being dependent on donations? When they decide to compromise and make peace and devote themselves to their economy instead of to terrorism. Not in your lifetime or mine.

posted by Carl in Jerusalem @ 1:30 AM