Joudah: Creating Job Opportunities and Promoting Strategic National Products is a Priority for the Investment Fund Until 2028

Ramallah - Afaq News - The Chairman of the Board of Directors of the Palestinian Investment Fund, Mr. Iyad Joudah, confirmed that the Palestinian economy is facing unprecedented challenges due to the current political and economic conditions, primarily the repercussions of the war on Gaza and the ongoing escalation in the West Bank, which has been accompanied by a sharp rise in unemployment rates and the prevention of thousands of Palestinian workers from reaching their workplaces.

Joudah stated that the decline in Palestinian economic indicators, including exports, is largely linked to political factors, emphasizing that providing job opportunities is one of the most important components of the resilience of the Palestinian people under the current circumstances.

He explained that creating job opportunities and reducing the trade deficit by encouraging national products is a fundamental focus of the Palestinian Investment Fund's strategy in the coming years, noting that work in Palestine is an integral part of the identity and fabric of Palestinian society, and that enhancing the ability to provide job opportunities is a key pillar of resilience.

Investments in Health and Infrastructure

Joudah pointed out that the fund continues to invest in vital sectors, including the healthcare sector, highlighting the opening of the Consultant Cancer Hospital, which he described as a national hospital serving the Palestinian people in various governorates and utilizing the latest global technologies.

He indicated that the project is not limited to providing advanced therapeutic services only but also contributes to reducing the medical referral costs abroad, in addition to providing quality job opportunities, which aligns with the fund's direction in supporting the healthcare sector.

Joudah confirmed that the fund adopts a strategy that interacts with the current conditions and challenges by developing and investing in infrastructure, explaining that the fund plays a stimulating role in attracting the private sector and partners to invest in strategic projects.

He added that the fund's experience in investment partnerships includes various sectors, including the telecommunications sector, referring to current investments in companies such as Ooredoo and Mada Al-Arab, in addition to future directions towards the digital economy, digital government, and artificial intelligence.

He clarified that upcoming investments will focus primarily on the infrastructure necessary for these sectors rather than applications, affirming the presence of Palestinian expertise capable of leading these projects within and outside Palestine.

Energy and Electricity

In the energy sector, Joudah said that the Investment Fund is particularly interested in investing in the electricity sector, explaining that there are two main programs that the fund is working on in this area.

He referred to the launch of the "Taqa" company to develop renewable energy projects in partnership with the Palestine Bank and Apic Company, explaining that the plan aims to reach a production of about 120 megawatts of electricity by 2028, which is equivalent to about 10 to 15% of electricity consumption in the West Bank.

He also spoke about the electricity generation station in Jenin, which aims to produce about 220 megawatts of electricity from natural gas, noting that there are challenges facing the project, but he expects significant progress to be made in it during the coming year.

The Industrial Zone in Jenin and Food Security

In the industrial field, Joudah announced that the industrial zone in Jenin will be one of the most prominent projects that the fund is working on, explaining that it will provide about 5,000 job opportunities, and its preparations will be ready within the next month.

He confirmed that industry represents a strategic direction for the fund, especially in the production of strategic goods, pointing out that the animal feed sector has been chosen as one of the priority areas, and the establishment of the first model factory in the town of Beit Oula in Hebron Governorate.

He explained that the goal of the project is to limit the exploitation of farmers and contribute to stabilizing prices, noting that the project has encouraged other investors to implement similar projects, reflecting the importance of attracting local investments to productive sectors.

Strategic Sectors Until 2028

Joudah stated that the fund's strategy for the coming years focuses on several key sectors, including the digital economy, electricity, healthcare, and industry, in addition to studying investment opportunities in the water sector.

In the cement sector, he pointed out that the fund is implementing a cement mill project in Al-Nuwaimeh, which he described as the first and largest cement factory in Palestine, expecting it to open within weeks.

He added that the fund plans in a second phase to invest in extracting raw materials from the West Bank instead of importing them from abroad, affirming that the cement sector is one of the important sectors for the Palestinian economy, and that the factory is expected to meet about 50% of the West Bank's cement needs, enhancing reliance on national products.

Partnership with the Private Sector and Attracting Investment

Joudah confirmed that the Palestinian Investment Fund relies on partnerships with various parties, including the private sector, noting that this policy has contributed to enhancing trust in the fund among various investment groups.

He pointed out that there is ongoing cooperation and coordination between the government and the Palestinian Investment Fund, explaining that the fund has contributed about $1.2 billion as profit transfers to the state treasury since its establishment, as part of its efforts to support the Palestinian economy, in addition to working to attract investments from abroad.

"Creating Reasons for Life"

In his message to Palestinian capital both inside and outside, Joudah emphasized that resilience is at the core of the mission of the Palestinian Investment Fund, affirming that the fund's role is to "create reasons for life" through investment, providing job opportunities, and enhancing productive sectors.

He stated that the current crisis, despite the magnitude of the challenges it imposes, may have a near end, affirming the fund's continued willingness to take risks and encourage investment and work with various partners to support the Palestinian economy and enhance its resilience.