10 December 2011
Rasmala Investment Bank Ltd. (“Rasmala”) along with the Palestinian Business Council and Al Arabi investment Group Co. (AB Invest – Palestine) organised a high profile event and seminar on the ‘The Dynamism of the Palestinian Economy’. The event, held at the Jumeirah Etihad Towers in Abu Dhabi, was organised to highlight the dynamic nature of the Palestinian economy.
The event was attended by high ranking officials and notable figures from the local business community, and the dialogue was elevated with a key note address from H.E. Dr. Jihad Al Wazir, Governor of the Palestine Monetary Authority.
Award-winning Rasmala, with one of the largest asset management teams in the region and a proven track record in investment banking, is keen on bringing the ample opportunities available in Palestine to international light. This comes in the form of the recently launched Rasmala Palestine Equity Fund, which is the first Special Investment Fund – regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxemburg – dedicated to investing in stocks listed on the PEX.
“Rasmala continues to seek out unique and compelling investment opportunities in the MENA region for our clients. We will dedicate the same level of resources and commitment to the Rasmala Palestine Equity Fund as we have to our other award-winning Funds: The Arabian Markets Growth Equity Fund and the Rasmala GCC Fixed Income Fund. Through this investment fund, we will be able to support Palestinian companies’ funding requirements as these companies grow and mature along with the Palestine economy.” said Mr. Eric Swats, Head of Asset Management, explaining the reasoning and strategy behind the interest in investing in the Palestinian market.
H.E. Dr. Jihad Al Wazir, Governor of the Palestine Monetary Authority commented, “Misconceptions about the potential of the Palestinian economy, and in turn the viability of investment opportunities in the region, is the motivation behind this much needed conversation. The untapped potential in Palestine represents a host of investment opportunities in an emerging market where risks are factored in and low valuations offer high dividend yields, offering a winning combination for a lucrative business opportunity.”
Mr. Mazen Abu Hamdan, AB Invest – Palestine Chairman commented, “In a bid to contribute to investments in the region, we have joined the dialogue to increase awareness around the abundant prospects found in Palestine, expressly in the Palestine Exchange. We continue to relay the values of credibility, security, transparency, and above all, trust.”
Mr. Anwar Abu Sbaitan, Chief Executive Officer at Rasmala, commented, “We are very proud to be taking the lead in discussing this promising market. Bringing forth these issues and placing them on the agenda, as we help change the landscape of the Middle Eastern economy, has been a priority for us. This is the first step in the right direction for promoting the many opportunities available in Palestine.”
Among the notable contributors to ‘The Dynamism of the Palestinian Economy’ was the Palestinian Business Council. Established in 2004 with its main objective to strengthen economic and cultural relations between the UAE and the expatriate Palestinian community, the council has been proactive in bridging the gap between the two and in overcoming the typecast challenges that were a roadblock in the past.
Mr. Marwan Tabari, Chairman of the Palestinian Business Council, concluded, “Today and tomorrow, as we continue to transmit the messages that are crucial to attracting investment opportunities to a market with huge potential, we are all contributing to the development of a nation as a whole.”
The event was sponsored by AB Invest, Palestine.