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Al Waleed aids Arabs in Palestine
Palestine, Business, 8/1/1997
A capital of 10 million US dollars will be the start up for Saudi Prince Waleed's investment in a new Palestinian construction plan for Jerusalem to bolster the Arab presence in the disputed Holy City. Al Quds Construction and Investment company said it "aims to leverage Arab support of the Palestinian presence in the Holy City through the construction of housing, commercial projects." The prince's office said the newly-formed company has several Palestinian businessmen on its board as well as Arab Bank support.
The prince said, hotels were among the first projects, but the level of his own investment had not yet been finalized.
"Investment in Palestine, for me, is like investment in any other Arab country. It does not have a political objective," the Saudi prince said. On July 30, the prince's Kingdom Holding Company announced his first Palestinian investment, saying he was to pump 10 Million US dollars into hotel and housing projects in the Gaza Strip and cities of the West Bank.
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