Prince Walid's visit opens door for investments in Palestine
Palestine-Saudi Arabia, Business, 2/11/1998

Palestinian President Yasser Arafat and his Saudi guest, Prince Walid Ben Talal, inaugurated in Gaza a new housing project marking a new step in Saudi investments in the Palestinian areas.

Palestinian sources said the Saudi prince, who runs a network of successful businesses and investments worldwide, had promised to pour more investments into Palestinian areas and into Jerusalem "in order to augment the Palestinian Arab identity of the Holy City."

Prince Walid started his investments in Palestine in July last year when he bought a share of the Palestinian Development and Investment Company (PADICO) at a US $10 million price. In the same month, he became a shareholder in the Jerusalem Development and Investment Company (JEDICO).

"I wanted to visit Palestine at this critical moment to express my full support with President Arafat and with the Palestinian people," said the Prince whose visit, Palestinian officials said, was blessed beforehand by King Fahd of Saudi Arabia and his Crown Prince Abdullah.


When Arafat's economic advisor, Khaled Salam, was in Davos for the latest international economic conference, he met with Prince Walid who then expressed his wish to visit Palestine. The prince arrived with his private plane to Al Arish on the Egyptian border and was driven to Gaza. The Israeli obstacles that delayed the opening of the Gaza International Airport made it difficult for the prince to land with his private plane. Besides, Israeli restrictions on movement prevented the prince from extending his visit to the West Bank, since such a visit would involve going through Israeli military check posts.

The Palestinian government, said Salam, hopes to see more Arab investors joining in the process of building the Palestinian economy and added that Arafat had given instructions to his ministers to extended all facilities possible to those investors.

Palestine Legislative Council members in the past had complained that the lack of clear economic rules and regulations has deterred a number of foreign investors from spending their money in Palestine. Salam said that Arafat had expressed his insistence on finalizing all rules that are needed to nourish the Palestinian economy and give a feeling of trust and confidence to potential investors.

Previous Stories:
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