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Updated Tuesday, February 2, 2010 11:48 am TWN, AP

Palestinians get 1st private equity fund

RAMALLAH, West Bank -- Two Arab investment companies on Sunday announced the launch of the first private equity fund designed to boost the Palestinian economy. The semiofficial Palestine Investment Fund and Dubai-based private equity firm, Abraaj Capital, will provide an initial US$15 million, they said in a statement, hoping to raise the total to US$50 million this year. The investments would target small- and medium-sized businesses in the Palestinian territories.

The cash is a welcome infusion into the battered Palestinian economy which has been hobbled by the ongoing conflict with Israel, internal conflicts and restrictions on trade and cross-border traffic imposed by the Jewish state, citing security.

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