Bank of Palestine and Amaar Real Estate Group signs a Memorandum of Understanding to Promote and Finance Promising Real Estate Investment Opportunities Abroad

Ramallah – On Thursday 22/09/2016, the signing of a memorandum of joint cooperation took place at Bank of Palestine’s General Management Office in Ramallah; the memorandum aims to promote Amaar Real Estate Group’s real estate services and projects, as well as the banking services, through Bank of Palestine’s Representative Office abroad. The memorandum was signed by Dr. Mohammad Nasr, Amaar Group’s Chairman, and Mr. Hashim Shawa, Bank of Palestine’s Chairman and General Manager, in the presence of Mr. Amir Dajani, Amaar Group’s CEO, and a range of representatives of the executive managements of Bank of Palestine and Amaar Real Estate Group.

Under the memorandum of understanding, Amaar Group shall market its real estate projects as promising opportunities for real estate investment inside Palestine, through Bank of Palestine’s Representative Office abroad, in order to achieve its strategy that aims to attract Arab and International capital and investments to support the Palestinian economy, in addition to allocating channels to communicate with Palestinian communities outside the country, in order to support them to invest in their homeland, enhance the relationships, and achieve their desires to contribute towards supporting the resilience of their people.

On the other hand, Bank of Palestine will authorize its office, or any other offices it may open outside the country, to promote these projects as real estate investment opportunities in Palestine, and shall provide banking services and distinctive facilitations for those interested in investing in Amaar Group’s projects. In addition, the Bank shall provide programs exclusive for Palestinian in diaspora, which will create channels for investment in smart and feasible projects in the field of real estate, in order to advance the Palestinian economy and achieve sustainable development, while providing all financial and technical facilitations for this purpose.

Dr. Mohammad Nasr expressed his contentment for signing the memorandum of understanding with Bank of Palestine. He thanked the Bank for its interest in this initiative and transforming it to practical steps. He added “due to the difficult economic conditions in our country, Amaar Group, the real estate arm of Palestine Investment Fund, took upon ourselves the responsibility to create quality initiatives, and prepare compatible infrastructure capable to attract Arab and international investments, in order to have a true role in achieving sustainable economic development and creating job opportunities to our people. We hope that this partnership with Bank of Palestine will contribute in achieving the goals behind this memorandum of understanding, in which the real estate sector in Palestine is one of the most vital sectors capable of achieving these strategic endeavors”.

Mr. Hashim Shawa expressed his appreciation for Palestine Investment Fund and his pride in the confidence of Amaar Real Estate Group in Bank of Palestine. He added that this collaboration reflects the main objective behind establishing the Representative Offices of the Bank outside the country, particularly the creation of bridges for economic communication between Palestinians in diaspora and their dear country Palestine, particularly with those who accomplished successful and innovative achievements in the countries they reside in, and wish to extend their experiences through investment in their homeland. Shawa indicated that “although the agreement is not exclusive to Amaar Real Estate Group, it reflects our strategy to urge Palestinians in diaspora to come back and reside and invest in our country; in addition, it serves the Bank’s aspirations in finding investment opportunities for networking and promotion within the real estate sector, in order to enhance the ability of attracting new investments to our beloved Palestine”.

Mr. Amir Dajani confirmed that the terms of the memorandum will be achieved by collaborating with Bank of Palestine. He indicated that Amaar Group today, after years of unique experience that equipped it as one of the pillars of the real estate sector in Palestine, is capable to provide quality initiatives, and supervise real estate investments, both residential and commercial. He added “the achievement of the ultimate joint goal to support our Palestinian economy requires finding effective strategic partnerships that aim to provide services to our people and support their resilience. We at Amaar find that this partnership with Bank of Palestine, who proved over the decades its keenness to support our country, is a significant step towards creating promising investment opportunities in the real estate sector”.

Ammar Real Estate Group was successful in the investment and development of a range of real estate projects in various governorates of the country, each of which holds an outstanding name and is a title for distinction and uniqueness, in terms of development of urban areas, and the provision of advanced and integrated services, most prominently Al Reehan Neighborhood, which became a model for real estate projects in Palestine, Al Jinan Neighborhood in Jenin, and Moon City in Jericho. The Group also succeeded in the development of distinctive commercial centers, including Ersal Center, and Amaar Tower, a new commercial edifice and an interface for investors who are looking for advanced and unique offices, in addition to its contributions to Jericho Industrial Co., and other essential strategic projects.

Bank of Palestine was established in 1960 as a leading financial institution that seeks to advance the level of financial and banking services in Palestine, in addition to financing various projects, and fulfilling the financial and banking needs of various social and economic segments. The Bank is the most prevalent national bank through its banking network, in terms of the number of branches, sub-branches and ATMs.  The Bank’s qualified cadre provides service to more than 750,000 customers from individuals, companies and institutions. Bank of Palestine contributes in the growth and development process and keeps abreast with technological developments. In addition, the Bank adopts the best international policies and practices including the requirements of disclosure, good governance, accuracy, and transparency throughout all its operations. The Bank began opening Representative Offices outside the country; its first Representative Office was opened in Dubai, United Arab Emirates. The Bank is currently preparing to open another Representative Office in Santiago, Chile, to service Palestinians in Latin America.

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