Bank of Palestine, in cooperation with the Arab Hotel Association, has organized a workshop on the banking sector and tourism in Rirz Hotel, East Jerusalem. The workshop was attended by BOP Chairman and General Manager Mr Hashim Shawa, President of the Arab Hotel Association Mr Raed Saadeh, hotel managers from Jerusalem and officials from BOP and the Association.
Participants in the workshop exchanged thoughts about possible means to support the tourist sector in East Jerusalem and the difficulties encountered by hotels in the city. In addition, participants discussed the role of the banking sector in supporting tourism in East Jerusalem and incorporated this in the core strategy of the Arab Hotel Association with the view of enabling hotel owners continue their work.
For his part, Shawa stressed the importance of synergy among private institutions and companies in order to strengthen and boost domestic tourism activities in Palestine. He added that during the past few years, BOP has sponsored several festivals with the aim of promoting the Palestinian cultural identity and entrenching the cultural heritage of Jerusalem. The festivals included Jerusalem Festival organized by Yabous Cultural Center, the Marketing and Jerusalem Kae’k Festivals. Moreover, BOP has provided support to the health sector in East Jerusalem through strong partnership with hospitals in the city and with the view of providing better health services to patients including those from the West Bank and Gaza Strip.
Shawa also pointed to the special role of BOP in supporting small enterprises especially in the holy city in order to alleviate unemployment, increase national income, strengthen economic development, and provide national goods and services that fulfill the needs of the Palestinian community in the city and reduce dependence on Israeli economy.
President of the Arab Hotel Association Mr Saadeh said the tourist sector in East Jerusalem faces many challenges and difficulties because of its seasonal nature. He added the lack of domestic tourism and depriving the city of its natural markets have led to a sharp drop in revenues, the closure of some hotels and a significant decrease in the capacity of the hotels of East Jerusalem.
In addition, Saadeh made clear that the taxes imposed on enterprises and hotels in Jerusalem are very high and likewise are operational costs compared to the West Bank. This has weakened the competitive capability of hotels in Jerusalem. He added cooperation with the Palestinian banking sector will provide an opportunity for the renovation of existing hotels, support new enterprises and provide required funds. He added cooperation with the banking sector will help hotels recover their capabilities for financial management, deal with losses resulting from depreciation of currency and open better opportunities for competitiveness and availability of cash flow necessary for the implementation of enterprises.