> Palestine Development and Investment Company (PADICO HOLDING):
Twenty Years of Investing in Palestine PADICO HOLDING (Palestine Development and Investment Company) celebrated its twentieth anniversary, marking two decades of accumulated experience. In 1993, the company was launched as an initiative by distinguished Palestinian and Arab businessmen, for the purpose of building and developing the Palestine economy with the implementation of projects in sectors critical to economic development. Since then, PADICO HOLDING has grown, through its subsidiaries and affiliates, to become one of Palestine’s largest private sector companies, implementing projects in the telecommunications and services, tourism, real estate, infrastructure, agriculture, and industry sectors. In the process, the company provided thousands of jobs in the Gaza Strip and the West Bank including East Jerusalem.
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he company has gained prominence by initiating green field investments in both telecommunications and the financial market. PADICO HOLDING had the resources to invest in sustainable large-scale projects that required long-term financing and international corporate know-how. As such, it has become a model for successful investments in Palestine. Despite the unstable political environment in the country, PADICO HOLDING proved profitable due to its long-term investment strategy – premised on diversification – that allowed it to adapt to the challenging circumstances in Palestine. Furthermore, the company creates investments that do not compete with local SMEs and businesses as its mission is to empower the Palestinian economy; it became a leading force behind the creation of thousands direct and indirect job opportunities in Palestine. LOYAL TO ORIGINAL MISSION “PADICO HOLDING has consistently remained loyal to the original mission of its founders to contribute in developing Palestine and its economy. The company continues to reaffirm this commitment to the founders, affiliates, subsidiaries, and shareholders,” says Samir Hulileh, CEO of PADICO Holding. In 1995, PADICO HOLDING founded the Palestinian Telecommunications Company (PALTEL), the first telecommunications company in Palestine. PALTEL provides telecom services to hundreds of thousands of Palestinians. By the end of 2013, the company served 404,000 124
“We operate in a challenging environment and it is essential to devote maximum effort to sustainable business development.” fixed-line subscribers and, through its subsidiary Jawwal, 2.63 million mobile subscribers. PALTEL’s Internet service provider Hadara has over 230,000 ADSL subscribers. Additionally, in 1995, the Palestine Exchange (PEX) was established as the first stock exchange in the country. PEX opened for trading in 1997 and remains the only privately-owned stock exchange in the Middle East. It is also the only one to be fully automated upon establishment. The company’s investments in the tourism sector brought the first five-star hotels to Palestine such as the Jacir Palace InterContinental Hotel in Bethlehem, the Movenpick Hotel in Ramallah, the Al-Mashtal Hotel in Gaza, and the St George Hotel in Jerusalem. These investments have offered the five-star experience to both tourist and locals, and provided quality employment opportunities to Palestinians. The investments are managed by PADICO Tourism, the investment arm of PADICO HOLDING in the tourism sector. The company has also contributed significantly to the development of the real estate sector. CFI.co | Capital Finance International
In 1994, PADICO HOLDING founded the Palestine Real Estate Investment Company (PRICO) – Palestine’s largest real estate development company at the time. PRICO has been responsible for some of Palestine’s most significant development projects, and continues building on that legacy today with the construction the Al-Ghadeer neighbourhood in Ramallah and the Blue Beach Chalets in Gaza. In 1999, PADICO HOLDING developed an industrial zone in the Gaza Strip through its PIEDCO subsidiary. This industrial zone, which spans 470,000m2, serves as the home base for dozens of factories producing goods for local and international markets bringing hundreds of jobs to Palestinians. Additionally, the Jericho AgroIndustrial Park (JAIP) in Jericho offers investment incentives for companies and investors in the agro-industrial sector and provides both industrial space and comprehensive storage solutions in addition to supporting logistical services, necessary for the work of companies in the city. PADICO HOLDING’s investments continue to drive Palestine’s economic development: Agricultural and industrial projects in Tulkarm, Nablus, and the Jordan Valley offer employment opportunities where they are most needed. The Palestine Poultry Company (AZIZA) manages the entire production cycle from eggs, to raising chickens, to packaging and distributing chicken products. The project provides environmentally sustainable solutions to household and commercial solid waste in Nablus and Jenin. PADICO HOLDING’s latest investment in