(Ramallah, February, 14) - The Arab Palestinian Shopping Centers, P.L.C. (PSE:PLAZA) and the Arab Islamic Bank, P.L.C. (PSE:AIB) today signed a 3.1 million USD financing agreement which will be used to complete the construction of PLAZA’s first 9,000-sqm showcase project located in the West Bank City of Al-Bireh.
Although delayed in completing project construction activities, PLAZA has not stopped operations, even under the pressures and complications of the last seventeen months. Chairman Khaled Osaily noted, "Our unrelenting commitment to meet all of the daily challenges that these difficult times present is part of our overall commitment to continue the economic development of the future State of Palestine. Toward this goal, we are pleased to have like-minded business partners such as the Arab Islamic Bank and a committed holding company like the Arab Palestinian Investment Company.” The Arab Palestinian Investment Company, APIC, owns 51% of PLAZA.
This significant financing agreement reflects the pledge that PLAZA and the Arab Islamic Bank, both public company’s traded on the nascent Palestinian Securities Exchange, have made toward the Palestinian private sector development.
Mr. Atiyeh Shananier, General Manager of the Arab Islamic Bank, stated his belief that this business partnership strengthens the private sector, which in turn will create jobs and economic growth. Mr. Shananier expressed his desire that this will be the first of a continued and growing relationship between the two firms. Mr. Shananier stated that he “wishes this pioneer Palestinian retail sector project all the success even under the hardships currently faced.”
PLAZA General Manager Sam Bahour noted that, “With this planned financing in place, we are now positioned to take the necessary steps forward in preparation for operations. We look forward to identifying those retail tenants that have applied, or are interested, to rent space and, together, start bringing the project to life.”
