RAMALLAH, May 30 (JMCC) - Efforts are underway to lure investors away from Israeli markets to the Palestinian stock market, a Palestinian financial official said Saturday.
The move seeks to expand the Palestinian market and make it more attractive regionally and internationally, said Palestinian stock market executive director Ahmed Awayda.
We had a meeting today in Ramallah
with a number of Palestinian businessmen carrying blue [Israeli] identity cards to persuade them to pump money into the stock market at a tune of more than $10 billion, which is what they are currently investing in Israel
, said Awayda.
He said that this would be a quantum leap for the Palestinian stock exchange and help raise proceeds for all investors.
It is estimated that the one and a half million Palestinian citizens of Israel have investments worth ten billion dollars in the Israeli stock exchange.
This is a lot of money, says Awayda. If it were invested in the Palestinian market, there would be considerable returns to investors and Palestinians in the West Bank
and Gaza Strip
The Palestinian stock market was established in 2004 and enjoys financial and administrative independence. Currently, one and a half billion dollars is invested in the market, 55% of this originating with foreign investments and the rest domestic.
Awayda says that the market is currently seeking to attract new regional investments despite all the obstacles. One means of expanding participation in the market is for investors to register in the Palestinian exchange companies that operate in Israel but are owned by Palestinians and have their headquarters in the city of Ramallah, says Awayda.
We will continue dialogue between us and our brothers who are investors in Israel, and internationally to achieve the strategic partnership that will lead to raising the value of the Palestinian market, says Awayda.