Annual Report Contents Message from the 04 President of the State of Palestine 2 ANNUAL REPORT 2019 6 Message from the Chairman of the Board of Directors 10 About PIF 13 Governance 20 Energy Sector Infrastructure and industrial parks sector 24 28 Real Estate Sector 34 Tourism Sector 38 Agriculture Sector 40 Health Sector 43 Education Sector Technology Secto 44 46 SMEs Sector 52 Industry and Trade Sector 58 Financial Sector PIF 3 Message from the President of the State of Palestine 4 ANNUAL REPORT 2019 The Palestine Investment Fund (PIF) has effectively contributed towards laying the IRXQGDWLRQV IRU D VHOIVXI¿FLHQW QDWLRQDO HFRQRP\ 'HVSLWH WKH SUHYDLOLQJ FKDOOHQJHV 3,)PDQDJHGWRPDNHVHYHUDODFKLHYHPHQWVEHQH¿WWLQJWKHFRXQWU\DQGWKH3DOHVWLQLDQ SRSXODWLRQ LQ WKH ¿UVW SODFH $PRQJ WKH PDMRU DFFRPSOLVKPHQWV DUH WKH VXFFHVVHV LQ WKHHQHUJ\VHFWRUSDUWLFXODUO\UHQHZDEOHHQHUJ\WKHVXSSRUWRIDODUJHQXPEHURIVPDOO HQWHUSULVHV WKH FUHDWLRQ RI PDQ\ MRE RSSRUWXQLWLHV LQ DGGLWLRQ WR UHDVRQDEOH ¿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and staff for their dedication towards building an institution with a solid governance base DQGDSLRQHHULQJHFRQRPLFYLVLRQRQWKHULJKWSDWKWRZDUGVDQLQGHSHQGHQW3DOHVWLQLDQ VWDWHZLWK$O4XGV$O6KDULIDVLWVFDSLWDO Mahmoud Abbas President of the State of Palestine PIF 5 Message from the Chairman of the Board of Directors $OORZPH¿UVWWRWDNHWKHRSSRUWXQLW\WRWKDQNDQGH[SUHVVP\XWPRVWUHVSHFWWRRXU3DOHVWLQLDQ SHRSOHZKRGHPRQVWUDWHGDKLJKVHQVHRIUHVSRQVLELOLW\GHVSLWHWKHGLI¿FXOWFRQGLWLRQVVNHWFK- ing the most beautiful scene of steadfastness and solidarity in the face of a pandemic, embod- ying the spirit of brotherhood and collaboration among all diverse community members as they may be, coming together in support of their leadership represented by President Mahmoud $EEDVWRFRQIURQWWKHVHFKDOOHQJLQJDQGGLI¿FXOWFRQGLWLRQV 7KURXJKRXWWKHVHGLI¿FXOWLHV3,)ZDVQRWLQLVRODWLRQIURPLWV3DOHVWLQLDQFRQWH[WEXWUDWKHULV part and parcel of this national fabric that is a source of pride for us in terms of its institutions, PHPEHUVDQGFRPSRQHQWV3,)UHPDLQVDV\RXKDYHDOZD\VNQRZQLWWREHDPRQJWKH¿UVW supporters of the various national institutions in curbing this pandemic Sisters and brothers, DFKLHYLQJUHDVRQDEOHUHWXUQVRQLQYHVWPHQWV %XLOGLQJ XSRQ 3,)¶V DFKLHYHPHQWV DQG DV SDUW RI 3,) RQJRLQJ HYDOXDWLRQ RI LWV SHUIRUPDQFH DQG FRQWLQXRXV ,WLVP\SHUVRQDOSOHDVXUHDQGRQEHKDOIRIPHPEHUVRI search for the most effective means for achieving its ob- - 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