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Palestinian bourse to woo new investors in London
Thu, 11th Mar 2010 16:16
RAMALLAH, West Bank, March 11 (Reuters) - The Palestine Securities Exchange (PSE) hopes the double-digit growth rate of its main index and a strong West Bank economic outlook will draw foreign investment when it goes on its first roadshow next week.
PSE Chief Executive Officer Ahmad Aweidah said the aim of the London roadshow, backed by Middle East peace envoy Tony Blair, was to 'highlight investment opportunities in Palestine and to increase awareness about potential opportunities'.
The PSE currently has 39 listed stocks and a market capitalisation that has already climbed 7 percent this year to stand at $2.53 billion, Aweidah said.
In 2009, the value of the PSE's main index, Al Quds, went up by around 17 percent, according to the PSE's website, www.p-s-e.com.
Listed stocks cover the banking, insurance, investment, industrial and service sectors.
Policymakers expect the Palestinian economy in the West Bank to grow by at least 7 percent in 2010, at least matching growth in 2009. They mainly attribute the growth to the fiscal stimulus created by the aid-dependent government's payroll spending.
The PSE was established in 1996, three years after the start of the Oslo peace process that has yet to yield a final settlement of the six-decade old Palestinian-Israeli conflict.
Israel's easing of some movement restrictions in the West Bank has been one factor that has helped the Palestinian economy in the West Bank over the last year.
Palestinian policymakers and businessmen still complain of the many remaining restrictions imposed on the West Bank by Israel, which has occupied the territory since 1967.
One of the main complaints is the problems investors face getting a visa to enter the territory.
While the economy of the West Bank, where the Western-backed Palestinian Authority is based, has
grown, the economy of the Gaza Strip is shrinking due to a tight blockade imposed on the territory by Egypt and Israel. Gaza is ruled by the Hamas Islamist group, which is hostile to Israel.
(Reporting by Mohammed Assadi; Editing by Tom Perry and Will Waterman)
(For blogs and links on Israeli politics and other Israeli and Palestinian news, go to http://blogs.reuters.com/axismundi) Keywords: PALESTINIANS INVESTMENT/LONDON
(mohammed.assadi@reuters.com; +970 2 2950430; Reuters Messaging: mohammed.assadi.reuters.com@reuters.net)
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Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
PSE Chief Executive Officer Ahmad Aweidah said the aim of the London roadshow, backed by Middle East peace envoy Tony Blair, was to 'highlight investment opportunities in Palestine and to increase awareness about potential opportunities'.
The PSE currently has 39 listed stocks and a market capitalisation that has already climbed 7 percent this year to stand at $2.53 billion, Aweidah said.
In 2009, the value of the PSE's main index, Al Quds, went up by around 17 percent, according to the PSE's website, www.p-s-e.com.
Listed stocks cover the banking, insurance, investment, industrial and service sectors.
Policymakers expect the Palestinian economy in the West Bank to grow by at least 7 percent in 2010, at least matching growth in 2009. They mainly attribute the growth to the fiscal stimulus created by the aid-dependent government's payroll spending.
The PSE was established in 1996, three years after the start of the Oslo peace process that has yet to yield a final settlement of the six-decade old Palestinian-Israeli conflict.
Israel's easing of some movement restrictions in the West Bank has been one factor that has helped the Palestinian economy in the West Bank over the last year.
Palestinian policymakers and businessmen still complain of the many remaining restrictions imposed on the West Bank by Israel, which has occupied the territory since 1967.
One of the main complaints is the problems investors face getting a visa to enter the territory.
While the economy of the West Bank, where the Western-backed Palestinian Authority is based, has
(Reporting by Mohammed Assadi; Editing by Tom Perry and Will Waterman)
(For blogs and links on Israeli politics and other Israeli and Palestinian news, go to http://blogs.reuters.com/axismundi) Keywords: PALESTINIANS INVESTMENT/LONDON
(mohammed.assadi@reuters.com; +970 2 2950430; Reuters Messaging: mohammed.assadi.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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