Palestine: The Palestine Investment Fund (PIF), the investment arm of the Palestinian Authority, has launched the first phase of a new cement plant, the first in the Palestinian areas. Investment in the plant is expected to reach US$310m and production will start in 2018.
The opening ceremony took place at the Jaser Palace in Bethlehem under the patronage of President Mahmoud Abbas. PIF chairman of the board Mohammad Mustafa attended the event with Louai Kawas, chief executive officer of Sanad Construction Industries Company, a PIF-owned company in charge of the plant.
Sanad Construction Industries Company was established in 1994 for the purpose of meeting the needs of the Palestinian construction market such as the provision of building material. The cement plant is intended to provide 90% of the cement needs for the Palestinian construction market. At present cement for the territory is purchased from Jordan and Israel.