Rasmala Investment Bank Ltd. started an equity fund to increase investor interest in the Palestinian territories with a $15 million investment from the Palestine Investment Fund.
The overall size of the fund may reach $100 million in the next three years, Dubai-based Rasmala said yesterday in an e- mailed statement. The fund is seeking more money from local and foreign investors, the statement said.
The “Palestinian market is very attractive in terms of its growth and return potential,” Eric Swats, head of asset management at Rasmala, told reporters in Ramallah yesterday.
The Palestine Investment Fund, with $800 million in assets under management, according to its website, is the Palestinian Authority’s primary vehicle for bringing foreign investment to the West Bank and Gaza Strip.
“The introduction of investment funds of this type to the Palestine Securities Exchange will add depth and sophistication to the Palestinian equity investments landscape,” Ahmed Oweida, chief executive officer of the Palestine Securities Exchange, said in the statement.