Tagged: finance

Shtayyeh calls on Arab banks to create Palestine Investment Fund

Dead Sea – Al-Quds.com

President of the Palestine Economic Council for Development & Reconstruction (PECDAR), Dr. Mohammed Shtayyeh, has called on Arab banks to create an investment fund for Palestine, the monies of which would support productive projects, especially those in sectors which generate jobs, or are run on a for-profit, rather than a charitable, basis. During his speech at the “Reality of the Palestinian Financial Sector: Opportunities and Challenges” conference, Dr Shtayyeh said “Palestine is daring and the Arabs are daring, let capital be daring also.” The conference, organised by the Union of Arab Banks, takes place at the Dead Sea in Jordan today and tomorrow.

Dr Shtayyeh stressed the role of the private sector in the gradual disengagement from colonial dependency imposed on us by the occupation. He indicated that there is an official preference for strengthening economic relations with the Arab world. The Palestinian economy could act as a winch for policy decisions, he said, and enable local products to take the place of the Israeli products in our markets, and bolster the positions of our people in Jerusalem.

Shtayyeh laid out a picture of the economic situation to Arab investors and banking representatives, analysing the disturbances in the structure of the Palestinian economy caused by the occupation, as a result of the control over resources and borders. He said that despite all the challenges, there have still been success stories, such as the success of the banking sector, noting that the size of deposits in Palestinian banks is approximately 12 billion dollars. He added that the amount of corporate funds traded on the Palestinian securities market is valued at almost 3.5 billion dollars, and that there are about 115 thousand stockholders in companies listed on the Palestinian stock exchange.

Dr Shtayyeh explained that Palestinian banks are working under exceptional circumstances as a result of the occupation, which necessitates exceptional treatment to address the obstacles which they face. He asked Arab banks to grant facilities for productive loans, and to make it a priority to encourage investors to develop projects which would create jobs. He continued by saying that the private sector must be the principal creator of employment, and that it is unhealthy for the Palestinian Authority to remain the largest employer of the Palestinian workforce.

A number of challenges lie ahead for the Palestinians, Shtayyeh told the conference. First is the extremist government in Israel, which does not want a solution, and which undermines the Palestinian state through a tight grip on Area C, the Jordan Valley, Jerusalem, and the Gaza blockade, and its further attempts at “settlement bleaching” and its striving to make settlement legal. As for the second challenge, according to Shtayyeh, that resides with the new American establishment, which has not yet fully expressed its foreign policy, despite all the negative press which it has received. The third challenge is the weakening of Arab nations, and the destructive conflicts which it is experiencing, while finally the fourth challenge is to end the division and if there is a will, to work towards a possible solution for the conflict.

Translated by Conor Fagan

Original article found here.

‘More than 700 million Riyal of Local Authority Revenue to Sana’a Province for the first half of this year’, al-Thoura (Yemen), 23rd September 2013

اكثر من 700 مليون ريال ايرادات السلطة المحلية لمحافظة صنعاء للنصف الاول من العام الجاري

الإثنين, 23-سبتمبر-2013 الثورة نت/.. –

[Source, al-Thoura]

[Source, al-Thoura]

بلغ اجمالي الايرادات السلطة المحلية بمحافظة صنعاء للنصف الاول من العام الجاري 756 مليون و 904 الاف ريال بزيادة عن العام الماضي بـ 110 مليون و 136 الف ريال بنسبة 17 بالمائة, وأوضح تقرير صادر عن الادارة العامة للموارد المالية بالمحافظة -تلقت وكالة الانباء اليمنية سبأ نسخة منه أن إجمالي الموارد العامة المشتركة على مستوى المحافظة بلغت نحو 254 مليون و731 الف ريال، ستوزع لصالح مشاريع التنمية بالمديريات.

وبين التقرير أن اجمالي الايرادات الفعلية للموارد المحلية للنصف الاول من العام الجاري بلغت 241 مليون و59 الف ريال بزيادة عن المقابل بمبلغ 67 مليون و323 الف ريال بنسبة 39 بالمائة.

ولفت التقرير الى ان اجمالي الايراد الفعلي للموارد المشتركة بلغ 201 مليون ريال و92 الف ريال بزيادة عن المقابل ظهرت في جميع المكاتب “مشتركة ” بمبلغ 53 مليون و433 الف ريال بنسبة 36 بالمائة.



More than 700 million Riyal of Local Authority Revenue to Sana’a Province for the first half of this year

Tuesday 23rd September 2013

New Revolution (Yemen)

It is reported that revenues of the local authority in the province Sana’a for the first half of the current year totalled at 756 million and 904 thousand Riyals. An increase of 110 million and 136 thousand Riyals from the previous year or 17%. A report issued by the General Administration for Financial Resources in the province, received by the Yemeni News Agency Niskha, explained that total shared public resources on the provincial level reached about 254 million and 731 thousand Riyals and will be distributed for the benefit of development projects in various Directorates.

The report stated that total actual revenues for the first half of this year amounted to 241 million and 59 thousand Riyals up from 67 million and 323 thousand Riyals in the previous corresponding period or 39 %.

The report noted that total actual revenues of shared resources reported at 201 million Riyals and 92 thousand Riyals up in contrast to the corresponding period in all ‘joint’ offices with 53 million and 433 thousand Riyals or a rate of 36%.

Translated by Robert Forster