A Qatari company has announced it is investing in a new West Bank town of 5,000 homes.
The CEO of the government-owned Qatar Diar Real Estate Investment Co. said Wednesday his company will put up two-thirds of the$350 million (â‚¬222 million) project near the West Bank city of Ramallah. A Palestinian company is putting up the rest.
The CEO, Ghanim Bin Saad Saad Al Saad, said his company will get involved in additional projects. The town is to be known as Rawabi and is billed as the first planned community in the West Bank. The CEO acknowledged the politcal risk of investing in Palestine, but said that "we have instructions from our government to start investing in the Palestinian territories and to support our brothers in Palestine."