The Palestine Development and Investment Company (PADICO), the largest private Palestinian enterprise, convened its first general assembly in Palestine on Saturday. At the meeting, the company urged Palestinians abroad to invest in the West Bank and Gaza Strip to aid the construction of their future state, Al-Quds Al-Arabi Daily reported.
Munib al-Masri, PADICO Board of Directors Chairman, stated that the company is the foremost investor in the Palestinian territories. He disclosed that to date, PADICO invested $550 million in the West Bank and Gaza Strip, with plans to pour in an additional $500 million over the next 5 years.
According to its 1999 income statement, PADICO's profits hit $2.548 million compared to approximately $2.7 million in 1998.
PADICO was incorporated as a holding company in 1993, with a declared capital of $1 billion and a subscribed capital of $172 million. PADICO operates via a network of subsidiaries and sister companies, which consist of:
* Jerusalem Tourism Investment Company (JIT)
* Palestine Telecommunications Company (PALTEL)
* Palestine Real Estate Investment Company (Aqaria)
* Palestine Industrial Investment Company (PIIC)
* Palestine Securities Exchange Company (PSEC)
* Palestine Tourism Investment Company (PTIC)
* Palestine Industrial Estates Development and Management Company (PIEDC)
* Palestine Information Technology Company (PITC)
* Palestine Electricity Company (PEC)
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