Jericho:Arab Bank has announced its role as the financial backer for the Jericho Cement Factory, the first cement factory in Palestine. The project, valued at US$57 million, was officially inaugurated with the presence of President Mahmoud Abbas, Prime Minister Dr. Muhammad Mustafa, and Chairman of the Board of Directors of the Palestinian Investment Fund, Mr. Iyad Joudah, among other officials and representatives from various sectors.
According to Maan News Agency, the project is a significant strategic industrial development in Palestine, with a total investment of approximately US$115 million. Arab Bank provided the financial support for this venture, alongside contributions from the Palestinian Investment Fund and the Union of Five for Development and Investment Company, part of the Issa Khoury Group.
Spanning 240 dunams in the Nu'eima area of Jericho, the factory aims to strengthen the national industry by offering locally produced cement, reducing dependency on imports, and boosting the local economy. The factory's production capacity is projected to reach 1.2 million tons of cement annually, meeting about 50% of the local demand. It is expected to create approximately 125 direct jobs and multiple indirect employment opportunities, supporting related economic sectors.
Dr. Jamal Hourani, Palestine Area Manager at Arab Bank, emphasized the bank's commitment to supporting strategic projects that enhance local production and foster sustainable economic impact. Mr. Iyad Joudeh highlighted the project's role in expanding the productive base of the Palestinian economy and the importance of collaboration between investment institutions, the private sector, and the banking sector.
Mr. Issa Khoury, representing the Issa Khoury Group, noted the investment's potential to provide a competitive national product and its contribution to the growth of the construction industries sector. Arab Bank's involvement in financing this project is part of its broader strategy to support key economic sectors in Palestine, reflecting its strong financial position and expertise in structuring large-scale financing initiatives.