The Palestine Investment Fund through its investment scale "Aswaq Investment Portfolio Co." signed a strategic cooperation agreement with the Manaseer Group, which resulted in the latter's participation as a strategic partner of the Fund in Sanad Building Resources Co., with a view to achieving a great package of investment benefits which in turn will obtain a significant positive impact on the national economy.
Periodical sale transactions will be implemented through the Palestine Exchange, where the agreement includes the acquisition of equities which owned by the Sanad Markets Co. in a transaction worth about 46 million dollar, in accordance with the established conditions in the concerned agreement and within certain specified time periods. The signing of agreement has taken place in the presence of Chairman of the Board of Directors Mr. Muin Qadda, the CEO of Manaseer Cement Industry Co. Mr. Mohammed Al Manaseer and the Deputy CEO of Manaseer Cement Industry Co. Mr. Qais Balas.
The Chairman of the Board of Directors of the Manaseer Group, Eng. Ziad Al Manaseer stated that, "This strategic partnership is a milestone in respect of supporting the investment and economic relations between Jordan and Palestine" added that, the Manaseer Group strives to grant opportunities for our brothers in Palestine with a view to investing in Arab markets and attracting more Investors through Jordan, in pursuit of benefiting the Jordanian and Palestinian economies combined.
Eng. Ziad Al Manaseer pointed out that "This partnership is deemed an enhancement of efforts in regard of knowledge-sharing and technical capabilities aiming at strengthening the economic relations between the two brotherly countries and harnessing all available potentials to develop the Palestinian economy and turn the challenges into real opportunities, this step comes as part of complementing Manaseer Group's vision which aimed at achieving sustainable partnership with the regional, international and global market counterparts, with respect to accelerating the economic development of the target countries in which operates, apart from enhancing the efficiency of its products."
Dr. Mohammed Mustafa, the Chairman of the Board of Directors of the Palestinian Investment Fund stated that, the prominent advantages of this agreement lie in attracting investors from the Arab brothers, which will lead to achieve the national economy revitalization and increase cooperation and integration between the Palestinian and Arab economy. This investment reflects the contribution of a major and leading Arab-Jordanian company specialized in constructing and developing the Palestinian economy.
Both Sanad Co. and Manaseer Group signed an agreement in August last year under which Manaseer Co. will provide a security of its products including the required cement materials for buildings and constructions, with a view to catering the Palestinian market needs at competitive prices and serving the objectives of quality, abundance, diversity of sources and affordable cost for the Palestinian consumer.
Manaseer Co. plays a primary role in developing the Jordanian economy. The Group's investments cover a group of sectors including energy, infrastructure, construction materials, agricultural products, chemicals, labor solutions and other dynamic economic sectors. The Manaseer Group strives to achieve its vision aimed at realizing the economic prosperity, the community welfare and a healthy environment for the future generations. Moreover, The Manaseer Group is deeply committed to providing the best value and service to Jordanian society besides a safe and enriching working environment for personnel and partners.