The Palestinian Investment Fund (PIF) launched the first phase of its cement plant project this weekend. The PIF's cement plant will be the first in the Palestinian areas.
Ceremonies for the occasion were held in Bethlehem under the patronage of President Mahmoud Abbas and in the presence of PIF board chairman, Mohammed Mustafa. The ceremony was also attended by CEO of Sanad Construction Industries Co, Louai Kawas. Sanad Construction is the PIF-owned company in charge of the new cement plant.
According to PIF, "Sanad Construction Industries Company was established in 1994 for the purpose of meeting the needs of the Palestinian construction market such as the provision of building materials."
An estimated US$310m is to be invested into the project, with construction expected to take two years. Officials on the project expect the plant to be capable of meeting 90 per cent of demand for the Palestinian construction market upon completion. Demand is currently being met with cement purchased from Jordan and Israel.
