GAZA, 8 March 2005 — Two members of the management board of the Palestine Investment Fund have submitted their resignations from the management board, an informed Palestinian source has confirmed to al-Quds (newspaper).

The source added that businessman Samir Said Khouri and businessman Engineer Jawdat al-Khudari submitted their resignations effective this month from the Fund’s management board due to disagreements within the board over the mechanism for managing the Fund’s investments in Arab countries.

The source indicated that the Fund is the body that manages all of the Palestinian Authority’s investments which to date exceed collectively approximately one billion dollars.

It added that at present the majority of the Fund’s investments are outside Palestine*, and last year they saw high increases in value due to the increase in share prices of telecommunications companies in which the Fund has large stakes.

Footnote
* Mainly in Tunisia and Algeria, see
www.pa-inv-fund.com/SPValuationReports.aspx

Translation from Al-Quds newspaper, 8 March 2005, page 31. Translated by EI.

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