Under the Auspices of HE. President Mahmoud Abbas
Laying the cornerstone of Al-Reehan Neighborhood (“Al-Reehan”) by HE. President Mahmoud Abbas, a new landmark residential community in Palestine, and the signing of a hospital development agreement by a lead Palestinian company with a cost of US$15mn.
On Monday 29th June, 2009, the cornerstone of Al-Reehan, the new landmark neighborhood in Palestine pioneered by the Palestine Investment Fund (“PIF”), will be placed by HE. President Mahmoud Abbas. Al-Reehan is a mixed use neighborhood, which includes a commercial centre, school, health clinic, hospital, a place of worship and Byzantium Historical Park. The neighborhood entails the development of approximately 2,000 residential units on 250,000m2, with residential units of various types and sizes.
The neighborhood will be developed by Al- Reehan Real Estate Investment Company, a fully owned subsidiary of PIF.
Al-Reehan is situated on a hill-top strategic location in the AlBireh-Ramallah suburban area, 800m above sea level with 360 degree panoramic views. The neighborhood taps into the location’s value generative potential in context of its proximity to the Ramallah-Bireh metropolis: As part of the envisaged development corridor in the direction of Birzeit university.
Moreover, the cornerstone ceremony will also mark the signing of an agreement between a lead Palestinian Company, The Arab Medical Centre, and Al-Reehan Real Estate Investment Company, for the development of a world-class hospital on Al-Reehan site with a cost of US$15mn. The hospital, will encapsulate best in class and cutting edge medical practices, to serve the wider metropolitan area.
Infrastructure works for Al-Reehan commenced on March 20th 2009. Al-Reehan has estimated project value of US$200mn. Al-Reehan Real Estate Investment Company will develop 250 residential units as the first package of Phase 1 of the neighborhood.
Dr.Mohammad Mustafa, Chairman and CEO of the Palestine Investment Fund stated “Al-Reehan represents a new phase in real estate development in Palestine, reinvigorating the sector and bringing together all relevant stakeholders as partners. I am delighted today to see the signing of an agreement between a lead Palestinian Company, The Arab Medical Centre, and Al- Reehan Real Estate Investment Company for the development of a hospital on the site.” Dr. Mohammad added “We invite developers from Palestine, Jordan, the Gulf, and internationally to help build Palestine as partners together.”
About PIF
The Palestine Investment Fund is an independent investment company with assets under management of ca. US$750mn. The Fund aims to generate high and stable returns through diversified strategic investments that contribute to building an independent and strong Palestinian economy in partnership with international, regional and local partners, based on the values of transparency, accountability, commitment and in line with its corporate social responsibility and sustainability objectives.
About Al- Reehan Real Estate Investment Company
Al-Reehan Co is the Master Developer of Al-Reehan Neighborhood and was setup with an initial authorized capital of US$26mn. Al-Reehan is considered the first step for PIF’s initiative in developing 30,000 housing units in different areas across Palestine in the next 10 years.
