Palestinian-Egyptian car company opens in Gaza

New car showroom is backed by Palestinian Investment Fund Gaza's first ever Palestinian-Egyptian company trading in commercial vehicles has officially opened for business after sponsorship from the Palestinian Investment Fund. The opening ceremony was attended by a group of officials from Gaza, including vehicles dealers and businessmen, along with a number of citizens and stakeholders.
The vice-president of the Palestine Investment Fund (PIF), Kamel Abu Madi said that the new company will serve the interests of the citizens, adding, "we came to the Arab and Islamic countries and didn’t go to any other party, as we prefer the Arab national industries."
Minister of Transport, Osama al-Issawi, said: "This company will be an asset to the companies providing business services to citizens, particularly in the trade of vehicles, as it supports the private sector."
He praised the investment fund, saying it supported the Palestinian citizen's needs.
Al-Issawi revealed that contrary to reports, his ministry has not banned opening new car showrooms outright, adding that the decision was temporarily made "in order to provide high quality services for the Palestinian citizen."
Minister of Economy, Ala Rafati, said that the Palestinian-Egyptian company will not be competing with the private sector, but will strengthen it, and protect it from problems seen over the last few years.
He explained that this company is one of the Palestinian Investment Fund's companies, and the aim is to strengthen the government’s approach to regulate vehicle trading.
Mohammed Mussa Jadallah, head of the Palestinian Investment Fund said that opening this company in cooperation with Egypt will ease monopoly of the market. He revealed that prices will be ficed in cooperation with the private sector, so that profit does not exceed $800."