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August 26, 1994 - Image 51

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-08-26

Disclaimer: Computer generated plain text may have errors. Read more about this.

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`Golden Triangle'
Is Formed

Africa Israel, Bank Leumi's real
estate, tourism and insurance
subsidiary, has signed a memo-
randum of understanding with a
consortium of Jordanian and
Palestinian companies.
Jordanian businessman
Dawud Qutub, head of the in-
vestment group Triangle Inter-
national, said the group is "trying
to make the peace machine ac-
tive" through the operation of this
"golden triangle."
The new company, to be regis-
tered in another country, will ini-
tially deal with the development of
tourism projects in Jordan and the
Palestinian autonomous areas.
The group already is examin-
ing possible hotel and tourist cen-
ters in Akaba, Petra, the northern
Dead Sea area and other loca-
tions in Jordan.
Chairmanship of the venture
will be a bi-annual rotation be-
tween the Israeli and Jordanian-
Palestinian representatives, with
the first from Africa Israel.
The group intends to expand
activity into other areas, partic-
plArly real estate, with construc-
tion of office and industrial parks
a possibility.
Contact between the Africa Is-
rael and the Jordanian-Palestin-
ian group was initiated a year ago.

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More Banks
In The Territories

Egypt's Arab Land Bank has re-
. ceived a permit to open a branch
in Bethlehem from Bankof Israel
Supervisor of Banks Ze'ev Abeles.
The Egyptian bank is expect-
ed to also open a second branch
in Nablus, the central bank an-
nounced.
The renewal of the bank's ac-
tivities in the territories was
agreed upon last year when Bank
of Israel Governor Jacob Frenkel
met with his Egyptian counter-
part, Salah Hamed.
The Arab Land Bank functions
as a mortgage bank in Egypt,
while it operates as a regular
commercial bank in Jordan.
The central bank also an-
nounced that it expects the open-
ing of branches in the territories
of the private Jordanian Arab
Bank and Alahali Bank as soon
as they complete their formal and
organizational preparations.
Mr. Abeles said he sees great
importance in the development
and expansion of the banking sys-
tem in the territories to encour-
age economic activity and
promote local investment and the
welfare of the local population.
He hopes the Egyptian bank
will make available its expertise
in the mortgage and long-term fi-
nancing markets, which have not
been developed sufficiently by ex-
isting territories banks.

50
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51

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