BETHLEHEM, October 1, 2016 (WAFA) – The Palestine Investment Fund (PIF), the investment arm of the Palestinian Authority, launched on Saturday phase one of the new cement factory, the first in the Palestinian areas.

Ceremonies were held on this occasion at Jaser Palace in Bethlehem under the patronage of President Mahmoud Abbas and in the presence of PIF chairman of the board Mohammad Mustafa. The ceremony was also attended by Louai Kawas; chief executive officer of Sanad Construction Industries Company, a PIF-owned company in charge of the cement factory.

“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,” said PIF on its website.

It will lead the efforts of investment in industrial and production sectors related to construction industries, particularly provide cement to the Palestinian market, it explained.

Investment in the factory is expected to reach $310 million.

Officials believe that once the factory starts production in about two years, it will be able to provide 90 percent of the Palestinian construction market needs. Currently cement is being bought from Jordan and Israel.

M.A.