The Palestinian Economy and Future Prospects: Interview With Mohammad Mustafa, Head of the Palestine Investment Fund

Abstract

Dr. Mohammad Mustafa is chairman and CEO of the Palestine Investment Fund (PIF) and an economic adviser to Palestinian Authority President Mahmud Abbas. PIF, the leading investor in Palestine, is a publicly limited company fully owned by the people of Palestine. It was established in 2003 with the transfer of assets managed by the Palestinian Authority. Financially and administratively autonomous, it is governed by an independent board of directors and a general assembly representing civil society, nongovernmental organizations, academia, and the public and private sectors. In pursuit of its mandate-which is to strengthen the local economy through investments that foster sustainable economic development while maintaining and increasing existing national reserves-PIF owns direct majority and minority stakes in companies and follows a business model based on public-private partnerships. Currently, PIF has approximately $800 million in assets under management and is leading a $4 billion investment program aimed at stimulating economic growth and creating over 100,000 new job opportunities within the next five years.The interview was conducted in Amman, Jordan, in mid-December 2009 by Nasr Abdul Karim, former dean of economics at An-Najah University, Nablus, and by Salim Tamari and Khalid Farraj, respectively director and associate director of the Institute for Palestine Studies, Ramallah.