SovereignWealthFunds.comPalestine Investment Fund P.L.C.
Palestine Investment Fund P.L.C.: what it invests in
Geography Mainly domestic
Palestine Investment Fund P.L.C.: how big it is, and on what basis
In US dollars: about USD 0.94B. Reported in USD
Palestine Investment Fund P.L.C.: what it publishes
Published 8 · Partly 1 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
- Transparency scoreS4
- 8.5 of 10
At a glance. The Palestine Investment Fund is the Palestinian sovereign fund, a state-owned holding company set up in 2003. It invests directly and through subsidiaries in energy, industrial zones, health, telecoms, real estate and national production. Consolidated assets were USD 935.3M at end 2025, with USD 7.6M of net profit, and it has sent USD 1.1B to the state treasury over time. S1 S3
Key points
- Strategy for 2025 to 2027 targets infrastructure, national production and new investment with local, Arab and international partners. S5
- Issued Palestine's largest ever bond in October 2025: USD 150M over five years, taken up by seven banks. S6
- Solar projects passed 34.6 MW in 2025, aiming for 120 MW, and saved over USD 6.3M of imported power. S3
- Jenin Industrial Zone phase one was about 45 percent built in 2025, with about USD 140M of initial investment. S3
- 2025 revenues of USD 76.2M included USD 13.3M from associates and USD 10.0M of portfolio gains. S3
- Audited by PricewaterhouseCoopers under IFRS; IFSWF full member since 2016. S4
Interesting facts
Mandate and goals
Improve key economic indicators by investing in strategic projects in vital sectors, towards an independent and self-sufficient Palestinian economy. S1
How it invests
| Industries | Energy: oil and gas, Renewables and climate, Healthcare and life sciences, Telecoms and media, Industrials and manufacturing, Real estate, Agriculture and food security, Infrastructure and utilities S1 S7 |
|---|---|
| Asset classes | Strategic state holdings, Private equity, Real estate, Infrastructure, Public equities S3 |
| Stages | Infrastructure, Growth, Real estate S3 |
| Geography | Mainly domestic. Palestinian territories S1 |
| Direct / through funds / co-invest | Yes / No / Yes S3 S8 |
| Ticket size | No ticket size published S3 |
| Deal sizes seen | USD 3M (Faten SME loan, 2023) to about USD 140M (Jenin Industrial Zone) |
| External managers | None described S3 |
| Co-investment programme | Joint ventures and co-financing with Palestinian banks, investment groups and donors S10 S6 |
Largest holdings: Arab Hospitals Group (strategic partner), Masader for Natural Resources Development, Amar Real Estate and Tourism Development, Asswak Investment Portfolios, Sanad Construction Resources (as of 2025-12-31) S3
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Taqa renewable energy company. Formed by Masader with APIC and Bank of Palestine Group to invest in renewables. S10 | Joint venture or partnership | Renewables and climate | Infrastructure | Not published |
| 2025 | Jenin Industrial Zone. Phase one about 45 percent complete, about 54 plots ready, 5,000 jobs expected. S3 | New company or platform | Industrials and manufacturing | Infrastructure | About USD 140M (initial) |
| 2025 | Solar programme. About 34.6 MW installed producing 50.4 million kWh in 2025. S3 | Direct investment | Renewables and climate | Infrastructure | Not published |
| 2025 | Jerusalem Green Energy programme. Solar programme in Jerusalem closed with EU funding. S10 | Co-investment | Renewables and climate | Infrastructure | Over EUR 2.4M (EU funding) |
| 2024 | Al-Rabiya feed mill. Commercial production started with Palestine Industrial Investment. S10 | Joint venture or partnership | Agriculture and food security | Growth | Not published |
| 2023 | Faten Foundation SME loans, Jerusalem. Loan agreement to fund small businesses in Jerusalem. S10 | Direct investment | Multi-sector | Credit | USD 3M |
| Not published | Arab Hospitals Group. Strategic partner in a hospital group with over 450 beds. S3 | Direct investment | Healthcare and life sciences | Growth | Not published |
Case studies
Palestine's largest bond S6
- What: Five-year bond fully subscribed by seven banks, with Ithmar Invest as adviser and Arab Bank Palestine as trustee.
- When: October 2025
- Size: USD 150M
- Why: Fund the 2025 to 2027 investment strategy.
- Outcome: Largest bond issue in Palestine's history.
Solar to cut power imports S3 S7
- What: Solar plants across Palestine, with a renewable joint venture formed in 2025.
- When: 2025
- Size: 34.6 MW
- Why: Palestine imports over 90 percent of its electricity.
- Outcome: USD 6.3M of import savings in 2025; 120 MW target.
Jenin Industrial Zone S3
- What: Building an industrial zone in the northern West Bank.
- When: 2025
- Size: About USD 140M initial
- Why: Create jobs and space for national production.
- Outcome: Phase one about 45 percent built; 5,000 jobs expected.
Investment process
A General Assembly appointed by the President approves accounts and the auditor; the Board decides strategy and investments through four standing committees; executives run the portfolio. S4
| Committee | Role |
|---|---|
| Investment Committee | Board committee for deals S4 |
| Audit Committee | Oversees internal and external audit S4 |
| Governance and Nominations Committee | Board governance S4 |
| Human Resources Committee | People and pay S4 |
- Project sourced with local, Arab or international partners. S8
- Board investment committee review. S4
- Delivery through subsidiaries. S3
How to approach: Contact page on the fund website; no unsolicited proposal process. S11
Size and returns
- Headline size: USD 935.3M total assets (end 2025) (Total assets (balance sheet), as of 2025-12-31) S3
- In US dollars: about USD 0.94B. Reported in USD
- Net equity, end 2025: USD 693.0M (Net assets or equity, as of 2025-12-31) S3
- Returns: the fund does not publish a return figure.
- Size over time (USD million): 2024 884.8, 2025 935.3 S3
Leadership
| Name | Title | Since |
|---|---|---|
| Iyad Joudeh | Chairman of the Board S4 S12 | Not published |
| Abdel Hamid Al-Aboua | General Manager S3 | Not published |
| Ashraf Ibrahim | Chief Financial Officer S3 | Not published |
| Osama Amer | Investments S3 | Not published |
| Dr Mohammad Nasr | Board member S4 | Not published |
| Maher Al-Masri | Board member S4 | Not published |
| Lana Abu Hijleh | Board member S4 | Not published |
| Hanan Taha | Board member S4 | 2025-11-04 |
| Basem Al-Wazir | Board member S10 | 2026-06-11 |
Governance and transparency
- Legal basis: Articles of association and the Palestinian Companies Law S4
- Oversight: General Assembly appointed by the President of Palestine S4
- Auditor: PricewaterhouseCoopers S4
- Santiago Principles: IFSWF full member since 2016 S4 S2
- Governance, investment, procurement and treasury manuals. S4
- Internal audit reports to the audit committee. S4
Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2003 | Fund established. S1 |
| 2016 | Joins IFSWF. S4 |
| 2023-08 | USD 3M Faten SME loan. S10 |
| 2024-06 | Al-Rabiya feed mill starts production. S10 |
| 2025-09 | Taqa joint venture formed. S10 |
| 2025-10 | USD 150M bond completed. S6 |
| 2026-06-08 | 2025 annual report presented to the President. S12 |
| 2026-06-11 | Basem Al-Wazir joins the board. S10 |
For family offices
PIF works with local, Arab and international partners who co-finance projects in Palestine, including family-controlled business groups and banks. It has no formal co-investment programme. S8 S10
Reports
- PIF Annual Report 2025 (Arabic): https://www.pif.ps/files/58519/1781094002_536490.pdf S3
- Annual reports archive: https://www.pif.ps/content/7 S9
Common questions
How big is the fund?
USD 935.3M of consolidated assets at end 2025. S3
Who leads it?
Iyad Joudeh chairs the board; Abdel Hamid Al-Aboua is General Manager. S4
What was its biggest financing in 2025?
A USD 150M five-year bond, the largest in Palestine's history. S6
Is it an IFSWF member?
Yes, a full member. S2
Who audits it?
PricewaterhouseCoopers. S4
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All sovereign wealth funds in Middle East · All strategic development funds · All funds in Palestine
Sources
Disclaimer
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