An agreement to launch a $20 million Tunisian-Palestinian investment fund to help support businesses

On July 21, 2023, a tripartite agreement was signed between the Al-Quds Fund and Endowment, the United Gulf Financial Services Company, and Al-Quds University to establish a Tunisian-Palestinian investment fund with a capital of $20 million. The primary objective of this fund is to support and finance startups in both Tunisia and Palestine.

This agreement is a result of the recent visit by Munib Rashid Al-Masri, Chairman of the Board of Directors of the Al-Quds Fund and Endowment, to Tunisia. During the visit, discussions were held on ways to enhance cooperation and partnership in the field of startups.

The agreement includes the establishment of incubation and acceleration programs for innovative startups, with a focus on helping them establish their companies, stabilize their business models, and accelerate their growth through fundraising, opening branches, internationalisation, and exchange programs with existing incubation and acceleration programs affiliated with UGFS. Additionally, training and visits to Palestine will be organised to facilitate knowledge exchange and networking opportunities.

A committee will be formed to select and finance the best Tunisian and Palestinian startups based on criteria that prioritise innovation and creativity. The investment fund, with a size ranging between $15 and $20 million, will be allocated to support startups from both Tunisian and Palestinian nationalities.

The agreement aims to encourage Palestinian businessmen to explore investment opportunities in Tunisia and to promote Tunisian investment in Palestine. The participation of Rami Kaddoumi, the economic advisor at the Embassy of the State of Palestine, in the signing of this agreement highlights the importance of this partnership for both countries and emphasises the need to strengthen cooperation in various fields.

Mohamed Saleh Farad, President of the Tunisian Association of Capital Investors and General Manager of United Gulf Company, expressed great satisfaction with this agreement. He emphasised that Tunisian expertise and resources will be directed towards supporting the business sector in Palestine, while also benefiting from Palestinian expertise and resources to contribute to development efforts in Tunisia.

Munib Rashid Al-Masri, Chairman of the Board of Directors of the Jerusalem Fund and Endowment, sees this agreement as a reflection of the fraternal relations between Tunisia and Palestine. He believes it presents a significant opportunity to build an economic partnership that will strengthen both the Tunisian and Palestinian economies, while also promoting youth employment and supporting entrepreneurial and creative ideas. The Jerusalem Fund and Endowment, together with the Palestinian private sector, are committed to utilising all their capabilities to ensure the success of this agreement and its implementation.

Professor. Dr. Imad Abu Kishek, President of Al-Quds University, considers this agreement to be a crucial step in strengthening the partnership between universities and the private sector, as well as between Tunisia and Palestine. Al-Quds University is committed to supporting emerging companies and views them as the foundation for advancing the Palestinian economy. The university has already established business incubators in Jerusalem, Ramallah, and its main campus, further demonstrating its dedication to fostering entrepreneurship and innovation.

With the formation of this Tunisian-Palestinian investment fund, both countries will benefit from an increased collaboration and a thriving startup ecosystem.