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Within its strategic plan to invest in Jerusalem... PADICO signs an agreement to invest in the hotel of St. George

2010-01-14

Ramallah - within the strategy of Palestine Development and Investment Company PADICO to invest in the city of Jerusalem in particular in the sectors of tourism and housing, Palestine Tourism Investment Company which is an affiliate of PADICO,  has signed a convention for the rental and re-energize the St. George Hotel in East Jerusalem, where the hotel is one of the most important Arab hotels in the city, and it is scheduled to open in the beginning of 2011 in its new suit to be one of the largest and best hotels in Jerusalem. The significance of the St. George Hotel is being one of the distinctive first Arab Hotels, as it opened for the first time in 1965 as one of the most popular hotels in Middle East and has had close cooperative relationship with St. George Hotel in Beirut at the time of its founder Emile Bustani, and has been opened in that time by the late King Hussein Bin Talal, the hotel hosted the most important conferences, ceremonies, where most of states heads stayed during their visit to the city, but in result of the economic situation and occupation suffered by the city, it has been closed for many years except to provide some simple services. According to plans, it will be re-designed and renovated so that will provide 144 rooms, and will also include conferences and wedding halls that are equipped with the latest international standards in addition to fine dining restaurants and a gym. The hotel will serve tourists and residents of the city of Jerusalem. Mr. Munib Al Masri the Chairman of PADICO assured that this investment is of particular importance as it is located in Jerusalem, which has a great national and religious status, pointing out to the importance and the need to promote investment in this city because of the inherent importance of big tourism importance. Al Masri added (This is part of our national duty towards the city of Jerusalem as an integral part of the Palestinian territories occupied in 1967).