Mohammad Mustafa, chairman and CEO of the Palestine Investment Fund (PIF), is likely to visit India to be part of the "Make in India Week" that kicked-off in Mumbai on Feb. 13, though there is a deeper diplomatic context to it.
Mustafa will lay the ground for a probable visit by Palestinian President Mahmoud Abbas in mid-2016, The Hindu reported, citing diplomatic sources. Mustafa is likely to use his visit to India to get himself acquainted with Indian politicians and businessmen.
A finance professional and a World Bank veteran, Musfafa has served as deputy prime minister and minister of the national economy in previous Palestinian governments, according to the PIF website.
The Fund was set up in 2003 by the then finance minister Salam Fayyad. Its focus is to build Palestine's economy, which has been ravaged by the decades-old conflict with neighbour Israel.
Bloomberg describes PIF as a private equity and venture capital firm specialising in investments in start-ups, early stage, growth capital, spin-off, and capital raising or business development investments.
"The firm prefers to invest in the Palestine region with a focus on Jerusalem, Jordan Valley, and Dead Sea. It also manages portfolio for its clients," says Bloomberg in its description of the Ramallah-based PIF that has offices in Gaza, Palestinian Authority and Amman, Jordan.
The six-day "Make in India Week" programme was inaugurated by Prime Minister Narendra Modi on Feb. 13.
In its 2014 annual report, the PIF had said it had contributed to the Palestinian government about $906 million in in dividends, taxes, and licence fees through investments since 2003.
PIF's assets stood at $795 million while its equity was $697.8 million. Its profit before taxes was $44 million and net income was $36.7 million.