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Palestinian billionaire partners with church to launch massive Jerusalem project

Huge building project is joint venture between Palestinian billionaire Bashar Masri and the Greek Orthodox Church.

By Baruch Yedid, TPS

Bashar Masri, billionaire entrepreneur and founder of the Palestinian Authority city of Rawabi city near Ramallah, unveiled on Monday the “Lana” (for us), a $300 million project of 400 housing units to be built in the northern areas of Jerusalem.

Masri convened a press conference which was attended by the Mufti of Jerusalem Muhammad Ahmad Hussein, Patriarch Theophilos III, head of the Greek Orthodox Church in Jerusalem, senior members of the Waqf and church leaders.

“Jerusalem is our top priority and investing in it is an important means of economic empowerment for the residents of the city. As long as I am able to do so, I will not hesitate,” declared Masri.

“We started excavation operations and will provide a modern and integrated lifestyle for the residents,” he added.

The huge residential project will be located near the Beit Hanina neighborhood, on the road to Ramallah.

This residential project is considered the largest in eastern Jerusalem and is valued at more than NIS 1 billion, as a joint venture between Massar International, the Greek Orthodox Patriarchate and other companies.

According to Masri, he waited 10 years to receive the permits and approvals from all the authorities in Israel, including the Jerusalem municipality.

The large project has nine buildings, of which one is a commercial complex and eight are buildings with 400 residential apartments.

The land, estimated at 30,000 square meters, is owned by the Greek Orthodox Church

The first 94 apartments will be ready within two and a half years.