Palestinians in Gaza invest $20m. in new resorts

"Investors prefer investing in businesses that are safe and more profitable than the underground tunnels."


Khaled Abu Toameh
Middle East/JPost
29 July '10

After the shopping mall and several fancy restaurants, Palestinians in the Gaza Strip have recently invested around $20 million in new seaside and tourist resorts. According to sources in there, thousands of Palestinian families have started visiting the resorts, which offer a wide range of attractions.

The boom in the local tourism industry is largely attributed to the fact that the underground smuggling business along the border has become less profitable since Israel’s recent decision to allow various goods into the Gaza Strip reduced prices of many items significantly.

Moreover, the Israeli and Egyptian crackdown on the underground tunnels has made it too risky and expensive to continue operating them. Dozens of Palestinians have been killed while working in the tunnels over the past few years.

As a result, many investors who used to put a lot of money into the smuggling business have shifted their attention to other projects, including the seaside resorts.

(Read full story)

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