Job creation is top priority for Palestinian wealth fund

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Dubai The Palestinian sovereign wealth fund is aiming to boost the private sector and wean the strife-torn region off aid, with investments in sectors such as tourism and power generating profits despite difficult relations with Israel, its boss told Reuters. While most other, much larger, sovereign wealth funds invest heavily abroad in a bid to spread risk and maximise returns, the Palestine Investment Fund (PIF) is focused on developing the local economy. "Our objectives differ from that of some sovereign funds elsewhere," the PIF’s chief executive, Mohammad Mustafa, said in a telephone interview from his office in Ramallah. "We want to create jobs, contribute to increasing…

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