| |
|
U.S. $ 000's |
| Convention Palace Company |
|
8,518 |
|
10,094 |
| Arduna Real Estate Development Company |
|
19,044 |
|
18,886 |
| |
|
27,562 |
|
28,980 |
Following is PIF's share in the joint ventures' assets and liabilities:
| |
|
U.S. $ 000's |
| Non-current assets |
|
19,468 |
|
20,632 |
| Current assets |
|
10,892 |
|
11,215 |
| Non-current liabilities |
|
(2,726) |
|
(2,729) |
| Current liabilities |
|
(72) |
|
(138) |
| Equity |
|
27,562 |
|
28,980 |
| Revenues |
|
39 |
|
24 |
| Loss for the year |
|
(2,087) |
|
- |
PIF has no share of any contingent liabilities or capital commitments of its joint ventures as at December 31, 2009 and 2008.
Convention Palace Company
PIF in cooperation with Athens based Consolidated Contractors Company (CCC)
established a jointly controlled entity named "The Convention Palace Company in
Solomon Pools (CPC)" with a share capital of 1,000,000 shares of U.S. $1 par
value each, of which 50% is owned by PIF. The objective of CPC is to construct
and operate the Convention Center Palace in Bethlehem; this property is a world
class facility that includes venues for hosting conferences, exhibitions,
seminars, meetings and workshops. During 2009, the construction work of CPC was
completed and its operations were launched.
Arduna Real Estate Development Company
PIF, in cooperation with the Land Holding Company, established Arduna Real
Estate Development Company Ltd. (Arduna) with a total paid in capital of U.S. $
45,500,000, of which 50% is owned by PIF. Arduna was established to oversee the
development of the Ersal Center Project in Ramallah and Al-Bireh Governorate.
The project is a multi-purpose real estate development on 50 donum of land.
|
