Passionate about Palestine

07 April 2000
SPECIAL REPORT CONSTRUCTION

A marriage of CCC's new business development strategy and a much older loyalty to the land of its origins is apparent in the growing activity in Palestine. In a bold commitment, the company is investing heavily in the territories now under the control of the Palestine National Authority (PNA). As a result of this wide-ranging involvement, CCC has rapidly become a major force in the emerging economy of the future Palestinian state.

This growing list of CCC's activities in the territory is carrying it well beyond the conventional role of a contractor into active investments with local and international partners in power generation, offshore gas exploration, cement production and property development.

The company is an investor in the first independent power project in Gaza and is acting as construction manager on the 140-MW scheme, which is a partnership with Arab Bank, Padico, PCSC and APIC. CCC co-founder and president Said Khoury chairs the development company. With the US' Enron acting as strategic partner and ABB Asea Brown Boveri supplying the turbines, the first 40-MW is due on stream in October of this year.

With seismic data suggesting good prospects for a gas discovery offshore, CCC has taken a 40 per cent stake in the first concession awarded by the PNA. Majority partner BG is planning to drill the first of two exploratory wells later this year. If the search proves successful, the concession could provide a fuel source to fire the Gaza power plant and CCC would be the obvious candidate to develop the infrastructure.

In another strategic investment, CCC has taken a 5 per cent stake in a clinker plant being set up in Gaza by Swiss cement giant Holderbank and Egypt's Orascom Construction Industries, to be known as Palestine Cement Company. The new venture is to produce 600,000 tonnes a year from imported clinker and the company is planning to appoint an EPC contractor by mid-year.

Perhaps the most prestigious commitment is to the Bethlehem convention centre project. This 50:50 joint venture of CCC and the Palestinian authorities will create a combined convention and exhibition centre at the historic site of the Solomon pools. The project will restore the site, create a 1,500-seat auditorium, an exhibition hall and other cultural facilities. Plans are already in hand to bring the 2001 MENA summit to the new venue. If the event comes off as planned, CCC will be able to claim more than a little credit for helping to put Palestine back on the international map.

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