PMA Governor Meets Delegation of the Union of Real Estate Developers

H.E. Mr. Azzam Shawwa, Governor of PMA, met today at PMA headquarters with a delegation from the Union of Real Estate Developers including Mr. Al’a Abu Ein, the Union’s Secretary, and Mr. Khaled Faris, Deputy Secretary, and members of the Union. Dr. Riyad Abu Shehadah, Governor’s Assistant for Financial Stability Affairs, Mr. Ali Far’oun, the Director of the Market Conduct Department, and Mrs. Irene Saadeh, Director of Public Relations and Communication Department were in the meeting. Mr. Shawwa briefed the delegation on PMA’s work to develop the banking sector and to ensure its stability and strength, and to develop the banking systems especially the credit information system. 

H.E. Mr. Azzam Shawwa praised the vital role of the Union of Real Estate Developers in developing the real estate sector and promoting investment and its impact on improving the Palestinian national economy. He expressed PMA’s readiness to cooperate with the Union of Real Estate Developers to further boost the sector. Mr. Shawwa said it was necessary to revive the memorandum of understanding between PMA and Union of Real Estate Developers especially linking the Union with the credit information system. Despite the large size of real estate loans, the default in repayment of such loans does not exceed 2%, which is the lowest in the region, added Mr. Shawwa.

The delegation of the Union of Real Estate Developers praised PMA’s role in supporting the real estate sector by urging the banking sector to offer facilities and services and banking products to this sector, which contributed to enhancing the mechanisms of obtaining bank financing and repayment.