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Palestine Economic Corporation to Participate in Ashdod Urban Development

The Palestine Economic Corporation has joined Philip M. Klutznick, of Forest Park, 111. , and former Nathanya Mayor Ovid Ben-Ami in the urban development project at Ashdod, it was announced here today by Joseph Meyerhoff, of Baltimore, president of PEC.

The Palestine Economic Corporation, Mr. Meyerhoff said, invested 500,000 Israeli pounds ($275, 000) in the Ashdod project in 1959, and has earmarked a similar amount for investment in the project next year.

PEC, according to Mr. Meyerhoff, is also expanding its investments in other fields of industry and development in Israel. In 1960, the company will invest 200, 000 pounds ($110, 000) in the Serafon plastics industry; 500, 000 pounds ($275, 000) in the Bayside Land Corporation of Haifa; and 1,500, 000 pounds ($825, 000) in an urban housing project.