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Palestine Economic Corporation Co-sponsors Development of Ashdod

Participation in the creation and development of Ashdod, an entirely new port city about 25 miles south of Tel Aviv, vas announced today by the Palestine Economic Corporation here. Ashdod is slated to service the growing industrial, commercial and agricultural needs of the Southern part of Israel, and to relieve the pressure on Haifa, the only other deep-sea port in the country.

Palestine Economic Corporation, a 34-year-old investment company, with assets exceeding $17,000,000 and owned by 10,000 stockholders throughout the U.S., will have a one-third interest in a private group sponsoring the project, the announcement said. The other two parties in the group, with one-third interest each, are Philip M, Klutznick, well-known American Jewish leader and businessman who is a member of PEC’s board of directors, and Oved Ben Ami, industrialist and former mayor of Natanya, Israel.

Spurred by the Israel Government’s decision to construct a deep-water port at Ashdod–a $30,000,000 project scheduled to begin next year–the PEC–Klutznick-Ben Ami group will develop a 10,000-acre area adjacent to the new port for which a 99-year concession was granted by the Israel Government. PEC’s initial investment in the project over the next 15 months will exceed half a million dollars.

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