Bashar Masri
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Bashar Al Masri (/Arabic: بشار مصري/ February 3, 1961) is a Palestinian entrepreneur and businessman. He is the founder and Chairman of the Board of Massar International since its establishment in 1994. He is the founder and visionary behind the high-tech "Rawabi City”, Palestine's first planned city, he is also the founder and the CEO of Bayti Real Estate Investment Company that built the city.[1] He founded and manages the first Palestinian equity fund, a $90 million investment initiative known as "Siraj Fund".[2] He's on the list of the "Top Ten Richest People of Palestine in 2016." Masri was named by the World Economic Forum as a Global Leader of Tomorrow and ranked among the World's 50 Greatest Leaders in 2018 by Fortune magazine.
Bashar Masri serves as chairman of the Board of Directors of the Palestine Development and Investment Company [3] Like Massar, PADICO's mission is to contribute significantly to the strengthening and expansion of the Palestinian national economy. PADICO has made large-scale investments in vital industrial sectors including real estate, telecommunications, tourism, industry, agriculture, environment, energy and financial services, employing thousands of Palestinians.
Early life edit
Masri was born and raised in Nablus, Palestine.[4][5] After leaving Nablus, Masri continued his education in Egypt, before moving to the United States, where he graduated from Virginia Tech with a B.S. in Chemical Engineering in 1983.[6][7]
Career edit
Masri worked in a number of countries, including the Kingdom of Saudi Arabia, the United States and the United Kingdom, before he decided to return to Palestine and settle there in the mid-1994. He has a strong background in management consulting and industrial management.[8]
On a regional level, Masri has spearheaded large and economically significant investment projects, including affordable housing communities in Morocco, commercial and residential developments in Jordan, and a residential real estate project in Egypt. Massar International under Masri's management currently has multiple businesses in Morocco, Jordan, Egypt and Serbia.[9]
Business in Palestine edit
Al-Ayyam Newspaper edit
After Masri came back from Washington DC to Palestine in Mid-1990s to establish himself in his home country, he started by founding Palestinians daily newspaper "Al-Ayyam Newspaper (/Arabic: جريدة الأيام/)" and was its publisher. Al Ayyam is today the second largest newspaper in Palestine.[10]
Massar International Ltd edit
In 1994, Masri founded and now is the chairman of the board of Massar International,[11] since the establishment of Massar, he has been one of the most prominent figures promoting private sector development and growth in Palestine.He has dedicated his life to establishing, investing, transforming, networking, training and building what is now a widely known group of businesses bridging Palestine to global technologies, knowledge, know-how and industry best practices. In the past decade, he has launched businesses in financial services, real estate, media and communications, retail businesses, agribusiness and information technology.[12]
Rawabi City & Bayti Real Estate edit
Masri is the visionary and founder of Rawabi City, and oversees the construction and development of the city. Rawabi City is a high-tech planned city, the first of its kind in Palestine, and it was funded fully by the private sector, Rawabi is considered the largest private sector investment is Palestine's history, the construction of the city so far has cost 1.4 billion dollars. Rawabi is being constructed by Bayti Real Estate Investment Company that is jointly owned by Qatari Diar Real Estate Investment Company and Massar International.[13] With its more than 6,000 housing units built to serve families from multiple demographics, state-of-the-art infrastructure, and an emerging commercial hub, the city has already made a positive economic and social impact on Palestinians and it is constructed to provide housing for 25,000 person in its first stage and 40,000 people when it is done.[14][15] Not only does the city provide affordable housing options it is also the second biggest generator of jobs, after the Palestinian Government, providing between 8,000 and 10,000 job opportunity a year for construction workers,[16] in addition to thousands of job opportunities, whether in Massar International companies that moved there, or in the different shops and entertainment facilities the city provides.[citation needed]
Masri aims for the City of Rawabi to be the Silicon Valley and the Tech Hub for the State of Palestine,[17] in attempts to provide spaces for promising technology and technology related startups at the city, and businesses from inside and outside of Palestine to the city.[citation needed]
In July 2022, Apple Inc.Apple announced that the company would be expanding their research and development centre in Rawabi. The expansion will take place via hiring contractor ASAL Technologies and Masri in order to achieve the expansion.[18]
Siraj Fund Management Company edit
Masri founded and manages the first Palestinian equity fund, a 90 million investment initiative known as "Siraj Fund" in 2003, and the company's first fun "Siraj Palestine Fund I" was launched in February 2011,[19] the company was founded for the sole purpose of managing investment funds in Palestine. The company focuses on promising startups and capital investments in small and medium-sized enterprises in the sectors of information and communication technology services, energy, agriculture, clean technology, healthcare, logistics, education, manufacturing, transportation, construction and financial services. Siraj's investments in these companies range between $250,000 and $12 million, and plans on expanding in the MENA region in the future.[20][21]
Personal life edit
Masri is the father of two daughters: Tamara Masri and Dina Masri.[22]
Awards and positions edit
Masri is the former Palestinian Chapter Chairman of the Young Presidents' Organization (YPO).[23] He was named as a "Global Leader of Tomorrow" by the World Economic Forum.[24] Masri serves on the Board of Trustees of An-Najah National University.[25] Masri is a member of the Deans’ Council of the John F. Kennedy School of Government at Harvard University.[26]
Fortune Magazine ranked Masri #38 on its list of "The World's 50 Greatest Leaders".[27]
References edit
- ^ "Executive Profile: Bashar Masri". Bloomberg News.
- ^ "Siraj Fund raises $60m for Palestinian high tech". 9 February 2011.
- ^ "BOARD MEMBER AND A REPRESENTATIVE OF MASSAR INTERNATIONAL INVESTMENT GROUP".
- ^ Palestinian-American Entrepreneur Re-Envisions West Bank Development
- ^ "West Bank: Palestinians' first planned city will offer modern space". The Christian Science Monitor. 4 November 2009. Retrieved 10 December 2009.
- ^ "The first (planned) Palestinian city". The Jerusalem Post. 30 November 2009. Retrieved 10 December 2009.[permanent dead link]
- ^ "BUILDING IN THE WEST BANK: An Interview with Bashar Masri".
- ^ "Executive Profile: Bashar Masri". Bloomberg News.
- ^ "Siraj Fund raises $60m for Palestinian high tech". 9 February 2011.
- ^ "Peace dividends". Financial Times. 19 September 2013.
- ^ "Chairman letter". 17 February 2018.
- ^ "Company Overview of Massar International". Bloomberg News.
- ^ "About Bayti".
- ^ "PRESS RELEASE".
- ^ "Video: Rawabi city opens biggest shopping center in Palestine". 17 May 2017.
- ^ "One Man's Dream City Rises In The Occupied West Bank". Forbes.
- ^ "With all his chips in, Palestinian businessman aims to build 'Silicon Rawabi'". The Times of Israel.
- ^ "Apple to expand Palestinian R&D center in Rawabi". www.israelhayom.com. 2022-07-01. Retrieved 2023-03-03.
- ^ "Company Overview of Siraj Fund Management Company". Bloomberg News.
- ^ "Company Overview of Siraj Palestine Fund I". Bloomberg News.
- ^ "Siraj Fund raises $60m for Palestinian high tech". 9 February 2011.
- ^ "BUILDING IN THE WEST BANK: An Interview with Bashar Masri".
- ^ "Bashar Fayeq Masri: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 2018-02-21.
- ^ . Archived from the original on 2016-03-04. Retrieved 2018-02-22.
- ^ "Board of trustees".
- ^ "Dean's Council".
- ^ "The World's 50 Greatest Leaders". Fortune. April 19, 2018. Retrieved 2018-05-03.