Asma Marzoq- Palestine Economy Portal

Al-Masri was born in Nablus in 1934. He is the youngest member in a family comprised of eight brothers and two sisters. He dreamed of becoming a military pilot, and travelled to the U.S. in 1952 to study aviation in the University of Texas. He says, “We I boarded the plane, I was scared, and decided to study Geology instead since it is a very important science that helps uncover water, petroleum, and minerals.”

His dream to study military aviation was inspired by when he used to see the Israeli warplanes attacking the Palestinian cities and villages in 1948 and the years following it. “I dreamed of fighting against these planes that bring nothing but death and destruction to the Palestinian people.”

Education and Family

In 1955, Al-Masri gained his BA in Petroleum Geology from the University of Texas and graduated with honors. He pursued an MA in Public Administration and Geology from the Sul Ross State University in Texas.

During his studies, he met his American wife, Angela, who is also an engineering geologist. They married there and moved to Jordan in 1956. There, he started working for the Phillips Petroleum Company, one of the most important American petroleum and oil exploration companies. Later on, the couple established the Engineering and Development Group (Edgo).

Al-Masri has four sons and two daughters: May, Dina, Rabeeh, Mazen, Omar, and Laith. He says, “They no longer need me. They have all become great individuals. This is why I want to die poor and donate all my wealth to the Palestinian people.”

Wealth

The economic Arabian Business Magazine mentioned in a report published in 2012 that Al-Masri ranks as the 33^rd richest person in the Arab World. It also chose him, at a later time, as one of the most influential personalities in the world, out of 500 other Arab people who have made many unique charitable achievements. The Magazine also honored him for his role in providing humanitarian services in 2013.

Al-Masri did not easily accumulate his wealth during his long years of hard work in petroleum and gas exploration. “My life started in the desert in Algeria, Egypt, Jordan, and Libya. In 1965, I became the supervisor of all of Phillips’s activities in sixteen countries in the Middle East and North Africa.”

In 1970, he was appointed as Minister of Public Works in the Jordanian Government. “After the events of September, I was contacted in order to hold this post and rebuild what was destroyed in the war. This was agreed on between King Hussein and President Yasser Arafat. I requested that I not be paid one qirsh for my work as a Minister, which lasted for ten months.”  

Al-Masri participated in the first ministry established in Palestine after the signing of the Oslo Accords and before the return to Palestine. President Arafat appointed him as the Minister of Financial Affairs and Reconstruction.

The PADICO Empire

After Oslo, a group of Palestinian businesspeople, of around 200 investors including Al-Masri, decided to found a body that would implement important projects to help establish the Palestinian State. And so, they founded the Palestine Development and Investment Group – PADICO Holding.

Al-Masri says, “I took upon myself a huge part of this project, whose main goal from then onwards was to develop the infrastructure of Palestine with a capital of $200 million.”

The aim was to work in sectors that would not compete against any existing sectors in Palestine since they wanted to contribute to building the Palestinian economy, which is one of the pillars needed for the establishment of the State.

Al-Masri is the Chair of the Board of Directors at PADICO. This Group contributed to establishing the Palestinian Telecommunication Group, the Palestine Tourism Investment Company (PTIC), the Palestine Real Investment Company (PRICO), the Industrial Estates Company, the Palestine Exchange, and the Palestine Electric Company.

“We have employed 6-8 thousand people in our projects. Currently, 700 thousand people are benefiting directly and indirectly from our investments,” Al-Masri says, expressing his pride in PADICO, which forms 20-25% of the Palestinian economy.

Social Responsibility

The Munib R. Masri Development Foundation has provided around $2 - 4 million for the implementation of charitable projects since its establishment in 1970.  The Foundation works in the sectors of education, healthcare, and culture, and supports Palestinian rural areas and people with special needs. “I know their struggle very well since my grandson has special needs.”

The Foundation is executing several projects at the moment, including a school in Ya’bad in the Governorate of Jenin, a school in Abu Qash in the Governorate of Ramallah and Al-Bireh, a school in Al-Eizariya in the Governorate of Jerusalem, the Al-Rahma Hospital in Nablus, and the Faculty of Economics in the Palestine Technical University in the Governorate of Tulkarem. It supports and adopts the Palestinian Talents Club in the Gaza Strip. It will also commence a new project in the Palestine Polytechnic University in the Governorate of Hebron.

Moreover, the Foundation has many contributions in the healthcare sector, such as the equipping and preparation of the laboratories in Al-Najah University Hospital. It also provides one hundred scholarships for university students based on merit, and aims to reach all cities, villages, and refugee camps in Palestine.

Al-Masri’s Dreams

“I dream of doing something for Jerusalem. I dream of an end to the split, and a national unity.” He explains that he worked for years to gather a billion dollars for the development of Jerusalem and the implementation of dynamic projects that would strengthen the steadfastness of the Jerusalemites and emphasize the City’s Arab identity. However, his efforts have not been successful yet. He is optimistic that he will be able to achieve his dream soon through the Jerusalem Endowment Fund that was established by a presidential decree over a year ago, and whose Board of Directors is chaired by him.