Iraqi-born businessman Walid Alomar of Beverly Hills, California, has set up a $200 million fund for investing in joint projects of Israeli and Arab companies. "Globes" heard this from Alomar today at the Israel Business Conference.
This is Alomar’s first visit to Israel, in which he is examining an initial investment in the framework of the fund. The $10 million investment will be directed to the Sea of Life company, which manufactures health products based on ingredients found in the Dead Sea. The company is owned by a group of Israelis headed by Uri Ben-Hur and a group of investors from Jordan.
Alomar’s "Foundation Fund" is financed by him and by his partners in the United States. Alomar’s attorney and the Foundation’s representative in Israel is David Sasson. Alomar now lives in the United States, where he owned an investment and financial consultation firm.
Alomar told "Globes" that, since leaving Iraq, he has been a great supporter of the peace process. He said he had great confidence in Prime Minister Ehud Barak, and his decision to set up the fund and invest in the region stemmed from his belief that Barak would succeed in bringing peace with Syria, and, subsequently, with other countries too.
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Published by Israel's Business Arena December 12, 1999