While peace and prosperity seem like faraway, even utopian concepts in today’s Middle East, one Palestinian entrepreneur is not giving up. Dr. Adnan Mjalli, a renowned businessman with a background in pharmaceuticals, has proposed a bold vision for a thriving Palestinian state built on the foundations of technology, investment, and a new economic paradigm. His initiative is one of the few sparks of light emanating from the current despair and destruction.
Dr. Mjalli, who has founded over 20 companies across diverse sectors, including education, energy, and finance, has spent his life using technology to break barriers. Now he believes that technology can not only solve the immediate humanitarian crisis in Gaza but also pave the way for long-term economic stability and peace in both Gaza and the West Bank.
Through his World Palestinian Economic Congress (WPEC), he is already beginning to implement fintech solutions, including digital wallets and blockchain technology, to ensure transparent and accountable aid distribution. This approach seeks to address the deep-seated distrust and concerns about corruption that plague the current aid system.
In an interview with EU Reporter, he emphasised the need to empower ordinary Palestinians, advocating for financial inclusion and access to credit for small businesses. “We need to make sure the butcher and the baker can get credit and sell their produce to customers who are legitimate customers. Aid, including financial injections, must go to the right addresses to start rebuilding the economy. In the digital age, this is doable. And we have no time to lose.” Dr. Mjalli emphasised with a tone of urgency.
Drawing inspiration from successful fintech implementations in Ukraine, Dr. Mjalli envisions a phased approach. The initial stage focuses on using digital wallets for the transparent disbursement of aid, with plans to scale up the operation to handle billions of dollars annually. The second stage involves integrating blockchain technology to further enhance transparency and accountability by creating an immutable record of transactions. This system, he argues, will foster trust among donor countries and attract increased investment.
Beyond immediate aid, Dr. Mjalli’s vision encompasses a broader economic strategy for a prosperous Palestinian state, something he believes is the only way for Israelis and Palestinians to truly live in peace and stability. He proposes utilising blockchain technology for secure and transparent financial transactions, reducing corruption and promoting accountability in the new state. He also suggests introducing stablecoins pegged to strong currencies to shield the Palestinian economy from volatility and attract foreign investment. Indeed, empowering individuals with digital wallets and blockchain-based systems is core element of his vision, enabling them to participate in the global economy and improve their quality of life.
Dr. Mjalli’s approach aligns with his core principle—shared by the new president of the United States – of “make money, provide hope,” emphasising commerce as a driver of peace and stability.
He believes that by creating economic opportunities and fostering regional partnerships, violence can be reduced and shared prosperity can be achieved. This vision is exemplified by initiatives like the India-Middle East-Europe Economic Corridor (IMEEC), which aims to promote economic growth and infrastructure development across the Middle East. His one million Facebook followers show he is not alone in his vision. The Palestinian youth are clinging to his vision too.
Dr. Mjalli’s plan may seem far-fetched right now, but he is adamant that his vision offers hope for a different future and a comprehensive roadmap for a peaceful and prosperous Palestinian state. He believes that financial transparency, economic stability, youth empowerment, and regional cooperation are the pillars upon which a sustainable future can be built.
His commitment is underscored by his substantial personal investments in the region, directed towards humanitarian aid, infrastructure development, and educational opportunities. Dr. Mjalli’s vision, backed by WPEC’s efforts, presents a compelling and achievable pathway to lasting peace and prosperity for the Palestinian people.
Image caption:
Adnan Mjalli, Executive Chairman, Mjalli Investment Group, Palestinian Territories at the World Economic Forum on the Middle East and North Africa 2017. Copyright by World Economic Forum / Faruk Pinjo
