Israeli Businessmen Propose $324 Billion Gaza Trust Plan

A group of Israeli businessmen presented a plan to the Trump administration for a new Gaza project called the “Great Trust.” The concept envisions a post-war Gaza where all public land is placed in a trust designed to promote economic development. The “Great Trust” would sell Gaza’s public land to investors as tokenized assets on the blockchain. This trust would also enable Gazans to transfer privately owned land in exchange for tokens, granting them the right to own a permanent living space. Additionally, the trust proposed compensating 500,000 Palestinians to leave the strip to attract investors.

The “Great Trust” is an acronym for “Gaza Reconstitution, Economic Acceleration, and Transformation.” The project’s financial model, allegedly created by the Boston Consulting Group, assumes a 25% voluntary relocation rate among Gazans. Each Palestinian would be offered $9,000 to encourage permanent departure. The model further projects a GDP of $324 billion. The project teases a ‘Trump Riviera’ and an ‘Elon Zone.’

The “Gaza Riviera” concept includes artificial islands similar to those in Dubai. It is envisioned as a low-tax special economic zone with blockchain-based trade initiatives and a sea port connecting Gaza to the India–Middle East–Europe economic corridor. One slide envisions a manufacturing zone in northern Gaza hosting American electric-vehicle companies and factories. These facilities would receive shipments of materials and minerals from neighboring countries, assemble batteries and vehicles, and export them to Europe. The factories would be powered by gas from the Gaza-Marine and photovoltaic energy, and would hire skilled and low-cost workers. Delivering the vehicles to Europe would incur minimal costs since they would be shipped via Al-Arish Port with 0% tax. The initiative aims to compete with Chinese EV makers. The slide claimed that this arrangement would make EV companies profitable while “giving a better future for Palestinians and Israelis.”

The “Trump Riviera” and the “Elon Musk Smart Manufacturing Zone” are not the only projects. The slide deck names a total of ten so-called “Mega Projects,” including Gaza planned cities, the MBS Ring Highway, the MBZ Central Highway, Gaza infrastructure rebuild, an American Data Safe Haven, the Abrahamic Infrastructure Corridor (including a Gaza–Israel gas pipeline), the Abraham Gateway logistics hub in Rafah, a regional water hub, and a new Gaza seaport and airport. The “Great Trust” proposal included logos of giant companies like Tesla, Amazon, and IKEA, suggesting investor interest. However, none of those companies were involved or consulted. Sources said that the “Great Trust” deck was compiled in April, ahead of the Israeli and US attacks on Iran. One person said that “It is the work of a group of business people who have worked tirelessly over the past 20 months to create a better future for Gaza.”

The proposal has sparked significant backlash and criticism. Critics argue that the plan is exploitative and could lead to further displacement and dispossession of the Palestinian people. The tokenization of land, they contend, would effectively turn Gaza into a speculative asset, benefiting investors at the expense of the local population. The plan has also raised concerns about the potential for increased surveillance and control over Gaza's land and resources. The business group behind the proposal has faced criticism for its ties to Israel and its perceived lack of transparency. The plan was reportedly developed with the assistance of the Tony Blair Institute, which has been involved in various initiatives aimed at promoting economic development in the region. However, the involvement of the institute has only added to the controversy, with critics questioning the motives and potential conflicts of interest.

The plan involves selling land in Gaza through crypto tokens and establishing blockchain-trade initiatives. This move has been met with strong opposition from Palestinian activists, who argue that the proposal is a form of digital colonialism. The activists have called for the plan to be abandoned, citing concerns about the potential for increased surveillance and control over Gaza's land and resources. The proposal has also raised questions about the role of technology in development and the potential for digital assets to exacerbate existing inequalities. Critics argue that the tokenization of land could lead to further displacement and dispossession of the Palestinian people, as investors seek to maximize their returns. The plan has also been criticized for its lack of transparency and accountability, with critics questioning the motives and potential conflicts of interest of those involved.

The controversy surrounding the proposal highlights the complex and contentious nature of development initiatives in conflict zones. While the use of digital assets and blockchain technology has the potential to promote economic development, it also raises important questions about the role of technology in development and the potential for digital assets to exacerbate existing inequalities. The proposal to tokenize and sell land in Gaza serves as a cautionary tale about the need for transparency, accountability, and community engagement in development initiatives.