Billionaire Munib al-Masri could be the most powerful business leader in the Palestinian territories, and he hopes many others living in the West Bank will enjoy financial success if Israel continues to loosen its border restrictions.
"There's a checkpoint here, a checkpoint there, as if you are living in a cage," he told CTV News.
Al-Masri has an enormous amount of wealth to draw from, mainly generated by gas and oil businesses, along with investment firms and telecommunications companies.
When he built his massive home in Nablus, located in the northern region of the West Bank, al-Masri says some questioned its opulence -- especially given the tough economic climate in the city.
But al-Masri was unapologetic, saying it would inspire his fellow Palestinians.
"I want every Palestinian to say, 'I want to do something in my village, in my house, in my city," he said.
Al-Masri believes that if Israel allows greater movement in the Palestinian territories, it would be easier for residents to become financially secure.
The International Monetary Fund agrees, saying the West Bank's economy could grow by seven per cent this year if Israel eases its restrictions.
"Provided remaining restrictions in the West Bank are lifted in the remainder of the year, real GDP in the West Bank is projected to rise by about seven percent in 2009," said an IMF report released last month.
The report added that it would be the "first substantial increase in living standards since 2005" for the West Bank.
Israel says its making good progress in removing checkpoints.
"We took down over 160 road blocks -- permanent and temporary -- all over the West Bank," said Israel Defence Force spokesperson Avital Leibovich.
The restrictions were put in place in 2000, at the outbreak of that year's Palestinian uprising.
But Palestinian-Canadian banker Azzam Shawwa says the West Bank will never realize its full potential, until its citizens have complete freedom of movement.
"Trust me, it would be much better than what you see today," he said.
With a report by CTV's Janet Dirks in Nablus, the West Bank
