A detailed reconstruction plan for Gaza was presented to members of US President Donald Trump’s Board of Peace by Israeli-Cypriot billionaire Yakir Gabay at the group’s first meeting in Washington on Thursday.

“The Gaza coastline is 26 miles long. It can be developed as a new Mediterranean Riviera with 200 hotels and potential islands. The value goes to the Gazans through the Gaza sovereign fund,” Gabay was quoted as saying by The Times of Israel.

Addressing representatives in Washington, Gabay said funding for the project had been secured and would be invested in what he described as a “free economy”.

“This plan is all subject to the full disarmament of Hamas,” he added.

Gabay outlined what he called a “detailed masterplan” covering housing, infrastructure, agriculture, hospitals, schools, rail transport, leisure facilities, data centres and an airport. The proposal begins with the removal of more than 70 million tonnes of debris and unexploded ordnance.

“The local population will build their own cities, creating hundreds of thousands of jobs and reviving the economy,” he said.

Gabay’s involvement in Trump’s Board of Peace

The White House announced in January that Gabay would serve on the Gaza Executive Board (GEB) of the Board of Peace.

The GEB comprises 11 international members, including US Special Envoy to the Middle East Steve Witkoff, Jared Kushner, Turkish Foreign Minister Hakan Fidan and former British prime minister Tony Blair.

According to Jewish News Syndicate, Kushner personally invited Gabay to join the board. The agency reported that Gabay had been “working behind the scenes” to develop proposals for Gaza using his international business connections.

Israeli outlet Yedioth Ahronoth reported that Gabay’s ties to US political circles date back to the administration of Joe Biden and that he has maintained “close personal ties” with Kushner for over a decade.

He reportedly submitted an initial proposal for Gaza’s future in November 2023, a month after the outbreak of the war.

According to Yedioth Ahronoth, Gabay’s family roots in Gaza go back more than a century, to his merchant great-grandfather Hacham David Amos.

Israeli justice ministry spokesperson Eti Ashad was quoted as saying that Gabay’s appointment carries symbolic significance for the family.

Ties to Cyprus

Gabay is currently based in Cyprus. Local media have reported that he also holds Cypriot citizenship, though the Cyprus Mail could independently verify this information.

With an estimated net worth of $4.2 billion, Forbes ranks him 985th on its list of the world’s wealthiest individuals. He holds a 15 per cent stake in Aroundtown SA, which manages a €30 billion commercial real estate portfolio in Europe.

While Aroundtown is listed on the Frankfurt Stock Exchange, Gabay is also linked to the Cypriot Avisco Group, based in Larnaca.

As of February 2026, the group reportedly holds 29 per cent of Aroundtown’s shares.

Through his company Rofeno Properties Limited, Gabay is also behind an €856 million investment project in the Ayia Phyla area of Limassol

In 2021, he acquired a 949,916-square-metre plot from the Bank of Cyprus for €28 million.

The development includes educational, commercial and residential facilities, as well as extensive green areas. Plans include a private school, a research and innovation centre and a European-branded medical rehabilitation facility.

Completion is expected by 2030.

The Gaza Executive Board

Founded in January 2026, the GEB said it has begun operations but has so far been barred from entering Gaza by Israel.

The board forms part of Trump’s National Committee for the Administration of Gaza (NCAG), which is tasked with implementing the second phase of the US plan for Gaza.

On its website, the NCAG advertises positions for a new Gaza police unit, inviting male and female residents aged 18 to 35 to apply. The announcement refers to “competitive compensation” and calls on candidates to help restore public safety and stability.

“Candidates who demonstrate professionalism, integrity and a strong sense of public responsibility are encouraged to apply and stand at the forefront of restoring dignity, safeguarding our families and shaping a more secure future for our children,” the notice states.