Hani Alami, a Palestinian entrepreneur, has purchased Alvarion, a once-promising Israeli telecommunications company, for NIS 38 million ($10.5 million).

Israeli company Sigma Wave Ltd. offered to acquire Alvarion’s assets for the same price, but Alami won the bid after offering 10% of the company’s shares to Alvarion’s 48 employees, and promising them they would all keep their jobs.

According to Israeli business website Calcalist, Alami is a Palestinian telecommunications entrepreneur who currently lives in the East Jerusalem neighborhood of Beit Hanina. Alami has established a number of telecommunications companies — the most prominent being Coolnet, an Internet service provider (ISP) that operates high-speed Internet services.

“I don’t care whether Alvarion is an Israeli or a Palestinian company. As far as I’m concerned, it’s just business. I know the company. And I worked with it for long years. I am interested in running the company, and eager to bring it to success. As a native of Jerusalem, I can tell you that if each of us does his own share, as best he can, we may yet achieve peace,” he told Calcalist.