BETHLEHEM (Ma'an) -- Multinational communications company Publicis Groupe on Monday announced its purchase of an equity stake in Ramallah-based advertising agency Zoom.

The Palestinian company will be renamed Publicis Zoom, and join the French group's global network of communications subsidiaries, a press statement said.

Zoom Board Chairman Bashar Masri said the deal is a "key step towards the goal of fostering an enabling business environment for private sector growth and development."

"The fact that a Palestinian company passed the rigorous due diligence procedures of a global, publicly-listed company like Publicis Groupe should send a very strong message to the Palestinian private sector."

Publicis Groupe Chairman and CEO Maurice Lévy said "Symbolically, this speaks to every man's dream of seeing peace in the Middle East and between the Palestinian and Israeli peoples."

"Moreover, it is also a call to French and international companies to set up in the region and to contribute to creating the economic development without which there can be no durable peace."

Zoom was founded in 2004 and employs 23 staff. It will continue to be led by its current executive team General Manager Firas Awad and Managing Partner Jane Masri.