Ramallah, Palestine – May 10 2017 - On May 2nd 2017, Union Construction and Investment (UCI) held its Eleventh Ordinary General Assembly Meeting at its Al Masyoun headquarters in Ramallah, in which it was decided to issue a dividend of 5.5% of its shares nominal value to shareholders.
The meeting was headed by UCI Chairman Dr. Mohamed Al Sabawi, and CEO and Vice Chairman Eng. Khaled Al Sabawi. Also present was the company’s controller, representatives from the Ministry of National Economy, a representative of the Palestinian Capital Market Authority, the external auditor, the company’s legal advisor, in addition to members from the Board of Directors, executive management team, and company shareholders.
The company’s controller confirmed the attendance of 71% of the shareholders and thereby validated the meeting. During the proceedings, the General Assembly of UCI endorsed the Chairman’s report on 2016’s fiscal year, and verified the auditor’s reports alongside the financial statements from 2016. Furthermore, a two-term recommendation was submitted by the B of D to the General Assembly for approval. The first recommended term was the issuing of dividends of 5.5% for the 2016 fiscal year. The second recommended term - made on the basis of promising investment opportunities abroad, and following an in-depth assessment by the company - was the increasing of UCI’s investments abroad of no more than $5 million USD. This was suggested with a view of diversifying the investment base and thus protecting the interests of the company and its shareholders.
The General Assembly unanimously approved both the suggested first and second terms. In addition, all board members were acquitted until the termination period of December 31st 2016, and the auditor Talal Abu Ghazaleh was re-elected to audit UCI’s financial accounts for 2017.
In his welcome speech to the Assembly, Dr. Mohamed Al Sabawi highlighted that despite the critical challenges faced by the Palestinian economy, UCI continued to make notable progress. He explained that this was due to the efforts of every member of staff, who helped turn the vision of the Board of Directors into reality. The result was a remarkable level of growth in 2016, with an increase in profits of 380% compared to 2015. These results, Dr. Al Sabawi announced, were a reflection of the great confidence that shareholders and customers have in UCI and our management team, built on the company’s proven record of excellence and innovation.
Eng. Khaled Al Sabawi, UCI’s Vice Chairman and CEO, echoed these sentiments. “What UCI has achieved in the past year is remarkable, but we must always look forward. Though we are in a competitive investment environment and face great political volatility, we have ambitious plans for expansion and remain driven by the need to provide Palestinians with quality, affordable housing solutions.”
Dr. Mohamed Al Sabawi also drew attention to a number of notable UCI achievements from 2016. These included the sale of all residential units offered in the first phase of the $6 million USD Masyoun Gardens project in Ramallah, representing 50% of the whole project, and launching of the second sales stage in the last quarter of 2016. There was also continued progress on the pioneering TABO project - now entering its sixth year - marked by the acquisition and reorganizing of vast areas of land. These lands are divided into parcels and sold to Palestinians along with title deeds; 10,000 meters of road paved thus far, and electricity infrastructure supplied to Qarawa Bani Zaid. Notwithstanding UCI’s hugely successful year, Dr. Al Sabawi also highlighted the company’s acquisition of 23 residential villas in Cyprus, with maintenance on these properties completed by March 2017. The marketing and sales process for these villas will begin shortly.
