Union Construction and Investment (UCI) held its tenth General Assembly Meeting at its Al Masyoun headquarters in Ramallah, during which it was decided to issue a dividend of 6% of its share’s nominal value to shareholders.
A video conference was established in order to include shareholders from Gaza who participated in the meeting, which was headed by UCI Chairman, Dr. Mohamed Al Sabawi, and CEO and Vice Chairman, Mr. Khaled Al Sabawi. In addition, representatives from the Palestine Securities Exchange, the Company’s Controller from the Ministry of National Economy, the external auditor and the company’s legal advisor were also present, alongside members from the board, executive management members and company shareholders.
The Company’s Controller confirmed the attendance of 70% of the shareholders and thereby validated the meeting, which was initiated with a welcome speech presented by Dr. Al Sabawi.
During the proceedings, the General Assembly of UCI endorsed the Chairman’s report on 2015’s fiscal year, and verified the auditor’s reports alongside the financial statements from 2015. After the General Assembly unanimously ratified the recommendation by the Board of Directors to distribute profits to shareholders by issuing a dividend worth 6% of the share’s nominal value. The meeting also acquitted all board members for the terminated period of 31/12/2015. In addition, the auditors Talal Abu Ghazaleh were re-elected to audit UCI’s financials for 2016.
During his opening speech, UCI’s Chairman addressed the general economic situation in Palestine, maintaining that 2015 reflected the difficult years that preceded it. Dr. Al Sabawi asserted that the fiscal character of the past year was also defined by the deterioration of the political situation, notably the escalation of the Aqsa Intifada in the last quarter of 2015. In addition, UCI’s Chairman acknowledged how the delayed rehabilitation of the Gaza strip, after the widespread destruction caused by Israel’s onslaught in 2014, has methodically severed the economy of Gaza, which has effectively been reduced to the world’s largest prison.
In the face of such economic hardship, Dr. Al Sabawi praised the efforts of UCI during 2015, saying, “Such challenges have only made us stronger and steadfast as we continue on our path. UCI has not only maintained financial stability, but its focus has remained unwaveringly on increasing the quality and quantity of its projects, thus moving beyond the traditional scope of a real estate developer, and providing much more to Palestine’s citizens.”
“Meeting the market’s demand and customer’s expectations are always in the forefront of our mind, alongside providing comprehensive long-term solutions that enhance the value of real estate investments in Palestine”, he continued. “Thus, we see the results of TABO as a successful message to all Palestinians”.
Looking ahead to 2016, Dr. Al Sabawi also expressed his approval of UCI’s latest plans. After intensive scrutiny of the real estate market in the Palestine, and in response to the vision of the Board of Directors to open more investment opportunities, it was decided to build a large residential real estate project on the company’s lands in Al Masyoun, entitled “Masyoun Gardens”. Alongside developing Masyoun Gardens, UCI will begin to market the Villas of Cyprus project, upon the impending completion of its maintenance works, and is developing a strategy for activating its sales at a regional and global level.
At the conclusion of the meeting, Dr. Al Sabawi thanked the company’s shareholders and customers for constant support, alongside the staff of UCI for their tireless efforts, saying “I hope that 2016 will be a continuation of the successes of the previous year, and will continue to strengthen our efforts to raise profits and investments”.