March 19, 2023
Ramallah: The General Assembly of Union Construction and Investment Company (UCI) approved in its Annual Ordinary Meeting the recommendation of the Board of Directors of the Company to distribute cash dividends to shareholders of 3% of the Company's capital for the year 2022. The company achieved a net profit of $ 2,890,439 USD before tax and $ 2,812,235 USD after tax for the year 2022.
The meeting, which was held at the company's headquarters, located in Al-Masyoun neighborhood in Ramallah, and electronically via the "Zoom" application with its headquarters in Gaza, was attended by Dr. Mohammed Al-Sabawi, Chairman of the Board of Directors of the company, Mr. Khaled Al-Sabawi, CEO and Vice Chairman of the Board of Directors, members of the Board of Directors, companies registrars in the Ministry of National Economy in Ramallah and Gaza, representatives of the external auditor, legal advisor, executive management and a number of shareholders in Ramallah and Gaza.
The meeting began with the Companies Registrar announcing that the quorum for the session had been reached with 75.07% of the shareholders attending.
The meeting was chaired by Dr. Mohamed Sabawi, and the session began with a welcome speech to the members of the Board of Directors and the general shareholders of the company. The meeting included the adoption of the items on the agenda of the General Assembly, where the General Assembly unanimously approved the financial and administrative reports, and the balance sheet and final accounts for the fiscal year ended 2022.
In the context of the session, Mrs. Randa Salameh was elected as an independent female member of the Board of Directors of the company, and Eng. Awadallah Awad was also approved as a representative of Ontario Technology Development Company as a member of the Board of Directors.
In turn, Dr. Mohamed Sabawi welcomed the new members of the Board of Directors, adding that the high experience of these members will contribute to further development of the company's strategies and build more successes on its achievements for the coming years.
During the meeting, the General Assembly discharged the members of the Board of Directors and discharged them from liability for the fiscal year 2022, and unanimously approved the reappointment of Farraj & Nashwan & Partners Company, members of the Baker Tilly International, which is considered one of the largest international audit firms, to audit the company's accounts for the fiscal year 2023, and the Chairman of the Board of Directors was authorized to determine their fees.
In his speech during the meeting, Dr. Mohamed Sabawi said: "Since its establishment in 2005, your company has developed an exceptional group of pioneering projects that have left a clear imprint on the Palestinian real estate market, and we are proud that we were the first to develop such projects that have been very popular with our people, and have become an example for business owners."
He added: "TABO has gained wide fame in the Palestinian community since its launch in 2011, as it is the first economic project of its kind that seeks to expand Palestinian ownership of land in Palestine, in addition to providing it with infrastructure services to create an enhanced environment for the establishment of new residential communities on it, and we are proud that we have so far managed to own more than 700 Palestinian families in the homeland and the diaspora for more than 1,000 plots of land in the governorates of Ramallah and Salfit."
Speaking about the main challenges faced by company in TABO project: "It is worth mentioning that TABO project in Turmusaya continues to be subjected to barbaric settler attacks aimed at destroying the infrastructure implemented by the company in the project, and deliberately physically assaulting the company's contractors, staff and investors in the project. Despite this, your management did not retreat, but continued to challenge to defend the project and the company's rights against these barbaric attacks, as the company's board of directors took a final decision in its meeting held on 17/10/2022 to file a tort lawsuit against the Israeli government. We promise you that you will not retreat from our rights."
He expressed his happiness at the company's success in obtaining the approval of the United States of America to register TABO as a trademark in the name of UCI Company and receiving the registration certificate for that.
At the end of the meeting, Dr. Mohamed Sabawi thanked the shareholders and customers of the company for their confidence, and the company's team for their efforts, expressing his hope to achieve more success, achievements and profits in the year 2023.