UCI Holds its Extraordinary and Ordinary General Assembly Meetings

UCI Holds its Extraordinary and Ordinary General Assembly Meetings

April 17, 2014

Ramallah: Union Construction and Investment held its eighth General Assembly Meeting and its third extraordinary General Assembly Meeting in its headquarters building in Al Masyoun, Ramallah, and via video conference with Gaza.

Both meetings were headed by UCI’s Chairman, Dr. Mohammad Al Sabawi, and were attended by the Board members, executive management and company shareholders, in addition to the Companies Controller in Gaza, the external auditor and the company legal advisor.

The third Extraordinary General Assembly Meeting began with a welcoming speech presented by Dr. Al Sabawi, and later, the Companies Controller in Gaza announced the legitimacy of the meeting. In this meeting, the amendments made to the company’s Article of Association and the establishment certificate, which comply with the new Companies Law No. 7 for 2012, were unanimously approved.

Afterwards, the eighth ordinary General Assembly Meeting was held when the legitimacy of the meeting was announced by the Companies Controller in Gaza . During this meeting, the General Assembly unanimously approved the Chairman’s report and the auditor’s report on the fiscal year of 2013, attested the finance accounts and balance sheet for the 2013 fiscal year, acquitted Board members, unanimously approved the recommendation of Board of Directors to re-assign Talal Abu Ghazaleh to audit company financials for 2014 and a new Board of Directors was elected for the four coming years (2014-2015-2016-2017) consisting of (Dr. Mohammad Al Sabawi, Eng. Khaled Al Sabawi, Ayed Al Sabawi and Ahmad Al Salahat) and bodies corporate (Ahlia Insurance, Ahlia Real Estate & Investment and United Marketing and Services Company (UMS).

During the meeting, Dr. Al Sabawi highlighted the serious deterioration in the political, economic and financial conditions in Palestine which have left a negative impact on various developmental sectors and explained that in the meanwhile UCI was able to preserve stability in its financial performance during 2013 in the midst of a an extremely difficult situation and outperformed the listed competitors in the real estate sector in Palestine Capital Market Authority. Furthermore, it accomplished through its TABO project, launched in 2011, a remarkable success in changing the culture of real-estate sector in Palestine through expanding ownership of land in Palestine and protecting it from illegal settlement expansion through allowing all Palestinians from anywhere around the world to own a parcellized and registered piece of land in Palestine in affordable prices.

Dr. Al Sabawi also addressed the most significant developments and achievements accomplished by UCI through TABO in the former year. These achievements are represented in offering further TABO Master Plans after having sold the previous Master Plans, completing the pavement of internal roads, completing the construction of model homes in different areas in the project, completing the new registration procedures in all official and competent departments for hundreds of dunums and delivering title deeds to many TABO customers in Palestine and abroad. Finally, Dr. Al Sabawi ensured UCI’s commitment to fulfill its promises and obligations towards its customers and shareholders as well as ensured proceeding to parcel and register the Palestinian land and provide it with infrastructure services.

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