UCI Holds its Seventh General Assembly Meeting

UCI Holds its Seventh General Assembly Meeting

April 22, 2013

Ramallah: Union Construction and Investment held on Wednesday April 17th, 2013 its Seventh Ordinary General Assembly Meeting in its headquarters building in Ramallah. The meeting connected via video conference with shareholders from Gaza. It was headed by UCI Chairman, Dr. Mohamad Al Sabawi, and was attended by Dr. Hatem Sarhan, Company Controller in the Ministry of National Economy in Ramallah and Gaza, as well as by a representative from Palestine Exchange, a representative from the external auditor, and company legal advisor. Different Board members, executive management members and company shareholders also attended the meeting.

The meeting began with a welcoming speech presented by Dr. Al Sabawi. Later, the legitimacy of the meeting was announced and the issues stated in the agenda were discussed. In its meeting, the General Assembly approved the Chairman’s report on the fiscal year of 2012, attested the auditor’s reports, as well as the financial statementsfor the 2012 fiscal year. Moreover, the GA approved the recommendations and decisions reached in the 2012 Board meetings, and acquitted Board members for the terminated period of 31/12/2012. Additionally, Talal Abu Ghazaleh were re-elected to audit company financials for the year 2013.

During the meeting, Dr. Al Sabawi praised the efforts of UCI during the year 2012, highlighting the main achievements accomplished by company team, including the TABO project. Dr. Al Sabawi explained that UCI was able to preserve its stability and face all challenges in the midst of a an extremely difficult economic and political situation. A situation that has negatively impacted the private sector’s productivity and financial revenue. Dr. Al Sabawi also commended company shareholders and ensured them that UCI is heading towards achieving more profit and development in the upcoming period.

In a statement made by Sheikh Said Baghlaf, UCI Board Member and President of Baghlaf Holdings for Investment in Saudi Arabia, Sheikh Baghlaf thanked UCI for its efforts and exceptional performance. He indicated the importance of UCI projects and their impact in supporting national economy. Furthermore, he expressed his aspiration of a better economic and political situation in Palestine, and thanked all shareholders and audience for their trust in UCI,a company that continues to be sustainable, with a growing capital.

On the other hand, the extraordinary General Assembly meeting which was set to be held right after the ordinary GA meeting, was postponed to April 24th, 2013

Finally, Union Construction and Investment is a leading Palestinian company in the field of real estate development. Established in 2005, UCI has changed the culture of Palestine’s residential and commercial development. UCI has constructed landmark buildings including the environmentally friendly UCI Headquarters Building in the Masyoun Heights of Ramallah, the Arcadia Residential Complex, and the first residential housing project in the West Bank, the Etihad Villas.

UCI was selected by the Palestine Exchange as one of the four companies to reflect Jerusalem’s indicator for the year 2012, for the real estate investment sector.

Additionally, UCI is the largest investor in sustainable urban development and the use of renewable energy. Through its award winning subsidiary, MENA Geothermal, UCI has installed energy saving geothermal heating & cooling systems in each of its residential and commercial projects. MENA Geothermal has been awarded the international prestigious Energy Globe Award for the year 2009 and 2012, and has been selected by Arabia 500 as one of the 500 most dynamic and fastest growing companies in the Middle East and North Africa.

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