Press Releases

The General Assembly of ARKAAN Real Estate holds its ordinary annual meeting

Ramallah: 06/05/2024

The General Assembly of ARKAAN Real Estate (ARKAAN) held its second annual ordinary General Assembly Meeting (GAM) to discuss and approve the agenda items.

Samir Hulileh, Chairman of the Board, shared the Board’s report for the year 2023, stating, “Year 2023 witnessed unprecedented political and economic conditions with their impact reflecting various aspects of life in Palestine as well as affecting the performance of companies and the national economy in general,” stressing that ARKAAN remained financially resilient in a manner that warrants the continuity of achieving attractive financial returns.

He added, "Despite the exceptional circumstances, operating profit before tax amounted to $17.7 million before recording financial provisions and other revenues/expenses of $25.9 million as a result of the economic impact caused by the aggression on the Gaza Strip on ARKAAN and its subsidiaries. We have also completed key arrangements for distinctive investment projects in the West Bank and Gaza Strip to be launched at the appropriate time."

The General Assembly approved the Board’s report and financial statements and discharged the members of the Board of Directors for the exercise of their mandates for the year 2023, and elected Ernst & Young as the Company’s external auditor for the fiscal year 2024.

An Extraordinary General Assembly Meeting (EGAM) was held after the GAM where it approved the amended Company’s articles of incorporation and bylaws and a Renumeration Policy, in line with the new Palestinian Companies’ Law.

ARKAAN Real Estate started its operations in July 2022 as a public shareholding company with a capital of 131.6 million shares. ARKAAN holds a strategic real estate portfolio in the West Bank and Gaza Strip, including Jericho Gate project. Additionally, it holds a diversified investment portfolio which includes investment in local and regional banks generating annual returns and strengthening ARKAAN’s financial position. Furthermore, ARKAAN is currently working on a group of real estate projects in Palestine, especially in northern West Bank, where the current focus is on the preparation of a master plan for its largest projects there and completing relevant procedures. In addition to the said projects, ARKAAN is also exploring a group of real estate development projects in diversified fields.