Press Releases

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

Rawabi: 08/05/2025

ARKAAN Real Estate Company held its third annual general assembly meeting to review and approve the items listed on the agenda.

Mr. Riyad Nazzal, Chairman of the Board, commenced the meeting by presenting the Board of Directors’ report for the year 2024, stating, “the unprecedented political and economic challenges since late 2023 have significantly impacted ARKAAN, where the latest reported losses attributable to shareholders amounting to $7.1 million, primarily due to recording $22.5 million in financial provisions to mitigate the ongoing adverse effects of the current situation.” He added, “ARKAAN’s operating profit before taxes and before the said provisions reached $17.1 million.”

He further elaborated that, “despite the unprecedented circumstances, ARKAAN has effectively maintained its financial strength with its strong real estate portfolio and solid financial investments in local and regional equities and banks, which continue to generate strong returns.”

The general assembly approved the Board of Directors' report and the financial statements, including board members’ remuneration. It also discharged the members of the Board of Directors for the exercise of their mandates for the year 2024 and elected Ernst & Young as the Company’s external auditor for the fiscal year 2025.

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 key areas across Palestine, including Jericho Gate project. This portfolio positions ARKAAN to develop large-scale, high-quality real estate projects and invest in emerging cities and neighborhoods. Additionally, it holds a diversified investment portfolio that include equity holdings in local and regional banks generating annual returns and strengthening ARKAAN’s financial position.