Press Releases

ARKAAN Real Estate Results for the Year 2024

Ramallah: 12/02/2025

ARKAAN Real Estate disclosed its preliminary consolidated financial statements (unaudited) for the fiscal year ended 31 December 2024, reporting a loss attributable to the Company's shareholders of $7.1 million after ARKAAN and its subsidiaries recorded financial provisions of $22.5 million. The Company operating profit amounted to $17.1 million before tax and the aforementioned provisions.

Total assets dropped by %4.8 and total equity increased by %1.2, as compared to the year 2023. Book value per share amounted to $3.03.

Commenting on the results, Chairman of the Board of Directors, Samir Hulileh, said: “During 2024, we witnessed a continued decline in the Palestinian economy, which had a negative and substantial impact on various vital economic sectors. Therefore, we took a decision to hedge and record significant financial provisions to preserve ARKAAN’s financial position, especially with regard to its investment properties in Gaza, where an additional provision of $20 million was recorded during 2024, equal to the remaining book value of these lands, due to the current complex political situation. The effects of the current situation are still unclear and highly relies on future progression that cannot be accurately predicted at the present time,”. Stressing on ARKAAN’s determination to work towards its investment plans and vision in a manner that achieves positive returns.

Mr. Hulileh further added, "We have a lot of hard work to do to address the effects of the aggression on the Gaza and to gradually recover, and this certainly requires time and double the effort," he added, noting at the same time that the continuation of the ceasefire will necessarily lead to a gradual recovery of the Palestinian economy again, and will open up wide opportunities for ARKAAN participate in the mission of rebuilding the Gaza and investing in it at the appropriate time."

It is worth noting that ARKAAN manages Jericho Gate real estate project, where it has been investing in the infrastructure of 3,000 dunums of residential, commercial and tourism areas since 2016, with plans which include developing new areas in Palestine. ARKAAN also manage a large investment portfolio in local and regional banks and companies that generate positive annual returns.

ARKAAN Real Estate, a publicly traded company, emerged from the Palestine Telecommunications Company/Jawwal, with a paid-in capital of $131.6 million and assets totaling over than $450 million. The Company holds a strategic real estate portfolio, allowing for the implementation of outstanding real estate projects.