Ramallah – Ma’an – The General Authority of Arkan Real Estate Public Joint Stock Company (Arkan) held its second annual meeting to discuss and approve the topics on the agenda.
At the beginning of the meeting, Chairman of the Board of Directors, Samir Hulileh, reviewed the Board’s report for the year 2023, saying: ‘The year 2023 witnessed exceptional political and economic circumstances that had their shadows reflected on various aspects of life in Palestine, on the performance of companies operating there, and on the national economy in general,’ stressing that the financial strength of the pillars of It remained high in a way that ensures 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 allocations and other expenses/revenues worth $25.9 million as a result of the economic impact caused by the aggression on the Gaza Strip on the activities and assets of Arkan and its
subsidiaries. The company has also completed preparations for projects.” New and qualitative investment in the West Bank and Gaza Strip to be launched at the appropriate time.
The General Assembly approved the Board of Directors’ report and financial statements, and also discharged the Board members from their liabilities for the fiscal year 2023, and elected Ernst and Young as the company’s auditor for the fiscal year 2024.
The General Assembly also held an extraordinary meeting to approve the amended articles of incorporation and bylaws and the policy of granting remuneration to members of the Board of Directors, its committees and the executive management, in line with the new Palestinian Companies Law.
It is noteworthy that Arkan Real Estate began its work in July 2022 as a public joint stock company with a capital of 131.6 million shares, and owns a strategic real estate portfolio in the West Bank and Gaza Strip, including the Jericho Gate project. Arkan also owns a huge investment portfolio that incl
udes shares of local and regional banks that generate annual returns. Strengthening its financial position, the company is currently working on a group of real estate projects throughout the country, especially in the northern West Bank, where Arkan is preparing structural plans for one of its largest projects there, and completing some related procedures, and it also continues to work on examining a group of projects. Real estate development in various fields.
Source: Maan News Agency