Author: pad1co@dm1n

Gaza, 21/9/2023

The Chairman of PADICO Holding, Bashar Masri, announced a Gaza new solar energy project for generating electricity from solar energy in the city of Gaza. This announcement took place in the presence of dozens of business people from the West Bank and the Gaza Strip, as well as senior officials from the public sector in the Energy and Natural Resources Authority, the Ministry of National Economy, Palestinian Investment Promotion Agency and Industrial Cities Authority.

 

The project aims to provide clean and sustainable electricity in the Gaza Strip, which suffers from frequent power outages and a shortage of fuel needed to operate its main power generation station. The project’s production capacity will reach up to 50 megawatts at a total cost of $60 million upon completion. It is the first of its kind in the region, as solar panels will be installed at high elevations above public areas, including the central islands along most sections of Salah al-Din Street, which stretches from the northern to the southern parts of the Gaza Strip, covering a distance of 45 kilometers.

Masri stated, “Today, with the announcement of this project, we reaffirm PADICO’s vision that is based on development and investment in our beloved homeland, with a focus on vital sectors, particularly in areas where investors are hesitant to invest.”

He added, “The project will represent a qualitative leap towards providing clean electricity in the Strip and will genuinely alleviate the suffering of Gaza’s residents caused by the blockade and continuous power outages.” He emphasized that Gaza needs more projects like this to provide a decent life for our people, especially considering that essential services such as healthcare facilities rely heavily on electricity.

Director of the Infrastructure and Energy Sector at PADICO, Mohammad Najjarsaid, “This project is unique in terms of its innovative design and sustainability, in addition to being environmentally friendly. It will be developed on already used public spaces, allowing for the utilization of other unused spaces for other purposes such as agriculture and housing.”

He also mentioned that the designs are currently being prepared by specialized international companies with experience in the field, namely the Italian company RINA and the Egyptian company Firnas Shuman.

It is expected that this project will encourage other entities to invest in generating more electricity that the Gaza Strip needs for its recovery and growth.

PADICO is a public shareholding company that invests in various economic sectors. The company operates in telecommunications and information technology, real estate, financial services, industry and agriculture, tourism, infrastructure and energy, as well as the industrial cities sector.

Gaza, 18/9/2023

A West Bank delegation of 50 business people and influential figures visited PADICO Holding’s Gaza Industrial Estate (GIE).

The delegation toured the GIE, exploring its facilities, factories, and the solar project providing clean energy. They also learned about PADICO’s vision for GIE’s development near Gaza’s Eastern borders.

 Bashar Masri, PADICO’s Chairman, welcomed the delegation, emphasizing the importance of these visits to shed light on investment challenges in Gaza and inspire economic growth.

He said, “We are pleased with this significant delegation that includes diverse and influential economic sectors, as these visits represent important opportunities that align with our vision at PADICO to stimulate the local economy in the Gaza Strip by intensifying investment efforts. Such visits bring attention to various economic sectors and how to address the challenges they face.”

Samir Hulileh, Chairman of the Palestine Stock Exchange, stated, “This visit is very significant to overcome the obstacles imposed by the occupation between the two parts of our nation, and with this strong determination, we will collectively contribute to creating a developmental renaissance in all aspects of life inthe Gaza Strip.” He also emphasized the importance of the GIE as a leading example to attract more entrepreneurs and large investment companies to initiate similar projects, as they represent an enhancement of the economy and consequently provide numerous sustainable employment opportunities.

Tareq Al-Natsheh, owner of Al-Huda Petroleum Groupsaid, “This significant economic facility represents Palestinian success at its finest. It holds immense importance in the journey of a local economy striving for advancement, and its existence signifies that this economy is still capable of production and development.”

Businessman Bassam Walweel said, “Such visits enable us to closely observe the local economy in the Gaza Strip directly to understand the market’s needs, ultimately leading to the crystallization of new prospects that achieve vital advancements for the national economy. We all hope to contribute together to propel Gaza forward across various economic sectors.” He also appreciated PADICO’s efforts and its pursuit of economic development in different parts of Palestine through its vital projects.

The Gaza Industrial Estate (GIE) was established in 1997 as the first and largest industrial city in Palestine. It serves as the nation’s gateway for exporting Palestinian products from the Gaza Strip to neighboring countries and is a fundamental support for the Palestinian economy. The total area of the Gaza Industrial City is 460,000 square meters, equipped with comprehensive and advanced infrastructure to meet the industrial needs of various types.

Rawabi, 13/9/2023

 

Palestine Development and Investment Company Limited (PADICO) announced the appointment of Nimer Abdul Wahed as the new Chief Financial Officer (CFO) succeeding Amjad Hassoun, who has retired after 25 years of substantial contributions to the company.

 

Abdul Wahed has a distinguished career of over 20 years, most recently in PADICO which he joined in 2018. Throughout this period, he has expertly excelled in senior roles encompassing financial management, corporate business development, and investment. He also amassed more than 7 years of auditing experience, collaborating with prominent local enterprises and international organizations during his tenure at Ernst & Young Global Audit Company.

 

Abdul Wahed is a member of several boards of public and private companies, most notably the Chairman of Palestine Real Estate Investment Company (PRICO) and the Board of Directors of the Palestinian Company for Distribution and Logistics Services (WASSEL), he is also the Chairman of Palgaz Services and Distribution.

 

Abdallah Sabat, Chief Executive Officer of PADICO said, “Abdel Wahed brings an analytical mindset with a strong financial background and track record of significant achievements which, I look forward to further achievements that would contribute to the company’s success and development.” Sabat also extended his appreciation to Hassoun on behalf of PADICO for his efforts and accomplishments during his long years of service, noting that he will remain as a member of the company’s family working as a consultant with the executive management and will continue serving on various boards of directors.

 

Abdul Wahed expressed his gratitude to the Chairman, members of PADICO’s Board of Directors, and the Chief Executive Officer for the immense trust they placed in him. “I look forward to working with the CEO and my Executive Management colleagues to continue to lead PADICO and maintain its prominent status in the Palestinian economy. I am confident that our joint efforts will contribute to greater achievements for this distinguished company,” said Abdel Wahed, also commending Hassoun’s efforts and impact on PADICO’s success throughout his years of service.

Amjad Hassoun, the former Chief Financial Officer, said: “It has been an honor working for this reputable group, PADICO has always been proudly a second home to me, I would also like to thank the Board of Directors and Executive Management for this rich experience, wishing the PADICO every success.”

Abdul Wahed holds an MBA and Bachelor’s Degree in Accounting and is a Certified Public Accountant (CPA) in the state of New Mexico, USA, and a member of the American Institute of Certified Public Accountants.

Rawabi, 15/08/2023

Palestine Development and Investment Company (PADICO) disclosed its financial results and financial statements for the first half of 2023, where the company achieved a net profit (attributable to PADICO shareholders) of $13.9 million compared to $12.8 million for the same period last year, a growth of 8%.

Earnings per share increased by 30%, at 7 cents per share, return on equity increased by 11%, and liquidity increased by 9% compared to the end of last year.

The book value of the share amounted to $ 1.86 as at the end of the first half of this year, as the company’s share was traded on the Palestine Exchange during the first half of this year between values of $1.32 and $1.42.

With these results, the company’s core financial indicators continue to grow   supported by strong performance from subsidiaries and affiliates, and a reflection of the restructuring that has taken place on some investments, subsidiaries and affiliates.

PADICO is a public shareholding company that invests in many   vital economic sectors, where it operates in the ICT sector, real estate, financial, industrial, agricultural, tourism, infrastructure and energy.

Masri: “The Development of the Palestinian Economy is Our Priority”

Rawabi, 23/05/2023

During today’s meeting in Rawabi, PADICO’s Board of Directors re-elects Bashar Masri as its Chairman for another term. During Masri’s leadership in his first term, PADICO accomplished significant and unprecedented successes and achievements, despite the political and economic challenges, which included the consequences of the coronavirus pandemic.

The company also witnessed fundamental changes in the operations of its subsidiaries and affiliates which resulted in an increase in efficiency and further developed their businesses where PADICO maintained its leading position in the market. This contributed to an increase in profits of the subsidiary companies and the growth of PADICO’s market value, which PADICO being one of the most traded shares on the Palestine Exchange.

Masri thanked the Board Members for their trust, and said, “The development of the Palestinian economy is our priority, and we will continue to launch more projects in varied economic sectors, specifically those that are currently underserved and face investor reluctance, in order to create new jobs for our people in those sectors.”

Masri noted that PADICO’s Board of Directors is comprised of a diverse and cohesive group of wise and experienced founding members of the company in addition to new, energetic, and innovative members; and further expressed his pleasure to work with this exceptional team and asserted his confidence in the Board’s ability in achieving progressive and intensive economic projects that will benefit the Palestinian economy. In addition, Masri declared that PADICO will continue its work to create an environment necessary for its subsidiaries and affiliates to maintain leadership in their sectors and achieve excellence in their offerings.

“The new term of the Board will continue what the previous board started, through which the company succeeded in adjusting and rationalizing expenditures and increasing the efficiency of operations and production, as well as strengthening the company’s financial position and achieving rewarding returns for shareholders who believe in PADICO and the value of investing in it,” said Masri.

PADICO is a public shareholding company investing in many economic sectors, such as telecommunications and ICT, real estate, financial services, industry and agriculture sector, tourism, infrastructure and energy, and industrial zones.

Rawabi, 16/5/2023

PADICO Holding announced the formation of a new board of directors for the next four years with the nomination of 10 members. The new Board l consists of founding members from previous periods, as well as new leading youth members. The new board includes Messrs. Sabih Al-Masri, Nidal Sukhtian, Yazid Mufti, Bashar Masri, Jamal Hourani, Khaled Anabtawi, Hisham Masri, Ruba Masrouji, Dalal Iriqat, and Tamer Baransi.

The new board is distinguished by its members’ diverse competencies and experiences and will continue to see more successes and achievements, promoting the Palestinian economy as in the company’s past 30 year history.

The founder of PADICO, Mr. Sabih Al-Masri, expressed his happiness with the company’s achievements over the past four years, which resulted in good financial results despite the complex circumstances, enabling the company to expand its investments into developing the Palestinian economy and providing more job opportunities, especially for the youth. He also asserted that the new board’s investment experience varies between traditional sectors, as well as non-traditional sectors.   and newer sectors.

Three new members with diverse economic and academic backgrounds joined PADICO’s Board of Directors.

Ms. Ruba Masrouji, the CEO of Masrouji Balsam, also serves on several boards, such as Masrouji Group and Al-Quds Bank. She is also a Dunya Women’s Cancer Center and the Popular Art Center board member. Masrouji Holds an MBA degree from Birzeit University.

Ms. Dalal Iriqat is an Assistant Professor of Diplomacy and Strategic Thinking at the Arab American University (AAU), where she previously served as Deputy Head of International Relations. She was named a Young Global Leader by the World Economic Forum in 2021. Recently, Iriqat was elected President of the Business & Professional Women Network (BPW) Palestine. She holds a Ph.D. in Public Administration from Paris I Sorbonne and a master’s degree in Diplomatic Studies from Westminster University, London.

 

Mr. Tamer Baransi is General Manager and board member of BCI, a prominent ICT company operating in Palestine and the region. He serves as a board member of many economic organizations and companies, such as the Palestinian Information Technology Association of Companies (PITA), Palestine’s Information and Communication Technology Incubator (PICTI), and the Arab ICT Union. Baransi holds a bachelor’s degree in Economics from the University of Essex in the UK.

PADICO Holding is a public shareholding company listed on Palestine Exchange (PEX). It has a base of around 7,000 shareholders and a paid-in capital of $250 million. The market value of PADICO and its listed and unlisted companies exceeds $2 billion invested in vital economic sectors across Palestine.

Rawabi, 15/05/2023

PADICO disclosed its business results and consolidated financial statements for the first quarter of 2023, with financial results showing a 22% net profit growth of $8.3 million compared to $6.8 million for the same period in 2022.

Earnings per share rose by 55%, and the return on equity and return on assets increased by 23% and 12%, respectively. The share value has reached $1.87 after it had been traded on Palestine Exchange at a price ranging between $1.32 and $1.42 since the beginning of this year. This continued improvement in the company’s core financial indicators is attributable to its investment policy in recent years, a policy based on diversifying and distributing investments across various sectors and reduction of operational expenses.

PADICO is a public shareholding company investing in many economic sectors, such as telecommunications and information technology, real estate, financial services, industries and agriculture, tourism, infrastructure and energy, and industrial zones.

Rawabi, May 8, 2023

PADICO Holding’s General Assembly held its twenty-eighth annual meeting with shareholders holding shares

The meeting was followed by the election of a new Board of Directors for the next term. The new Board consists of individual investors as well as institutional investors, , including Mr. Sabih Al-Masri, Mr. Bashar Masri, Massar International, Arab Bank, Cairo Amman Bank, Palestine Telecommunications Company (PALTEL), Al Maseera International, Nawat Investment, Siraj Fund 1, Palestine Technology Transfer Company, and Rawan International Investment Company.

During the meeting, Chairman Bashar Masri presented the Board’s report for the year 2022, highlighting the most important achievements and successes achieved by the company.

As all topics on the agenda were discussed, the General Assembly approved the administrative report, financial statements and auditor’s report for the fiscal year 2022, as well as the end of the term for some  board members and the election of Ernst & Young as auditor for fiscal year 2023.

“The work of PADICO, its subsidiaries, affiliate companies, and its various investments have witnessed remarkable developments and achievements in various sectors, continuing to reap the efforts of the past years that focused on restructuring some investments and affiliates.”

“We are striving towards further success and consolidating our excellence in the vital economic sectors and in the various governorates of Palestine, believing in the need to do everything possible to bring about a real renaissance that contributes to the support and strengthening of the Palestinian economy.”

In terms of financial performance, PADICO achieved significant growth in 2022, with the shareholders’ profit rising from $21.1 million to $24.9 million at an 18% growth rate. PADICO’s share also saw remarkable activity during the year, ranking first on the Palestine Exchange in terms of volume and value of trading and number of executed.

In response to some shareholders’ questions about the lack of dividend distribution, Masri said: “PADICO was founded to lead long-term development investments in Palestine. This requires the company to maintain a solid financial position and sufficient cash flow to enable it to achieve its investment objectives in the light of the challenges facing the Palestinian economy.” He noted that the approach of the Board of Directors in the past years required a focus on boosting investments and increasing the company’s profits, which PADICO has succeeded in, through gaining steady and high profits in order to distribute sustainable profits to shareholders in the future.

Regarding the major developments in PADICO in 2022, Masri said: “2022 was full of achievements and successes in all sectors where the company is active and investing including telecommunications and information technology and real estate sectors, which saw the largest activity in 2022, in addition to the financial r, industrial and agricultural, tourism, infrastructure and energy, and the industrial zones sectors.

He also noted that PADICO’s recent decision to appoint Abdullah Sabbat as its new Chief Executive Officer in the coming period aligned with the company’s strategy of investing in qualified, capable Palestinian leaders who can further grow the company.

Masri asserted that the robustness and economic stability of the company stem from the soundness of the wise directions and policies approved and led by the Board of Directors for many years, with the support and confidence of shareholders in controlling and rationalizing expenditures and increasing the efficiency of operations and production, in order to strengthen the Company’s financial position and cash flows and stabilize its position as the leading investment company in Palestine.

The Palestine Development and Investment Company (PADICO Holding) has announced the appointment of Abdullah Sabat as CEO during a board meeting held today at the company’s headquarters in Rawabi, Palestine.

Abdullah Sabat accumulates over 20 years of experience in management and investment, locally and internationally. He is a Senior Partner at Massar International and previously served as the General Manager of Siraj Investment Fund. Formerly, Sabat served as an audit manager at Ernst & Young, where he audited several listed and private companies and investment funds.

Sabat serves as a board member in various public and private companies; he is the vice chairman of Palestine Exchange (PEX), a board member of Palestine Telecommunications Company (Paltel), chairman of the Palestine Leasing Company (PalLease), and a board member of Palestine Monetary Authority (PMA).

Bashar Masri, chairman of PADICO Holding, expressed his happiness with the appointment of Sabat as CEO, saying: “This appointment charts the next stage, as we are striving to accumulate our successes and achieve breakthroughs in vital economic sectors in Palestine, and Mr. Sabat is one of the leading expertise of the private sector with whom I have worked closely for many years. We have confidence in his professional abilities and familiarity with the challenges of investing in Palestine.”

Masri added: “We will continue to invest in Palestinian qualified, skilled leaders who are consistent with our vision and have the potential to assert PADICO’s position as an influential, pioneering investment company in Palestine.”

For his part, Sabat thanked Chairman Bashar Masri and the Board of Directors for the trust they have placed in him, saying, “The leadership of the Executive Team of PADICO, giving the significance it represents on the Palestinian economic front is a great honor and a great responsibility that I am prepared to assume in cooperation with the Board of Directors and closely with my colleagues in the Executive Management of PADICO and its affiliated and allied companies.”

Sabat holds an MBA with distinction in Finance & Accounting from the University of Liverpool and a B.A. in Accounting with a minor in Business Administration from Birzeit University. He is also a Certified Public Accountant (CPA) in the State of New Mexico, USA, and a Certified Internal Auditor (CIA) by the Institute of Internal Auditors (IIA).

PADICO Holding is a public shareholding company listed on Palestine Exchange (PEX). It has a base of around 7,000 shareholders and a subscribed capital of $250 million. The market value of PADICO and its listed and unlisted companies exceeds $2 billion invested in vital economic sectors across Palestine.

Bashar Masri: “I salute the workers and investors who defy the blockade of Gaza.”

Gaza, 17/01/2023

Bashar Masri visited Gaza Industrial Estate for the latest business developments in the factories after PADICO Holding completed the reconstruction of the facilities destroyed during the Israeli aggression against the Strip.

Masri stressed the importance of promoting the Industrial Estate and providing the appropriate investment environment to encourage investors to set up various factories that offer new jobs in the Gaza Strip, which suffers from the highest unemployment rates in the world.

He met with some investors in the Industrial Estate and discussed the importance of joint work and cooperation with all parties, which was translated into this achievement.

“I pay tribute to the workers and investors in the Gaza Strip who are defying the blockade and difficult conditions through hard work and dedication, making the way through to support the GDP in the Gaza Strip and revive the Palestinian national economy. Once again, Gaza reasserts that we Palestinians are able to build our economy.”

Mahmoud Daban, the owner of one of the Foam Line, one of the companies whose facility has been completely destroyed, commented: “The re-operation of the facility has been a difficult challenge, but the efforts made by PADICO in a short period of time has helped to overcome the difficulties of restarting the facility and maintaining the continuity of the livelihood of its employees.” He also appointed that “the presence of Chairman Masri with us today is another motive for us to continue this defying.”

Hazem Al-Ak’ouk, general manager of the Al-Ishara Electrical Systems, which is set to begin production in Gaza Industrial Estate soon, said: “Our decision to invest in Gaza Industrial Estate comes in conjunction with the Estate’s reconstruction, and represents a qualitative shift in terms of increasing production and improving quality.”

Gaza Industrial Estate employs thousands of Palestinian workers whose jobs have been exposed after the Estate’s facilities were destroyed. Still, reconstructing all destroyed facilities has increased confidence in the Industrial Estate, sustaining and increasing employment opportunities.

Zakaria Mushtaha, a worker in the Al-Sawafiri company that was completely destroyed, said: “I want to continue working and earn my livelihood, and I don’t think anyone wants to be unemployed or receive insufficient handouts to sustain support their families. We all strive for a decent life and thank the management of the Industrial Estate and factory owners for their efforts to sustain our jobs.”

Gaza Industrial Estate is one of the Gaza Strip’s most important economies. Today, it has a wide range of factories and industrial and commercial facilities, both local and international. The Estate also enjoys sustainable urban infrastructure, supportive services, and facilities management. It carries out diverse activities and works in various industrial sectors.

In recent years, Gaza Industrial Estate has suffered significant losses due to repeated shelling of the Gaza Strip, especially during the aggression on the strip in May 2021, which destroyed many industrial installations and infrastructure, including part of the solar power plant.