Twenty-two years ago, the milestones journey of the remarkable achievements of PADICO HOLDING embarked. Our Company was able to outnumbering various challenges and managed to overcome various political and economic difficulties and turbulences of the unstable economic situation In Palestine, along with the absence of a political solution that ends the occupation and guarantees the Palestinian citizens decent life in an independent state, we desire.
Our dream is an integral part of the great Palestinian dream, which are most likely interconnected: we are viciously working to realize our vision so as our people would enjoy a prosperous independent economy where pillars of citizenship, including diversity and human dignity, are respected.
We aspire towards a powerful economy that shapes a bright future and maintains the utmost dreams of our children, dreams that has been an intrinsic part of the passion and judgment of Our Company founders, shareholders, Heads of departments and units and the executive team of PADICO HOLDING , homeland and in Diaspora. The process of construction has emerged from the womb of wishes and aspirations; therefore, desires would become real.
The steadfastness of the Palestinian people is very inspiring and motivating, thus, PADICO HOLDING clearly expressed rooted believes in the feasibility of investing in Palestine, in an effort to build a cohesive economy that serves the people of this benevolent country. We have made great efforts in attracting Arab and foreign investors to Palestine in order to ground-root long-term projects that will leverage a strong Palestinian national economy and support the process of construction and development motivated by our sense of belonging to the basic right of the Palestinians to establish an independent Palestinian State with its capital as East Jerusalem.
Achievements would not have been possible amid unstable internal and external political circumstances. The Political challenges on the way to liberation and independence and the turmoil in the Arab region along with the intra-Palestinian division, which is the most painful of all, continue to disturb Palestinian unity and hindrance our vulnerability to facing difficulties. In addition to our commitment to investment in our homeland, we will continue exerting all efforts to end this exotic situation by restoring Palestinian national unity and partnership; getting independence from occupation and realizing an independent Palestinian state.
Against the backdrop of these complicated circumstances, our believe in our vision and the key role we play to support our peoples’ struggle for freedom and liberation and the trust our dear shareholders bestowed upon us give Our Company the strength, the will and the unswerving determination to confront all obstacles. As a result, PADICO HOLDING was able to surpass the atypical circumstances in the Arab region, instability of the situation along with AL Aqsa Uprising and the consequent most recent Israeli aggression on the Gaza Strip in 2016. Each and every time, PADICO HOLDING succeeded to remove the dust of the battle, overcome political crises, and stand firmer and more determined to continue the process of construction and development
It is worth recalling that Our Company lengthy experience of investment, marking the twenty-two anniversary of establishing PADICO HOLDING, has been motivated by a national spirit and a sincere will for bolstering the Palestinian economy. We have never been motivated by any frantic economic desire for material profit. Today, after twenty-two years of its inception, PADICO HOLDING has created strong investment entities in various economic sectors, including telecommunications, real estate, tourism, agriculture, industry, financial services, and many other investment activities conducted through a group of subsidiaries. These investments are today the skeleton for the process of comprehensive economic development that would be the leverage for the future Palestinian state, we aspire.
In addition to bolstering the Palestinian economy, PADICO HOLDING is an outstanding operator of the labor force in Palestine. Our Company hires about 5,000 he and she employees, directly or through subsidiaries and affiliates.
After more than two decades of hard work and leadership, PADICO HOLDING has become the investment model and the pioneer of the private sector in Palestine. It is the key player in various investment sectors. PADICO HOLDING great achievements and remarkable ongoing successes continue; thanks to invaluable trust bestowed by our shareholders and the strength of Our Company cadres despite instabilities and exotic circumstances.
PADICO HOLDING has made significant strides in implementing current projects: the Jericho Gate, a promising real estate project located at the southern entrance to Jericho and implemented by PADICO HOLDING in partnership with Palestinian telecommunication Company (PALTEL); Rabiyat Al-Quds Real Estate Project, Beit Safafa, Jerusalem; Nakheel Palestine project, known to be one of the biggest agricultural companies in Palestine, promoting Palestinian dates in local and international markets and Palestine Power Generation Company (PPGC), Jenin, among others. PADICO HOLDING projects foster the Palestinian economy and contribute to the welfare and prosperity of Palestinian society. They are the baseline for the Palestinian economy in the future Palestine.
During 2016, PADICO HOLDING has been issuing commercial bonds for the second time in its history in order to reinforce existing projects. Needless to say, the clear impact of these projects is tangible: fostering the Palestinian economy and advancing a long-standing sustainable economic development led by PADICO HOLDING for more than two decades.
PADICO HOLDING 2016 achievements, clearly stated in PADICO HOLDING 2016 Annual Report are a physical demonstration of the Our Company well-planned investments, wise vision and flexible management over the past years. Fruitful results would not have been attainable without our valued shareholders trust and faith in PADICO HOLDING for the investment of their capital. Over the past year, Our Company has distributed dividends to its shareholders in the amount of USD 12.5 million.
PADICO HOLDING has taken upon itself to be the lifeline of the Palestinian society, through its positive practices to support the neediest sectors. Our Company has left mark prints in vital and influential investment sectors embodying a more comprehensive vision towards investment and development. Over the past year, the company continued to sponsor targeted and developmental programs and projects for the best interest of key sectors of the local community. It supported young people, taking the form of either direct sponsorship to education, culture, arts and entrepreneurship or launching initiatives in different sectors. PADICO HOLDING has not only taken a unilateral approach in this context, it has entered into strategic partnerships with many official, community and international parties to strengthen PADICO's approach towards inclusive community development, achieve tangible impact on its service-oriented programs for all segments of society to enhance citizenship and belonging, and the culture of giving.
The Palestinian cause is still going through delicate and critical circumstances that oblige us all to stand up to our responsibilities and show responsible comprehension of the national and moral positions at the present historical era. The city of Jerusalem has been suffering systematic Judaization and isolation, the Israeli settlement activity is rapidly expanding at the expense of the Palestinian land and existence; the national unity is still unreachable because of the intra-Palestinian division. Therefore, ending the Palestinian division, arranging the internal house and conducting comprehensive elections are top priorities, we strongly believe. Determined attempts must be intensified and different efforts must be mobilized towards building our independent state.
In conclusion, allow me to take this opportunity to express deep gratitude and appreciation to the PADICO HOLDING Executive Management and executive staff who have spared no effort to make the success of Our Company and increase its prosperity and success.
We are pleased to present to you PADICO HOLDING 2016 annual report. I conclude with a renewed commitment to remain loyal to the slogan we have raised since the establishment of your company: “We are committed to Investment in Palestine”.
Munib Rasheed Al Masri