Ramallah: On Thursday, April 13, 2023, the General Assembly of Al Mashreq Insurance Group held its annual meeting, both ordinary and extraordinary, at the company's headquarters in Ramallah. The meeting was conducted through video conferencing, allowing shareholders from various locations within and outside Palestine to participate. Among the attendees were members of the board of directors, the company's registered representative at the Ministry of National Economy, external auditors, and representatives from the General Directorate of Securities and Insurance at the Palestinian Capital Market Authority, Palestine Stock Exchange, as well as holders of 98.47% of the company's shares. This virtual setup provided shareholders with an opportunity to voice their opinions on the company's current strategies and decisions.
The legal representative of the company's shareholders assured the meeting's legality and expressed gratitude to the Ministry of National Economy and the registered company for Al Mashreq Insurance. He also extended appreciation to the board of directors and all employees for their cooperation with government authorities. Moreover, he acknowledged the team's dedication to upholding legal and regulatory standards, ensuring the company's compliance and integrity. Throughout challenging times in the country, the company has shown a strong commitment to social and ethical responsibility.
At the outset of the meeting, Mr. Jalal Nasser Addin, Chairman of the Board of Directors, warmly welcomed all participants. He took a moment to remember and honor the late Chairman of the Board, Mr. Wael Ayoub Zurub, and assured everyone that Al Mashreq Insurance will continue to follow his vision and work towards a brighter future, building upon his achievements. Mr. Nasser Addin also fondly recalled Mr. Adnan Abdel Latif, a member of the board of directors and representative of Jerusalem Cigarette Company.
Despite the political and economic fluctuations of the past year, Mr. Nasser Addin emphasized that the company's board of directors remained steadfast in their determination and confidence. They pushed forward to strengthen the company's financial performance, expand its investments, and create new projects and job opportunities.
During the extraordinary general assembly, it was decided to increase the company's capital by one million US dollars. Additionally, the ordinary general assembly saw the board of directors recommending the distribution of cash dividends amounting to 2.5% of the capital to the shareholders, alongside in-kind dividends in the form of free shares amounting to 14.29% of the capital.
Mr. Ayoub Zurub, the CEO of the company, shared the company's commitment to achieving its mission and vision. This includes meticulous planning and monitoring of all business activities and a proactive contribution to the development of the insurance industry in Palestine. The entire team at Al Mashreq Insurance works diligently to provide exceptional services to its policyholders. Leveraging advanced technologies and information technology, the company aims to undergo digital transformation and automate its programs, enabling the delivery of innovative services in creative ways that cater to the needs of the Palestinian market. This approach contributes to the creation of new job opportunities, particularly for the youth.
Mr. Zurub expressed his gratitude to the General Directorate of Insurance for their continuous efforts in developing the insurance sector. He praised the role of the authority and their close cooperation in implementing standard 17. Mr. Zurub reiterated that Al Mashreq Insurance stands as a fundamental supporter and partner in these collaborative efforts.
In conclusion, Mr. Zurub extended his thanks to all regulatory and government bodies and related institutions for their continuous cooperation and support of private sector businesses. He acknowledged their pivotal role in building a robust Palestinian economy. Mr. Zurub also expressed heartfelt appreciation to the board of directors, executive management, all staff, agents, and advisors of Al Mashreq Insurance. Their unwavering efforts have significantly contributed to the company's success, growth, and prosperity.