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[email protected] [email protected] Annual Report Committed to investing in Palestine Palestine Development and Investment, Ltd. (PADICO HOLDING) Foreign, limited, public shareholding limited Liability Company, registered in the Republic of Liberia Under the Liberian Business Law of 1976 Annual Report 2016 Contents PADICO HOLDING Profile 5 PADICO Holding: Twenty two years of investment in Palestine 7 Board of Directors 12 Shareholders 15 Milestones& Prominent Landmarks since PADICO HOLDING Inception 18 Board of Directors’ Message 20 Executive Committee Report 24 Summary of the Palestinian economy performance during 2016 30 PADICO Scope of Investments: Economic Sectors and Investments 32 Summary of Investments’ Performance 35 Future Perspectives (outlook) 77 Social Responsibility and Thought Leadership 78 PADICO Financial Performance Report during 2016 93 Main Financial Indicators 100 Performance of PADICO Holding Shares 101 Auditors’ Report and Consolidated Financial Statements 102 PADICO HOLDING Profile 5 PADICO Holding: Twenty two years of investment in Palestine 7 Board of Directors 12 Shareholders 15 Milestones& Prominent Landmarks since PADICO HOLDING Inception 18 Board of Directors’ Message 20 Executive Committee Report 24 Summary of the Palestinian economy performance during 2016 30 PADICO Scope of Investments: Economic Sectors and Investments 32 Summary of Investments’ Performance 35 Future Perspectives (outlook) 77 Social Responsibility and Thought Leadership 78 PADICO Financial Performance Report during 2016 93 Main Financial Indicators 100 Performance of PADICO Holding Shares 101 Auditors’ Report and Consolidated Financial Statements 102 4 General Overview Palestine Development and Investment, Ltd.