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AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31, 2023
(All amounts are in Kuwaiti Dinars)

1. Incorporation and activities
Al Mazaya Holding Company “The Parent Company” is a Kuwaiti (Public) shareholding company listed on Kuwait
Boursa and Dubai Financial Market and registered in the State of Kuwait, and was incorporated based on Memorandum
of Incorporation under Ref. No. 3501 / Volume 1 dated November 7, 1998 and its subsequent amendments, the latest
of which was notarized in the commercial registry No. 75203 dated June 8, 2021, according to which the reduction of
the parent company’s capital.

The Parent Company’s main activities based on the Articles of Association are as follows:
Ownership of Kuwaiti and foreign shareholding companies, ownership of shares and portions of limited liability Kuwaiti
and foreign companies or participating in the formation of those companies, as well as managing and guaranteeing
those companies, granting loans to the companies in which it owns shares in and guaranteeing them towards others,
provided that the percentage of participation of the holding company in the capital of the borrowing company is not less
than 20%, ownership of industrial property rights including intellectual rights, trade marks, industrial marks, industrial
fees or any other rights relating to such assets and leasing them to other companies to utilize them whether inside or
outside the state of Kuwait, ownership of the movable assets and real properties needed to operate within the applicable
laws, utilization of its available financial surpluses by investing them in financial real estate portfolios managed by
specialized companies.

The Parent Company has the right to practice its aforementioned objectives inside the State of Kuwait and abroad for
itself or as agent or representative to other, the Parent Company has the right as well to have interest or to participate
with entities that practice similar operations or assist the Parent Company in achieving its objectives inside and outside
Kuwait, and such it has the right to establish, form partnership, purchase or merge with those entities.

The Parent Company’s registered address is P.O. Box 3546, Safat 13036, State of Kuwait.

The interim condensed consolidated financial information was authorized for issue by the Board of Directors on May 4,
2023.

2. Basis of presentation
The interim condensed consolidated financial information has been prepared in accordance with International
Accounting Standard 34 “Interim Financial Reporting”. The accounting policies used in the preparation of the interim
condensed consolidated financial information for the period are consistent with those used in the preparation of the
annual financial statements for the fiscal year ended December 31, 2022.

The Group has not early adopted any other standards, interpretations or amendments that has been issued but is not
yet effective. Other amendments and interpretations apply for the first time in 2023, but do not have an impact on the
interim condensed consolidated financial information of the Group.

The interim condensed consolidated financial information does not include all the information and notes required for
complete financial statements prepared in accordance with International Financial Reporting Standards. In the opinion
of management, all adjustments consisting of normal recurring accruals considered necessary for a fair presentation
have been included in the accompanying interim condensed consolidated financial information. Operating results for
the period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending
December 31, 2023. For further information, refer to the consolidated financial statements and notes thereto for the
year ended December 31, 2022.

Prior years’ adjustments represent the effect of adjusting the calculations of the non – controlling interest and the Parent
Company in First Dubai Real Estate Development Company – K.S.C.P and Al Mazaya Real Estate Development
Company – K.S.C. (Closed). The effect of this change as at December 31, 2021 resulted in an increase in the retained
earnings by an amount of KD 1,056,759, increase in the foreign currency translation adjustments by an amount of KD
2,347,603 and decrease in the non-controlling interests by an amount of KD 3,404,362.

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