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INDEPENDENT AUDITOR'S REPORT

The Shareholders
Al-Mazaya Holding Company - K.S.C. (Public)
State of Kuwait

Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of Al-Mazaya Holding Company - K.S.C. (Public) “the Parent
Company” and its subsidiaries (the Group) which comprise the consolidated statement of financial position as at June 30,
2023, and the consolidated statements of profit or loss, profit or loss and other comprehensive income, changes in equity
and cash flows for the period then ended, and notes to the consolidated financial statements, including a summary of
significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
financial position of the Group as at June 30, 2023, and its consolidated financial performance and its consolidated cash
flows for the period then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with ethical requirements that are relevant
to our audit of the consolidated financial statements in the State of Kuwait, and we have fulfilled our other ethical
responsibilities in accordance with the (IESBA Code). We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We identified the following key audit matter:

Valuation of investment properties
Investment properties as of June 30, 2023 amounting to KD 131,711,910 form a significant part of the total assets of the
Group. The determination of the fair value of such properties is a subjective area and is highly dependent on judgements
and estimates. Accordingly, the valuation of investment properties is considered a key audit matter. The Group performs a
valuation exercise through licensed valuers to determine the fair value of the investment properties. These valuations are
dependent on certain key assumptions such as estimated rental revenues, discount rates, occupancy rates, market
knowledge, developers’ risk and historical transactions. In estimating the fair value of investment properties, valuers used
the comparable market price, income capitalization and discounted cash flow techniques and had considered the nature
and usage of the investment properties. We reviewed the valuation reports on a sample basis from the licensed valuers
and checked the adequacy of disclosures in the consolidated financial statements, which is included in (Note 9).