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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007
(All amounts are in Kuwaiti Dinars)
The Group's investment in AI Wahda Real Estate Investment Limited as of December 31, 2006 was as
follows:
Loss
AI Wahda Real Estate Investment Limited
28,625
Net liability
8,651
8.
Properties under development
Properties under development
are located in Kuwait and Dubai, UAE which are in the process of
construction or development for sale.
2007
2006
Cost incurred to date
Recognized profit
Transfer from rights to certain properties
Additions relating to the newly consolidated subsidiary
Transfer from work in progress (Note 10)
Transfer from investment properties (Note 9)
Less: Progress billings
Total properties under development
201,611,808
15,612,024
8,937,085
11,179,987
15,300,318
47,063,469
3,599,318
6,780,670
(101,644,692)
122,359,810
(27,189,117)
59,191,060
Properties under development amounting to KD 39,790,061 are pledged as a collateral against term loans
(Note 14).
9.
Investment properties
Balance at the beginning of the year
Transfer to work in progress (Note 10)
Transfer to properties under development (Note 8)
Additions during the year
Additions relating to the newly consolidated subsidiaries
Changes in fair value of investment properties
Disposals
Balance at the end of the year
2007
2006
43,226,075
400,925
(7,281,900)
(6,780,670)
18,355,455
32,736,485
6,780,670
120,298
3,307,995
(21,976,921 )
25,662,337
43,226,075
10.
Work in progress
2007
2006
1,075,479
4,674,797
(3,599,318)
7,281,900
466,771
8,824,150
1,075,479
Balance at the beginning of the year
Transfer to properties under development (Note 8)
Transfer from investment properties (Note 9)
Additions during the year
Balance at the end of the year
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