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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
9.
Investment in joint ventures
Investment in joint ventures consists of the following:
Country of
Incorporation
AI-Madar Gulf Limited
U.A.E.
AI Wahda Real Estate Investment Limited
U.A.E.
Seven Zones
Kuwait
Ownership
Percentage
50%
48%
50%
2008
2007
(Restated)
4,715,709
(77,416)
4,638,293
4,486,131
(172,526)
7,420,344
11,733,949
The movement during the year is as follows:
Balance at the beginning of the year
Additions
Group's share of results from joint ventures
Foreign currency translation adjustments
Balance at the end of the year
2008
2007
(Restated)
1
3,726,877
1,020,555
(109,140)
4,638,293
4,638,293
7,437,415
(342,763)
1,004
11,733,949
The Group's interests in its joint ventures as at December 31,2008 were as follows:
Assets
Liabilities
Net Assets
2007
2007
2007
2008
(Restated)
2008
(Restated)
2008
(Restated)
AI-Madar Gulf Limited
10,219,933
6,567,366
5,733,802
1,851,657
4,486,131
4,715,709
AI Wahda Real Estate
Investment Limited
1,488,376
2,109,779
1,660,902
2,187,195
(172,526)
(77,416)
Seven Zones
8,272,936
852,592
7,420,344
2007
2008
(Restated)
AI-Madar Gulf Limited
4,004,145
2,107,635
AI Wahda Real Estate Investment Limited
28,404
10,707
Seven Zones
Revenues
Results
2008
2007
(Restated)
1,021,613
(1,058)
(230,268)
(95,424)
(17,071)
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