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AL MAZAYA HOLDING COMPANY
K.S.C.
(HOLDING) AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER
31,
2010
(All amounts are in Kuwaiti Dinars)
The consolidated financial statements include the financial statements of AI Mazaya Holding Company -
K.S.C. (Holding) (the Parent Company) and the following subsidiaries:
Percentage of ownershi~
Country of
2010
2009
Subsidiaries
incor~oration
%
%
AI Mazaya Real Estate Development Company - K.S.C. (Closed)
Kuwait
100
100
AI Mazaya Real Estate Fl/LLC and its subsidiaries:
U.A.E
100
100
AI Dana Real Estate Limited
U.A.E
100
100
AI Rayhan Real Estate Limited
U.A.E
100
100
Advantage General Trading Co. W.L.L.
UAE
100
100
Spectrum FZ / LLC
UAE
100
100
Mazaya Investments (DIFC) Limited
UAE
100
100
AI Mazaya AI Khalijia for General Trading and Contracting - Khalid
S. Esbaitah and Partners - W.L.L.
Kuwait
100
100
AI Mazaya Arabian Real Estate Company - Khalid S. Esbaitah and
Partners - W.L.L.
Kuwait
100
100
AI Mazaya International for Projects Management Company -
Khalid S. Esbaitah and Partners - W.L.L.
Kuwait
100
100
Mazaya Lebanon Company - SAL. (Holding) and its subsidiary:
Lebanon
100
100
Mazaya Lamartien - SAL.
Lebanon
100
100
Seven Zones Real Estate Company K.S.C. (Closed)
Kuwait
100
100
First Dubai Real Estate Development Company - K.S.C. (Closed)
and its subsidiaries:
Kuwait
93.23
63.98
United Circle General Contracting and Buildings - Abdulla
Faisal AI Sultan and Partner - W.L.L
Kuwait
100
Future International Project Management - W.L.L. and its
subsidiary:
Kuwait
85
85
Waterfront Real Estate Company K.S.C. (Closed)
Kuwait
83.29
78.10
Mezzan Combined For General Trading - W.L.L. Company
Kuwait
100
During the year ended December 31,2010, the Group has pledged 475 million shares from its investment in
the subsidiary - First Dubai Real Estate Development K.S.C. (Closed) which represent 51% from the Group's
ownership in the subsidiary against term loans. The fair market value of these pledged shares was KD
21,850,000 as of December 31,2010 (Note 13). The Group has also pledged 5.6 million shares from its
investment in the subsidiary - Waterfront Real Estate K.S.C. (Closed) which represent 6% from the Group's
ownership in the subsidiary against term loans. The fair market value of these pledged shares was KD
142,240 as of December 31,2010.
During the year ended December 31, 2010, the Group increased its direct holding of the subsidiary-
Waterfront Real Estate Company - K.S.C. (Closed) by 5.1%, accordingly the Group's ownership percentage
in this subsidiary became 83.29%. The consideration paid for acquiring the subsidiary's shares amounted to
KD 1,866,266 while the respective book value was KD1,487,406. The difference between the consideration
paid and the shares' book value amounted to KD 378,882 has been recognized in the equity of the Group.
Also during the year ended December 31, 2010 the Group increased its indirect holding of the subsidiary-
First Dubai Real Estate Development Company - K.S.C. (Closed) by 28% through the acquiring a new
subsidiary (note 2- d), accordingly the Group's ownership percentage in this subsidiary became 93.23%.
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