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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 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 number 75203 dated October 16, 2023, according to which the reduction
of the parent company’s capital was notarized (Note 25).

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 consolidated financial statements were authorized for issue by the Parent Company’s Board of Directors on
February 19, 2024. The consolidated financial statements are subject to the approval of the Annual General Assembly
of the shareholders of the Parent Company. The Shareholders Annual General Assembly has the power to amend
these consolidated financial statements after issuance.

2. Significant accounting policies
The accompanying consolidated financial statements of the Group have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Significant
accounting policies are summarized as follows:

a) Basis of preparation:
The consolidated financial statements are presented in Kuwaiti Dinars (“KD”) which is the functional currency of
the Parent Company and are prepared under the historical cost basis, except for Financial assets at fair value
through profit or loss (“FVTPL”), Financial assets at fair value through other comprehensive income (“FVTOCI”),
and Investment properties which are stated at fair value.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.

The preparation of consolidated financial statements in conformity with International Financial Reporting Standards
requires management to make judgments, estimates and assumptions in the process of applying the Group’s
accounting policies. Significant accounting judgments, estimates and assumptions are disclosed in Note 2(ae).
The key sources of estimation uncertainty are consistent with the annual audited consolidated financial statements
of the Group for the year ended December 31, 2022.

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