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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)

b) Basis of consolidation:
The consolidated financial statements incorporate the financial statements of the Parent Company and the
following subsidiaries (together the “Group”):
Percentage of holding
Country of Principal
Name of subsidiary incorporation activities 2023 2022
Al Mazaya Real Estate Development Company K.S.C (Closed) State of Kuwait Real estate 97.77% 97.77%
Gulf Turkey for General Trading and Contracting Company W.L.L State of Kuwait Real estate 98% 98%
First Dubai Real Estate Development Company – K.S.C.P State of Kuwait Real estate 88.83% 88.83%
Mezzan Combined For General Trading Company – W.L.L State of Kuwait Real estate 99% 99%
Al Yammar Kuwaiti Agriculture Company S.P.C. (a) State of Kuwait Real estate - 100%
Mazaya Ritim Istanbul Insaat Anonim Sirketi (Note 6 - b) Turkey Real estate - 100%
Mazaya Real Estate Turkey Gayrimenkul Yatirimlari Anonim Real estate
Sirketi (a) Turkey - 100%
Al Mazaya Lebanon Company- S.A.L (Holding) Lebanon Real estate 99.85% 99.85%
Grand Mazaya Real Estate Company W.L.L (a) KSA Real estate - 99%
Al Mazaya Real Estate Development Company L.L.C Oman Real estate 100% 100%
Mazaya Al Ghad – S.P.C. UAE Real estate 100% 100%
Al Mazaya Prime for Project Management – O.P.C State of Kuwait Real estate 100% 100%
Medical
MedCell Medical Company - K.S.C. State of Kuwait services 50% 50%

(a) During the year ended December 31, 2023, the Group had liquidated Al Yammar Kuwaiti Agriculture Company
S.P.C, Grand Mazaya Real Estate Company W.L.L and Mazaya Real Estate Turkey Gayrimenkul Yatirimlari
Anonim Sirketi.

Subsidiaries are those enterprises controlled by the Parent Company. Control is achieved when the Group:
• Has power over the investee.
• Is exposed, or has rights to variable returns from its involvement with the investee.
• Has the ability to use its power to affect its returns.

The Parent Company reassess whether or not it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control listed above.

When the Group has less than a majority of voting rights of an investee, it has power over the investee when the
voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in
an investee are sufficient to give it power, including:
• The size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote
holders;
• Potential voting rights held by the company, other vote holders or other parties;
• Rights arising from other contractual arrangements; and
• Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability
to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous
shareholders’ meetings.

The financial statements of subsidiaries are included in the consolidated financial statements from the date that
control effectively commences until the date that control effectively ceases. Specifically, income and expenses of
a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss
and other comprehensive income from the date the Parent Company gains control until the date when the Parent
Company ceases to control the subsidiary. All inter-company balances and transactions, including inter-company
profits and unrealized profits and losses are eliminated in full on consolidation. Consolidated financial statements
are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

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