Page 3 - Q4-2024-EN

INDEPENDENT AUDITOR’S REPORT

The Shareholders
Al-Mazaya Holding Company - K.S.C. (Public)
State of Kuwait

Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of Al-Mazaya Holding Company - K.S.C. (Public) “the Parent
Company” and its subsidiaries (the Group) which comprise the consolidated statement of financial position as at
December 31, 2023, and the consolidated statements of profit or loss, profit or loss and other comprehensive income,
changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a
summary of material accounting policies information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
financial position of the Group as at December 31, 2023, and its consolidated financial performance and its consolidated
cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code)
together with ethical requirements that are relevant to our audit of the consolidated financial statements in the State of
Kuwait, and we have fulfilled our other ethical responsibilities in accordance with the (IESBA Code). We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter
We would like to draw attention to Note 32 to the consolidated financial statements, which states that Al Mazaya Holding
Company - K.S.C.P. (Parent Company) and First Dubai Real Estate Development Company - K.S.C.P. (Subsidiary) are
entering into a Merger by Amalgamation, where Al Mazaya Holding Company - K.S.C.P. will be the “Merging” company and
First Dubai Real Estate Development Company - K.S.C.P. will be the “Merged” company. Our opinion is not qualified in
respect to this matter.