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Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We identified the following key audit matter:

Valuation of investment properties
Investment properties as of December 31, 2023 amounting to KD 134,996,841 form a significant part of the total assets of
the Group. The determination of the fair value of such properties is a subjective area and is highly dependent on judgements
and estimates. Accordingly, the valuation of investment properties is considered a key audit matter. The Group performs an
annual valuation exercise through licensed valuers to determine the fair value of the investment properties. These valuations
are dependent on certain key assumptions such as estimated rental revenues, discount rates, occupancy rates, market
knowledge, developers’ risk and historical transactions. In estimating the fair value of investment properties, valuers used
the comparable market price, income capitalization and discounted cash flow techniques and had considered the nature
and usage of the investment properties. We reviewed the valuation reports on a sample basis from the licensed valuers and
checked the adequacy of disclosures in the consolidated financial statements, which is included in )Note 9(.

Other Information included in the Group’s annual report for the year ended December 31, 2023
Management is responsible for the other information. “Other information” consists of the information included in the Group’s
2023 annual report, other than the consolidated financial statements and our auditors’ report thereon. We obtained the
consolidated financial statements included in the report of the Parent Company’s Board of Directors prior to the date of our
auditors’ report, and we expect to obtain the remaining sections of the Group’s 2023 Annual Report after the date of our
auditors’ report. Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of audit opinion thereon.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with IFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the parent company’s management is responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has
no realistic alternative but to do so.

Those Charged with Governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.