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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)

In estimating the fair value of investment properties, the valuers had used the valuation techniques listed in the following
schedule and had considered the nature and usage of the investment properties:

2023
Class of investment property Valuation technique Level 2 Level 3 Total
Lands Comparable market prices 9,867,901 - 9,867,901
Residential buildings Comparable market prices 18,988,821 - 18,988,821
Commercial complexes Income capitalization - 71,559,195 71,559,195
Commercial complexes Comparable market prices 280,325 - 280,325
Commercial complexes Discounted cash flows - 850,000 850,000
Rights of use real estate assets Discounted cash flows - 33,450,599 33,450,599
Total 29,137,047 105,859,794 134,996,841

2022

Class of investment property Valuation technique Level 2 Level 3 Total
Lands Comparable market prices 29,765,450 - 29,765,450
Residential buildings Comparable market prices 35,434,656 - 35,434,656
Residential buildings Income capitalization - 1,740,000 1,740,000
Commercial complexes Income capitalization - 61,753,704 61,753,704
Commercial complexes Comparable market prices 232,426 - 232,426
Commercial complexes Discounted cash flows - 1,700,000 1,700,000
Rights to use real estate assets Discounted cash flows - 29,274,839 29,274,839
Total 65,432,532 94,468,543 159,901,075

Certain investment properties amounting to KD 78,395,833 (2022 - KD 111,095,296) are pledged as collateral against
Islamic bank facilities (Note 13).

Subsequent to the date of the consolidated financial statements, the pledge was released for investment properties in
the amount of KD 6,850,000 (Note 13) as one of the Group’s subsidiaries had fully settled the credit facilities granted
against those properties.

10. Goodwill
Goodwill represents excess of consideration paid for acquisition of First Dubai Real Estate Development Company
K.S.C.P. shares over and above the fair value of the identifiable assets and liabilities. As at December 31, 2023, The
Parent Company had assessed the carrying value of goodwill for impairment through an independent valuer who
assessed the value in use for First Dubai Real Estate Development Company K.S.C.P. as one cash-generating unit
("CGU") using discounted cash flows, which indicated a decrease in the recoverable amount compared to the carrying
value of First Dubai Real Estate Development Company K.S.C.P. which includes the full goodwill recorded in the
company's financial statements. Accordingly, an impairment loss of Goodwill amounting to KD 2,254,210 was
recognized during the year ended December 31, 2023.

11. Accounts payable and other credit balances
2023 2022
Trade payables 4,252,864 5,438,165
Dividends payable to shareholders 224,624 234,085
Retention payables to contractors 11,593 11,586
Other payables and accrued expenses 8,879,170 9,341,503
13,368,251 15,025,339

Classified as:
2023 2022
Current portion 10,358,020 11,735,726
Non-current portion 3,010,231 3,289,613
13,368,251 15,025,339

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