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ANNUAL REPORT
2016
N
otes To The Consolidated Financial Statements
AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES
As At 31 December 2016
10. INVESTMENT IN JOINTVENTURE
11. INVESTMENT IN AN ASSOCIATES
* During the year ended 31 December 2016, the Parent Company acquired additional equity interest in Ritim,
accordingly it was reclassified from investment in joint venture to investment in subsidiaries pursuant to business
combination (Note 6).
Movement in the carrying amount of investment in associate during the year is as follows:
Although the Group holds less than 20% of the ownership interest and voting control of the associate, the Group
has the ability to exercise significant influence through its nominated director’s participation in the associate’s
board. Investment in associate with carrying value of KD 8,630,379 (2015: 9,293,012) is collateralised against
certain tawarruq payable (Note 19).
Turkey
Kuwait
-
17.54
40
17.54
-
2,881,861
Ritim Istanbul Insaat
Anonim Sirketi (Ritim)
(formerly known as Mazaya
Turkey Gayimenkul
Yatirimlarianonim Sirketi)*
First Qatar Real Estate
Development K.S.C.(Closed)
The movement in investment in joint venture during the year was as follows:
Balance at the beginning of the year
Additions
Share of results
Foreign currency translation adjustments
Reclassified to investment in subsidiary (Note 6)
Balance at the end of the year
Balance at the beginning of the year
Share of results
Share of associate’s other reserve
Share of associate’s foreign currency translation reserve
Balance at the end of the year
2016
2016
2016
KD
2015
2015
2015
KD
Country of
Incorporation
Country of
Incorporation
Principal
activities
Principal
activities
Ownership %
percentage
Ownership
%
Carrying
value
Real estate
Development
Real estate
Development
Services
2,881,861
-
1,052,805
)30,107(
)3,904,559(
-
9,293,012
2,267
57,564
-
9,352,843
3,702,816
912,000
)23,033(
)1,709,922(
-
2,881,861
9,181,630
151,158
-
)39,776(
9,293,012
2016
KD
2016
KD
2015
KD
2015
KD
108