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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

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
June 30,
Country of Principal December June 30,
Name of the subsidiaries incorporation activities 2023 31, 2022 2022
Al Mazaya Real Estate Development
Company K.S.C (Closed) State of Kuwait Real estate 97.77% 97.77% 97.98%
Gulf Turkey for General Trading and
Contracting Company W.L.L State of Kuwait Real estate 98% 98% 98%
First Dubai Real Estate Development
Company – K.S.C.P State of Kuwait Real estate 88.83% 88.83% 89.23%
Mezzan Combined For General Trading
Company – W.L.L State of Kuwait Real estate 99% 99% 99%
Al Yammar Kuwaiti Agriculture Company
S.P.C. (a) State of Kuwait Real estate - 100% 100%
Mazaya Ritim Istanbul Insaat Anonim Sirketi
(Note 7 – b) Turkey Real estate - 100% 100%
Mazaya Real Estate Turkey Gayrimenkul
Yatirimlari Anonim Sirketi Turkey Real estate 100% 100% 100%
Al Mazaya Lebanon Company- S.A.L
(Holding) Lebanon Real estate 99.85% 99.85% 99.85%
Grand Mazaya Real Estate Company W.L.L
(a) KSA Real estate - 99% 99%
Al Mazaya Real Estate Development
Company L.L.C. Oman Real estate 100% 100% 100%
Mazaya Al Ghad – S.P.C. UAE Real estate 100% 100% 100%
Al Mazaya Prime for Project Management –
O.P.C. State of Kuwait Real estate 100% 100% 99%
Medical
MedCell Medical Company - K.S.C.C. State of Kuwait services 50% 50% 50%

(a) During the period ended June 30, 2023, the Group had liquidated both Al Yammar Kuwaiti Agriculture
Company S.P.C. and Grand Mazaya Real Estate Company W.L.L.

Prior years’ adjustments represent the effect of adjusting the calculations of the non - controlling interest and the
Parent Company in First Dubai Real Estate Development Company – K.S.C.P and Al Mazaya Real Estate
Development Company – K.S.C. (Closed). The effect of this change resulted in an increase in the retained
earnings by an amount of KD 1,056,759, increase in foreign currency translation adjustments by an amount of
KD 2,347,603 and decrease in the non-controlling interests by an amount of KD 3,404,362.

Subsidiaries are those enterprises controlled by the Parent Company. Control is achieved when the Parent
Company:
 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.

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