35 Statutory Reserve

Statutory reserve

In line with the provisions of the UAE Federal Commercial Companies Law No. 32 of 2021, and the Company’s Articles of Association, the Company is required to transfer annually to a statutory reserve account an amount equivalent to 10% of its profit, until such reserve reaches 50% of the share capital of the Company.  During the year the Group has transferred nil to the reserve (2021: AED 1,548 thousand). The statutory reserve is not available for distribution.