33 Statutory reserve

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Statutory Reserve

In line with the provisions of the UAE Federal Commercial Companies Law No. (32) of 2021, 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.  No transfer has been made to this reserve as the reserve has already reached 50% of the share capital (2022: Nil). The statutory reserve is not available for distribution.




(2) Starting in 2017, a number of Compliance-related responsibilities of the Audit Committee will be transferred to the newly created AML/CFT Committee of the Board.

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