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, 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 Company has transferred AED 1,568 thousand to the reserve (2023: Nil). The statutory reserve is not available for distribution.

During the period in the Annual General Meeting, the shareholders resolved to utilize the statutory reserve in the amount of AED 80,060 (2023: Nil) thousand to adjust fair value reserve. This was approved by the Securities and Commodities Authority on 10 June 2024.




(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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