NOTES TO FINANCIAL STATEMENT

Investment property

	Land	Building	Total
	AED	AED	AED
At 1 January 2018	–	–	–
Additions during the year	10,390,000	29,610,000	40,000,000
Impairment loss during the year	–	(1,038,961)	(1,038,961)
At 31 December 2018	10,390,000	28,571,039	38,961,039
Transfers during the year (Note 4)	(10,390,000)	(28,571,039)	(38,961,039)
At 31 December 2019	–	–	–

 

Investment properties includes the acquisition of a 51.95% share in building purchased during the year ended 31 December 2018 through a related party transaction.

In 2019, the Board of Directors approved to relocate the Company’s offices to its owned property on Defence Road in Abu Dhabi effective 1 March 2019 and for conversion of the property in the Company’s books from investment property to self-occupied property. The carrying amount of the property at the time of transfer is AED 38,961,039