NOTES TO FINANCIAL STATEMENT

Statutory deposits

In accordance with the requirement of Article (38) of the Federal Decree Law No. (48) of 2023 Regulating Insurance Activities (previously Federal Law No. 6 of 2007, as amended), the Company maintains a bank deposit amounting to AED 6,000,000 as of 31 December 2023 (31 December 2022: AED 6,000,000) and it cannot be utilized without the consent of the Central Bank of the U.A.E. (“CBUAE”).