Date:

21/05/2026

Name of listed company

Al Mazaya Holding Co. K.S.C.P

Automated Lawsuit number Lawsuit Number

…………………………..
(Previous case No.) 42/2023/1530 Commercial
(Currant case No.) 517/2023 Rea Estate
831&849&850&858 of 2023 Real Estate Appeal

Subject of the Lawsuit

Two subsidiaries of Al Mazaya Holding Company in the Emirate of Dubai (the defendants in this case) previously filed a lawsuit against the plaintiffs in this lawsuit claiming sums in exchange for developing real estate projects for them in the Emirate of Dubai, and the subsidiaries obtained a final judgment against them for a total amount of AED 19,780,852 (the subject of the disclosure dated 19/10/ 2021) under which the execution is under process, and as a result, the plaintiffs filed this lawsuit by claiming the following amounts against Al Mazaya Holding Company, the two subsidiaries and others, as follows:

1. Claiming that the defendants and those required to be included jointly, to pay to the plaintiffs an amount of AED 261,026,454 with legal interest at the rate of 5% from the date of the judicial claim until full settlement, with the inclusion of the judgment of expedited exhaustion free from the bail bond.
2. Claiming that the defendants and those required to be included jointly, to pay to the plaintiffs an amount of AED 50,000,000 as compensation for lost profits.
3. Obligating the defendants and those required to be included to pay the fees, expenses, and attorney’s fees

The Court Judgement / Verdict date

21/05/2026

The name of the Court/ Court circuit that issued the Judgement / Verdict

Court of Appeal

Parties of the Lawsuit

Atheer Development Limited and others (Appellants)
against
Al Mazaya Emirates Real Estate Development Company L.L.C, Al Mazaya Real Estate Company FZ L.L.C. (subsidiaries), Al Mazaya Holding Company K.S.C.P., and others. (Respondents)

The Judgment / Verdict in favor of

Appellants – Atheer Development Limited Company and Others

Court of First Instance Judgment / Verdict

The court ruled in:
First: Accepting the inclusion of (1- Dynasty Al-Zarouni Inc., 2- Kabir Molchandani, and 3- Hilal Muhammad Abdul Karim Abu Al-Hassan Al-Zarouni) as defendants in the lawsuit in form.

Second: Did not accept he case as its subject was already resolved by the court through case No. 297/2020 Plenary Real Estate, and the plaintiffs were obligated to pay the deferred fees according to what was stated as part of reasons and expenses, in addition to one thousand dirhams for attorney’s fees.

Court of Appeal Judgment / Verdict

The Court ruled in:
First: To dismiss Appeals Nos. 849, 850, and 858 of 2023 (Real Estate) on the merits.
Second: With regard to Appeal No. 831 of 2023 (Real Estate), to revoke the appealed judgment insofar as it held that the case was inadmissible due to prior adjudication in Case No. 297/2020 (Real Estate), and to re-adjudicate the matter by ordering the first three Respondents (Appellees) to jointly and severally pay to the Appellants an amount of AED 15,804,562 (Fifteen Million Eight Hundred Four Thousand Five Hundred Sixty-Two UAE Dirhams), together with delay interest at the rate of 5% per annum from the date of judicial claim until full payment.
Furthermore, to order them, jointly and severally, to pay the Appellants an amount of AED 3,000,000 (Three Million UAE Dirhams) as compensation for the damages sustained by them.
The Court also ordered each Appellant in Appeals Nos. 849, 850, and 858 of 2023 (Real Estate) to bear the fees and costs of their respective appeals.
It further ordered the first three Respondents in Joined Appeal No. 831 of 2023 (Real Estate) to bear an appropriate portion of the court fees and costs for both levels of litigation.
The Court ordered that legal fees be set off between the parties and forfeited the security deposits related to the four appeals.

Court of Cassation Judgment / Verdict

No court verdict has been issued

The expected financial impact on the company as a result of the Judgment / Verdict

This judgment will be appealed by the Company and its subsidiaries before the Court of Cassation and will record provisions for the full judgement amount during the second quarter of 2026, which comprise the judgment amount equivalent to KD 1.3 Million approximately, in addition to the estimated delay interest up to the date of the Appeal judgment which is equivalent to KD 200 Thousands approximately, as well as the compensation amount equivalent to KD 250 Thousands approximately.