Title: Announcement regarding issuance of Disciplinary Board Resolution No. (60/2023 Disciplinary Board) - (81/2023 Authority), and imposition of a fine against Al Taameer Real Estate Investment Company for violating the rules of Real Estate Assets Valuation.

Announcement regarding issuance of Disciplinary Board Resolution No. (60/2023 Disciplinary Board) - (81/2023 Authority), and imposition of a fine against Al Taameer Real Estate Investment Company for violating the rules of Real Estate Assets Valuation.

For the following reasons:
Violation of the provision of paragraph (d) of Item (2) of Appendix (1) (Real Estate Assets Valuation) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to valuate two real estates in the State of Kuwait, which are listed under (Investment Real Estates) included in the Company’s financial statements for the year that ended on 31/12/2022.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Al Taameer Real Estate Investment Company in an amount of KWD 1,000 (one thousand Kuwaiti Dinars) for the attributed violation”.

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.