The Audit Committee assists the Board in discharging its responsibilities relating to financial reporting, external and internal audits and controls, including reviewing and monitoring the integrity of the Company’s financial statements, reviewing and monitoring the extent of the non-audit work undertaken by external auditors, advising on the appointment of external auditors, overseeing the relationship with the Group’s external auditors, reviewing the effectiveness of the external audit process, and reviewing the effectiveness of the Group’s internal control review function.

The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board. The Audit Committee will give due consideration to the applicable laws and regulations of the UAE, SCA and DFM.

The Audit Committee charter requires that the Audit Committee must comprise at least three members who are Non-Executive Directors of whom at least two of its members must be independent. In addition, at least one member is required to have practical audit and accounting experience. The Audit Committee will be chaired by one of the independent members and will include other members elected by the Board members from time to time.

The Audit Committee will meet not less than four times per year. The Audit Committee will take appropriate steps to ensure that the Group’s external auditors are independent of the Group as required by applicable law. The Group has obtained written confirmation from its auditors that they comply with guidelines on independence issued by the relevant accountancy and auditing bodies.