Under the required law, upon obtaining the license, the Company was required to prepare its financial statements under International Financial Reporting Standards (IFRSs). For this purpose the Company has complied with the requirements of IFRS 1 - First-time Adoption of International Financial Reporting Standards and hence these financial statements have been prepared using the transition provision to convert from generally accepted accounting standards in the Kingdom of Saudi Arabia issued by the Saudi Organization for Certified Public Accountant – (SOCPA) to IFRS (see note 7 for details).