The Purpose

   Kuwait Resorts Company K.S.C.P. (referred to as the company) to maintain the highest standards of professional conduct and ethical values. The Code of Business Conduct and Ethical Values ("Code") for members of the Board of Directors and Executive Management reflects the business practices and behavioral principles that underpin this commitment.

The Company's Board of Directors is responsible for establishing and updating the standards of conduct contained in the Code, as appropriate, to reflect legal and regulatory developments. While these standards cover a wide range of the company's business practices and procedures, they do not cover every issue that may arise, or every situation that requires ethical decisions, but rather set out the main guiding principles that represent the company's policies.
This charter is intended to provide guidance for avoiding conflict or conflict situations and generally to support appropriate behavior. In general, the charter aims to promote best practices related to corporate governance, in parallel with other guidelines and instructions related to corporate governance.

Scope of application

The principles set forth in this Code describe how members of the Board of Directors and Executive Management should act, but they do not address all expectations or circumstances relating to appropriate and ethical business conduct. Each member of the Board of Directors and the Executive Management is expected to abide by this charter in letter and content.

Overseeing the implementation of the Charter

The Chairman of the Board supervises compliance with the charter of professional conduct and ethical values. Any violation of applicable laws, business ethics, or other aspects of the Code of Business Conduct and Ethical Values may result in reporting such violations to the Board of Directors and subject to disciplinary action as a result of such violations.

Standards of professional conduct and ethical values

The main principles of ethical behavior and moral values include:
Loyalty - Each member of the Board of Directors and Executive Management shall carry out his responsibilities to the best of his abilities and wisdom, bearing in mind the interest and objectives of the company. He must also act in good faith and allocate sufficient time while carrying out his responsibilities.

Integrity, impartiality and good judgment - A member of the Board of Directors and the executive management must show great appreciation and interest in all matters related to the company during the assignment period as a member of the Board of Directors and also after the end of his term of service in the company. He shall also avoid any kind of acts, public announcements, or activities aimed at achieving private gains that may harm his status or the integrity or impartiality required in his position as a member of the Board of Directors.

Behavior within the company - A member of the Board shall refrain from influencing the decisions of the company's management, whether it is for his own interest or the interest of another person in matters that have not been decided yet and which fall within the scope of responsibility of the employees and the executive management of the company.

The Charter has been prepared keeping in mind the following:

• Each member of the Board of Directors must abide by all laws and instructions and represent all shareholders with commitment to what achieves the interest of the company, the interest of shareholders and the interest of other stakeholders and not only the interest of a specific group.

• The disclosures are complete, fair, accurate, reasonable and meaningful and are issued in a timely manner within the periodic reports issued by the company and required by government and regulatory bodies.

• To avoid misuse or application of the company's assets and resources.

• To ensure the highest level of confidentiality and fair and honest dealings inside and outside the company.

Commitment Procedures

The members of the Board of Directors and the executive management must immediately report any suspected violations to the Chairman of the Board of Directors, who will in turn take the appropriate measures based on his directives. Violations will be investigated by the Council or by the person or persons assigned by the Council to do so, and appropriate action will be taken in the event of any violations of the Charter.

Disclosures in reports and documents

The members of the Board of Directors and the executive management must disclose fully, accurately, understandably and in a timely manner within the reports and documents that are kept in the company's files, or those that are delivered to the regulatory authorities and other reports and information that are disclosed to the public.

Executive management

The principles contained in this charter and specific to the members of the Board of Directors and members of the executive management apply during the performance of their duties and responsibilities, and these principles are summarized as follows:

• Act honestly and honestly, particularly in matters relating to conflicts of interest.

• Provide complete, fair, accurate and timely disclosures within reports and other communications.

• Adhere to applicable laws, rules and regulations.

• Immediately report violations of the Charter.

• Assuming responsibility for compliance with the Code of Business Conduct.