ZaraAnnual-Arabic2009
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4. PROJECTS IN PROGRESS<br />
This item represents the cost of executed works by contractors for the Group relating to projects in<br />
progress:<br />
Company Name 2009<br />
JD<br />
2008<br />
JD<br />
Jordan Hotels and Tourism Co. * 8,575,511 446,329<br />
Jordan Himmeh Mineral Co. 350,035 349,483<br />
Nabatean Hotels Co. 148,840 590,560<br />
Levant Hotels and Tourism Co. 2,336,348 362,723<br />
Amman Tourism Investment Co. 1,488,701 504,263<br />
Oasis Hotels Co. ** 525,703 525,703<br />
National Hotels and Tourism Co. 748,702 370,319<br />
Red Sea Hotels Co. 29,805 957,810<br />
South Coast Hotels Co. ** 528,245 528,245<br />
Zara South Coast Development Co. 8,026,293 27,662,872<br />
Zara Investment Co. ** 101,091 98,241<br />
22,859,274 32,396,548<br />
Less: Provision for projects in progress ** ( 1,139,535) ( 1,152,189)<br />
21,719,739 31,244,359<br />
* This item includes an amount of JD 100,313 which represents interest expense that were capitalized<br />
on projects in progress during the year 2009.<br />
Movement in projects in progress provision is as follows:<br />
5. AVAILABLE-FOR-SALE INVESTMENTS<br />
Quoted shares - Local<br />
2009<br />
JD<br />
2008<br />
JD<br />
Jordan Express Tourist Transport Co. 713,785 739,277<br />
Jordan Projects Tourism Development Co. 22,357,249 20,978,849<br />
Unquoted shares - Local<br />
23,071,034 21,718,126<br />
Jordan Hotels and Tourism Education 180,000 180,000<br />
United Saudi Jordanian Hotels and Tourism Co. 6,850,080 3,850,080<br />
Ayla Hotels and Tourism Co. 1,220,080 1,220,080<br />
Dead Sea Conferences and Exhibitions Co. 354,000 354,000<br />
Unquoted shares - Foreign<br />
8,604,160 5,604,160<br />
Jerusalem Tourism Investment Co. 5,800 4,100<br />
Palestine Touristic Investment Co. - 25,520<br />
5,800 29,620<br />
31,680,994 27,351,906<br />
Investments in unquoted shares are carried at cost as fair values cannot be reliably determined. In<br />
management’s opinion, the costs of these investments are not materially different from their fair values.<br />
Movement in the cumulative change in fair value is as follows:<br />
2009<br />
JD<br />
2008<br />
JD<br />
2009<br />
JD<br />
2008<br />
JD<br />
Balance, beginning of the year 1,152,189 -<br />
Charge for the year - 1,152,189<br />
Reversal ( 12,654) -<br />
Balance, beginning of the year 17,475,879 15,313,275<br />
Change in fair value 1,268,350 2,162,604<br />
18,744,229 17,475,879<br />
Balance, end of the year 1,139,535 1,152,189<br />
The estimated cost to complete the above projects is approximately JD 37,000,000 as of 31 December<br />
2009. Management expects to complete the projects during the coming 2 years (40,000,000 as of 31<br />
December 2008).<br />
56 Consolidated Financial Statement Annual Report 2009<br />
57