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Amount Due to/From Related Parties
 12 Months Ended
Dec. 31, 2021
Disclosure of Information About Amounts rRecognised in Relation to Aegulatory Deferral Account Balances [Abstract]  
AMOUNT DUE TO/FROM RELATED PARTIES
23AMOUNT DUE TO/FROM RELATED PARTIES

 

Related parties represent associated companies, shareholders, directors and key management personnel of the Group, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group’s management.

 

23.1Related party balances

 

Due from related parties:

 

   2021  2020 
   USD  USD 
(a) Affiliated companies:       
Du – UAE   339,767   318,702 
Mobily – KSA   261,670   128,539 
    601,437   447,241 

 

(b) Due from related parties        
Elie Habib (shareholder)   65,472    
-
 
Vistas Media Acquisition Company   1,000,000    
-
 
    1,666,909    447,241 

 

A payment of USD 1,000,000 has been paid to Vistas Media Acquisition Company for the extension of the SPAC transaction for an additional 3 months period, the balance was refunded upon the completion of the Business Combination.

 

Due to shareholders and related parties:

 

   2021   2020 
   USD   USD 
(a) Due to shareholders        
Edgard Maroun   365,847    65,283 
MEVP Holding SAL   250,000    250,000 
Omar Sukarieh   30,000    30,000 
Choucri Khairallah   75,000    15,763 
    720,847    361,046 

(b) Due to a related party

          
MBC FZ LLC   1,350,000    1,524,086 
    2,070,847    1,885,132 

 

The above balances are interest free and have no fixed repayment terms.

 

(c) Convertible notes: Convertible notes from MEVP, SAMENA and SHUAA are disclosed in note 24 to the consolidated financial statements.

 

(d) Working capital loans: Working capital loans from MEVP and SHUAA are disclosed in note 24 to the consolidated financial statements.

 

Significant transactions with related parties included in the consolidated statement of comprehensive income are as follows:

 

   2021   2020 
   USD   USD 
         
Marketing expense incurred to MBC FZ LLC   
-
    250,000 
           
Fair value movement on convertible notes (note 24)   453,331    1,291,551 
           
Transaction and other costs   -    150,000 
           
Interest on convertible loans (note 24)   1,836,468    188,138 
           
Interest on working capital loans (note 24)   221,372    
-
 
           
Consultancy fees paid to Shuaa   3,100,000    
-
 
           
Foreign exchange loss   
-
    53,917 
           
Revenues from Du and Mobily   1,445,268    1,881,293 
           
Fees paid to Du and Mobily (cost of revenue)   577,674    577,741 

 

In 2019, MBC entered into agreement to provide the Group advertising services such as airtime on music and entertainment shows like ‘The Voice’ and other similar shows.

 

Du and Mobily utilize their network to facilitate subscription payments for the Group’s users.

 

23.3Compensation of key management personnel of the Group

 

   2021   2020 
   USD   USD 
         
Short term employee benefits   1,088,027    1,028,329 
Post-employment pension and medical benefits   30,939    19,680 
Termination benefits   1,830    13,780 
Share-based payment transactions   105,069    185,126 
Total compensation of key management personnel of the Group   1,225,865    1,246,915