Saudi Arabia set to open first financial centre

The announcement was recently made by the Abdul Aziz Al-Furaih, chairman of the Steering Committee at the Ministry of Finance.

Riyadh: In a significant step towards improving its financial efficiency and accounting performance, the Kingdom of Saudi Arabia (KSA) is all set to establish its first financial centre based on harmonised accounting standards.

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The announcement was recently made by the Abdul Aziz Al-Furaih, chairman of the Steering Committee at the Ministry of Finance during the leadership forum for the transformation to accrual accounting in Riyadh.

Al-Furaih said that adopting the accrual basis of accounting offers significant benefits and returns that outweigh the time and effort invested.

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He emphasized the potential of accrual accounting for providing more precise and comprehensive financial data for decision-making, performance evaluation, and accountability across government entities.

Al-Furaih highlighted the transform’s achievements, including issuing 190 2022 opening balance sheets and 180 financial statements, and training over 6,000 government staff on the new system.

Deputy Minister of Finance Hamad Al-Kanhal emphasized that this transition aligns with Vision 2030 initiatives, aiming to improve the quality of financial information for decision-making.

Abdullah Al-Mahathal, head of the Accounting Entitlement Center, stressed the importance of sustaining businesses to maintain progress in accrual-based accounting and ensure full benefits.

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