SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Government Sector(Government, Legal & Humanity)
Filter PR by
  
ICAEW: Consolidation of regulatory laws will help Saudi Arabia attract foreign investment and meet Vision 2030 goals
ICAEW: Consolidation of regulatory laws will help Saudi Arabia attract foreign investment and meet Vision 2030 goals

Dubai, UAE, October 31, 2018:  Achieving Saudi Arabia’s ambitious Vision 2030 requires consolidation of regulations in order to attract foreign investment, create new jobs and transfer private sector skills to the public sector. This was the consensus during accountancy and finance body ICAEW’s Corporate Finance Faculty roundtable about how Saudi business is evolving to support a thriving economy.

The event was held at the Saudi Standards, Metrology and Quality Organization (SASO) in Riyadh, in partnership with the Saudi Organization for Certified Public Accountants (SOCPA) and in association with award-winning data room provider Drooms.

Panellists included Ahmar Azam, Chief Operating Officer of Leejam; Anand Rohatgi, Chief Operating Officer of Synergy Consulting; Daniel Royle, Corporate Partner at Abuhimed Alsheikh Alhagbani Law Firm; and Imad Matar, ME Deals Partner at PwC. The event was moderated by Alexander Gross, Senior Director at Drooms. 

Panellists discussed the various plans set in motion by the Kingdom for its Vision 2030, highlighting the particular industries facing consolidation, the merger and acquisition activities and how they are expected to drive economic growth.

Speakers agreed that the regulatory laws used in the Kingdom are below international standard, especially when compared to more developed markets. They emphasised the importance of revised laws and the adoption of International Financial Reporting Standards (IFRS) to attain a thriving economy.

In line with Vision 2030, the Kingdom is looking to attract foreign investors who could share their expertise in developing and growing local companies. But in order to achieve this, Saudi businesses must make themselves more marketable by showing an equal level of competency, transparency and disclosure. They must have the right team and structure in place, and they should strive to not only compete locally but also globally.

In terms of other reforms that are expected to occur, speakers advised that the Saudi Companies’ Law should be amended to allow a higher ownership percentage for foreign investors, especially in the priority sectors such as the healthcare where clinics are mandated to be 100% Saudi owned.

Panellists also agreed that cost-cutting is essential to improve the overall performance of Saudi businesses. A major strategy to achieve this is by providing economies of scale which can be achieved in the short term through mergers and acquisitions. 

Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “Vision 2030 sets out a blueprint for the future of Saudi Arabia. Pleasing progress has already been made as a result of sweeping social and economic reforms in the Kingdom. However, there is always room for improvement. By amending laws supporting private companies, we will see an increase in Foreign Direct Investment (FDI) which will lead to greater economic sustainability and long-term benefits for the economy.”

Panellists applauded Saudi Arabia’s ambitious and comprehensive plans to bring fundamental transformation and restructuring to the economy. 
 
The event was attended by more than 60 ICAEW members and senior business representatives from the major global and regional financial organisations. 

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 8586 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, October 31, 2018  11:11:00 AM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Versus Mouffetard [17675-Views]
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [14629-Views]
Boss Bottled Infinite: Express Your Inner Self [13296-Views]
Trussardi - the Levriero Collection [13149-Views]
Imperial Emerald, the new fragrance signed by The Merchant of Venice [12968-Views]
Cartier - The Baignoire Watch [11964-Views]
Turkish Airlines added Mexico City and Cancún, important cities of Americas to its flight netwo... [9984-Views]
The World's Richest Horse Race to run in Saudi Arabia [7880-Views]
Star Alliance members, Turkish Airlines and LOT Polish Airlines expanded their codeshare network. [7679-Views]
Ralph Lauren Introduces Ralph's Club for New York Fashion Week [7105-Views]
dnata's DUBZ checks in passengers for flights in The Dubai Mall [6224-Views]
Silah Gulf is Official Customer Experience Partner of the Saudi Emerging Technologies Forum [4871-Views]
Residents in the UAE and KSA say their favourite childhood memories are from family road trips [4490-Views]
Tabreed demonstrates commitment to enhancing energy efficiency with ISO 50001 certification [3965-Views]
A touch of elegance with Al Asel [3731-Views]
ThreatQuotient Set to Make its Debut at MENA ISC 2019 [2784-Views]
ISO certificate awarded to Al Masjed Al Nabawi nearest hotel [2366-Views]
Saudi Arabia's real estate market set to benefit from major projects aimed at promoting non-oil econ... [2353-Views]
Emirates NBD plans further expansion in KSA [2218-Views]
Prince Bandar Gathers His Saudi Cup Team in Saratoga [2189-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories