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Showing 16 of 55 content results
Blog Mastering Succession Planning in Saudi Family Businesses
Family businesses have long been the backbone of Saudi Arabia's economy, driving innovation, fostering generational wealth, and contributing significantly to the nation's growth. However, succession planning is a crucial challenge emerging as these businesses evolve in an ever-changing landscape. Effective succession planning ensures the seamless transition of leadership from generation to generation, safeguarding the business's legacy while embracing new perspectives. In this article, we delve into the strategies that Saudi family businesses can employ to navigate the complexities of succession planning and secure their prosperous future.
2 min read | 30 Aug 2023
Blog How ESG Reporting Can Benefit Saudi Arabian Companies
Sustainability has taken centre stage in an era defined by global challenges such as climate change, social inequality, and resource depletion. Across the globe, businesses recognise that their success is intricately linked to their ability to operate in an environmentally responsible and socially conscious manner. Saudi Arabian companies are no exception, and many embrace Environmental, Social, and Governance (ESG) reporting principles to align with global sustainability goals and reap significant financial and reputational benefits.
2 min read | 30 Aug 2023
Blog Navigating Saudi Arabia's Evolving Financial Reporting Landscape
In recent years, Saudi Arabia has been undergoing a remarkable transformation across various sectors, and its financial reporting landscape is no exception. As the Kingdom strives to diversify its economy and attract international investments, significant changes have been made to enhance transparency, accountability, and compliance within its financial reporting practices. For businesses operating within or considering entry into this dynamic market, understanding these changes is crucial to staying competitive and building trust with stakeholders. This article guides navigating Saudi Arabia's evolving financial reporting landscape, highlighting key developments and their implications for businesses.
2 min read | 30 Aug 2023
The Power of Budgeting Effective Techniques for Financial Planning in Saudi Companies
Financial planning is critical to a company's success in today's dynamic business environment. Budgeting is a powerful and indispensable technique among the various tools available for financial planning. Effective budgeting can be a game-changer for Saudi Arabian companies aiming to navigate economic uncertainties and achieve long-term growth. This article explores the power of budgeting and presents some practical techniques to enhance financial planning in Saudi companies.
5 min read | 30 Jul 2023
Impact of IFRS Convergence on Saudi Arabian Businesses Streamlining Financial Processes through Digital Transformation in Accounting
The International Financial Reporting Standards (IFRS) have emerged as a globally accepted accounting framework to enhance transparency, comparability, and consistency in financial reporting. As businesses in Saudi Arabia strive to strengthen their position in the global economy, converging to IFRS becomes a crucial step towards achieving international recognition and credibility. This article explores the impact of IFRS convergence on Saudi Arabian businesses, shedding light on the challenges they might encounter during the transition and the benefits they can reap in the long run.
3 min read | 30 Jul 2023
Blog The Rise of Islamic Banking and the Implications for Financial Reporting and Auditing in Saudi Arabia
Islamic banking has witnessed significant growth and acceptance worldwide, with Saudi Arabia being at the forefront of this transformative movement. As the Kingdom's economy embraces Islamic principles, Chief Financial Officers (CFOs) must understand the implications of this shift in financial reporting and auditing practices. This article aims to shed light on the rise of Islamic banking, its future in Saudi Arabia, and the steps CFOs should take to adapt to this evolving landscape.
3 min read | 17 Jul 2023
Blog The Role of Auditing in Promoting Transparency and Accountability in Saudi Arabia
Transparency and accountability are crucial for building trust, fostering investor confidence, and ensuring the stability and integrity of financial systems. In Saudi Arabia, auditing is vital in promoting transparency and accountability across various sectors. This article explores the significance of auditing in Saudi Arabia, the key stakeholders involved, the regulatory framework, and the benefits it brings to the economy.
3 min read | 17 Jul 2023
Harmony in Numbers and Nature The Synergy of ESG and Financial Reporting
In finance and business, two seemingly distinct realms often converge to create a powerful force that shapes the future of companies and the planet: Environmental, Social, and Governance (ESG) principles and financial reporting. The relationship between ESG factors and financial performance is not just a coincidence but a manifestation of the inherent harmony between numbers and nature. This article explores the growing significance of ESG integration into financial reporting, highlighting how their synergy can drive positive change and foster sustainable development.
4 min read | 26 Jun 2023
IFRS Insights A Year of Crucial Financial Reporting Changes
In the span of a year, Saudi Arabia has undergone a series of transformations in its International Financial Reporting Standards (IFRS). These modifications reflect the nation's drive to harmonize its accounting protocols with the worldwide financial reporting standards, facilitating investors' analysis and comparison of financial statements across diverse markets.
Shahzada Saleem
Shahzada Saleem
| 2 min read | 10 Apr 2023
Blog The Transformation of Listed Companies in KSA
Saudi Arabia is the largest economy in the Middle East and is undergoing rapid transformation as part of its Vision 2030 plan. The plan aims to reduce the country's dependence on oil exports and diversify its economy. One of the key elements of this plan is the transformation of listed companies in Saudi Arabia to become more financially sound and efficient.
Imad Adileh
Imad Adileh
| 2 min read | 10 Apr 2023
Blog Unlocking the Power of IPO for Business Growth
In recent years, Saudi Arabia has experienced a notable increase in the number of initial public offerings (IPOs), as evidenced by a robust pipeline of companies poised to go public in the near future. This article aims to examine the current IPO landscape and future projections in the Saudi Arabian market, as well as the factors that are contributing to this surge in activity.
Imad Adileh
Imad Adileh
| 3 min read | 05 Apr 2023
Blog Navigating KSAs Healthcare Industry
The healthcare industry in the Kingdom of Saudi Arabia (KSA) is among the most advanced in the Middle East, but there are strict financial reporting requirements that must be followed to ensure high-quality care for everyone. These requirements include tax, audit, and other advisory considerations, like data protection and cyber security. Let's take a closer look at what healthcare companies in KSA need to know.
Imad Adileh
Imad Adileh
| 2 min read | 04 Apr 2023
Blog How Saudi Arabia's VAT Landscape Has Evolved
Value Added Tax (VAT) is a relatively new introduction to the Saudi Arabian economy. Before it was implemented in 2018, Saudi Arabia was among a minority of countries in the world without any VAT system. Within this club were several of the Kingdom's neighbours, including the UAE, Bahrain, Oman, Kuwait, and Qatar. In the year 2016, a ground-breaking agreement was reached by all six nations of the GCC. The Common VAT Agreement promised to usher in a new era with its 5% VAT rate. The purpose behind introducing VAT was to generate additional revenues for the GCC economies and diversify revenue sources. So far, this move has been considered an objective success.
Mohamed Hwitat
Mohamed Hwitat
| 3 min read | 29 Mar 2023
Insight Wave 3 Implementation of E-Invoicing in Saudi Arabia.
Zakat, Tax and Customs Authority (ZATCA) determined the criteria for selecting the targeted taxpayers in the third wave for implementing the "Integration Phase" of E-invoicing, as it clarified that the third wave included all taxpayers whose revenues subject to VAT exceeded (250 Million Saudi Riyals) during 2021 or 2022. VATregistered taxpayers meeting the criteria should integrate their e-invoicing solutions with (FATOORA) Platform starting from October 1, 2023.
Adel Daglas
Adel Daglas
| 1 min read | 28 Mar 2023
Go Beyond Series Go Beyond in Egypt
Egypt is an attractive investment destination for many reasons, with one of the most obvious being its geographic location. The country lies in the heart of North Africa and serves as a bridge between Europe, Asia, and Africa. This makes it strategically crucial on both global and regional levels, creating promising prospects for investments in transportation, logistics, as well as other infrastructure projects
Imad Adileh
Imad Adileh
| 4 min read | 14 Mar 2023
Blog Sustainability and the Need for Institutionalisation in KSA
Sustainability has become an increasingly important topic of conversation in the Kingdom of Saudi Arabia in recent years and with good reason. As one of the world's highest-carbon emitters, its commitment to reduce emissions and transition to a low-carbon economy is critical for global climate change efforts.
Imad Adileh
Imad Adileh
| 3 min read | 03 Feb 2023
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