DUBAI: KPMG said it will convert its Saudi Arabian unit from a professional partnership to a closed joint stock company, enabling the audit and advisory firm to expand across the Kingdom and in the regional market.
The move, approved by the Saudi Ministry of Commerce, is also aimed at creating job opportunities for Saudi citizens and allowing a new stream of shareholding from investors, who could be from professions outside the service sector.
Saudi Arabia has launched sweeping economic and social reforms to make the Kingdom an easier place to live and work and cut the red tape that had long deterred international investment.
At the same time, a Saudi ultimatum in mid-February has prompted some to rethink their strategy: from 2024, companies seeking state contracts in the Middle East’s biggest economy must have offices in the Kingdom.
“We are delighted to be the first professional services company in the Kingdom to transform from a partnership into a joint stock company,” Abdullah Bin Hamad Al-Fozan, chairman of KPMG Professional Services said, in a statement.
“For us, the decision to transition is in line with our strategy for expansion in the Kingdom and allowing the entry of new partners and shareholders.”
KPMG Saudi unit changes corporate structure to allow for expansion
https://arab.news/w3n69
KPMG Saudi unit changes corporate structure to allow for expansion
- Becomes closed joint stock company
- More companies set up Kingdom regional HQs
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
