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Saudi Arabia has achieved a significant milestone in public financial management by successfully transitioning to International Public Sector Accounting Standards on an accrual basis.

This move highlights the Kingdom’s commitment to modernizing its public sector financial practices as part of its Vision 2030 agenda.

The adoption of these global standards underscores Saudi Arabia’s efforts to enhance transparency, accountability, and decision-making within its government operations. The announcement was made during the Saudi Public Sector Accounting Forum, held on Dec. 8 in Riyadh, under the patronage of Finance Minister Mohammed Al-Jadaan.

Speaking at the event, Abdulaziz Al-Furaih, chairman of the steering committee at the Ministry of Finance, said: “Today marks a significant milestone, made possible by the unwavering support of our visionary leadership, which has fully backed this strategic national project.”

The forum highlighted Saudi Arabia’s transition to accrual-based accounting and its adoption of IPSAS.

Ian Carruthers, chairman of the International Public Sector Accounting Standards Board, emphasized that the Kingdom’s success was driven by Vision 2030 and the strong leadership of the Ministry of Finance.

Abdullah Al-Mehthil, assistant deputy minister of finance for policies and governance, explained: “Accrual accounting enhances the Kingdom’s ability to make strategic decisions by providing detailed insights into long-term financial obligations and improving the overall quality of financial reporting.”

A key focus of the forum was the cultural transformation needed within the public sector to sustain these changes. Mohammed Al-Nwaiser, assistant deputy minister for financial affairs and accounts at the Ministry of Finance, stressed the importance of evolving financial practices to ensure long-term sustainability following the transition.

Abdullah Majrashi, CEO of the Financial Skills Center, emphasized the center’s role in improving financial literacy and building capacity within the public sector workforce. Ross Smith, program leader and technical director at IPSASB, noted that while resistance to such transitions often stems from knowledge gaps, Saudi Arabia has made remarkable progress through its well-structured approach.

Hamad Al-Kanhal, deputy minister of finance for financial affairs and accounts, discussed the broader significance of the transformation, stating, “This is not just the implementation of an accounting standard; it is a comprehensive change management process that requires continuous commitment and collaboration across all relevant entities.”

He further emphasized that the shift would enable the government to manage its financial resources more efficiently and achieve its strategic objectives.

At the forum’s conclusion, several government entities were honored through the “Pioneers of Accrual Accounting” award program.

The Ministry of Communications and Information Technology, King Saud University, and the Saudi Water Authority received the Diamond Award for their excellence in business continuity following the transition and for issuing interim financial statements.

Other awards included recognition for governance and project management to the Digital Government Authority, innovative solutions to the National Center for Waste Management, and technological enablement to the Ministry of Environment, Water, and Agriculture.

The forum, which coincided with Saudi Arabia’s hosting of the IPSASB meetings, attracted over 600 attendees, including local and international experts, standard-setting legislators, and leaders from various Saudi government entities.

https://arab.news/82hnx

Arab media professionals attending the Noor Riyadh festival have highlighted the significant artistic activity in Saudi Arabia, noting that the movement drives creativity and innovation in the Kingdom’s contemporary arts scene.

Noor Riyadh serves as a platform for cultural exchange, aligning with Riyadh Art’s goal of nurturing local talent and boosting the capital’s cultural economy.

The festival, held under the theme “Light Years Apart” until Dec. 14, features artworks by over 60 artists across three hubs: King Abdulaziz Historical Center, Wadi Hanifa, and JAX District.

Some 43 international artists from countries including Australia, France, Germany, Hungary, Italy, Japan, Montenegro, the Netherlands, Poland, Russia, Slovenia, South Korea, Spain, Turkiye, the UK, the UAE, and the US are showcasing their work, in addition to 18 Saudi artists.

Sara Al-Abri, a journalist at Oman’s newspaper Al Roya, told Arab News that the festival stood out for its diverse artworks, with the use of modern technologies like digital lighting and interactive art creating a unique experience.

She said: “What particularly caught my attention was the innovative integration of art and technology, adding depth and beauty to the venue.”

She added that the event also embodied Saudi Vision 2030, which promotes culture and the arts.

“I noticed a growing interest in contemporary and digital arts in Saudi Arabia, alongside traditional arts,” she said.

Mohammed Alafthan, TRT World correspondent in the GCC (Gulf Cooperation Council), said contemporary arts in the Kingdom were making enormous strides and almost racing against time to keep up with global advancements, adding: “Saudi society, in all its segments, has a deep appreciation for creativity and visual arts.

Source:https://arab.news/6rjq5

Saudi Arabia has been communicating with all regional actors on Syria and is determined to do what is possible to avoid chaos following the ouster of President Bashar Assad, a Saudi official said on Sunday.

“We are in constant communication with Turkiye and every stakeholder involved,” the official told Reuters, adding that the Kingdom was not aware of Assad’s whereabouts.

His failure to re-engage several regional actors and the opposition was to blame for his downfall, the official said.

“The Turkish government attempted to engage and coordinate with the Syrian government, but these overtures were met with refusal,” he said.

“The current situation is a direct consequence of the Syrian government’s lack of engagement in the political process. This outcome reflects the inevitable result of such intransigence.”

Assad went to Saudi Arabia in 2023 to attend an Arab League summit, after a 12-year suspension.

“The hope was that this move would influence the Syrian government to engage more constructively with the opposition and the various stakeholders within Syria and in the region, rather than allowing the existing stalemate and fragile peace to be taken for granted,” the official said.

“We emphasized that the situation should not be underestimated, as it remained precarious. Unfortunately, this message did not result in any meaningful action from the Syrian side.”

The official said events in Syria showed some positive aspects that he hoped would continue.

“Notably, the transition has occurred without bloodshed, which is encouraging. Additionally, we appreciate the statements from various stakeholders emphasizing the importance of protecting state institutions, the sovereignty of Syria, and the rights of minority groups,” he said.

“We hope to see these positive trends continue and are committed to doing everything we can to maintain this momentum.”

Source:https://arab.news/wx7dq

Jordan’s Consumer Price Index surged 1.56 percent from the beginning of the year through October to reach 110.58 points compared to 108.88 during the same period in 2023.

Higher prices of specific goods and services largely drove this rise. Personal items saw the largest increase, up 11.6 percent, followed by water and sanitation services, which rose by 7.34 percent, according to Petra news agency.

Other significant contributors included union dues, increasing by 5.86 percent, rental costs by 3.86 percent, and tobacco products by 3.53 percent.

For October alone, the consumer price index reached 110.61 points, marking a 0.76 percent increase from the same month of 2023

The monthly rise was influenced by a hike in prices of personal items by 21.38 percent, an increase of water and sanitation services by 7.34 percent, a rise in tobacco prices of 6.77 percent, and food seasonings and enhancers up 4.82 percent.

These increases were partially offset by declines in categories such as fruits and nuts, down by 6.92 percent; vegetables and pulses, down by 6.31 percent; and furniture and carpets, down by 3.04 percent, as well as fuel and lighting, down by 2.74 percent.

The CPI remained stable from September to October. Minor price drops were recognized in several categories, including meat and poultry, which fell by 1.81 percent; fruits and nuts, down 1.24 percent; and culture and entertainment, which declined by 0.95 percent. Transportation costs decreased by 0.72 percent, while fuel and lighting saw a reduction of 0.65 percent.

In parallel, Jordan’s industrial production index recorded a cumulative increase of 0.48 percent through September, reaching 87.63 points compared to 87.22 points during the same period last year.

This rise was attributed to a robust performance in the mining sector, which surged by 8.34 percent, and electricity production, which increased by 5.41 percent. However, manufacturing output saw a slight decrease of 0.28 percent.

For September alone, the IPI rose 3.41 percent year-on-year to reach 89.83 points, supported by growth in manufacturing, up 3.35 percent, mining, up 7.46 percent, and electricity production, up 0.71 percent.

However, the index dropped by 1.17 percent from August to September, primarily due to a 14.63 percent decrease in electricity output and a 4.47 percent decline in mining, while manufacturing remained stable with a minor 0.01 percent increase.

These economic indicators reflect ongoing inflationary pressures on Jordan’s consumer sector alongside moderate growth in industrial output, underscoring the mixed economic conditions influenced by domestic and global factors.

Source:https://arab.news/zyut8