Saudi Arabia to Open First Financial Center with Unified Policies, Guidelines

The Leadership Forum for the Transformation to Accrual Accounting was organized by the Ministry of Finance in Riyadh on Tuesday. (Asharq Al-Awsat)
The Leadership Forum for the Transformation to Accrual Accounting was organized by the Ministry of Finance in Riyadh on Tuesday. (Asharq Al-Awsat)
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Saudi Arabia to Open First Financial Center with Unified Policies, Guidelines

The Leadership Forum for the Transformation to Accrual Accounting was organized by the Ministry of Finance in Riyadh on Tuesday. (Asharq Al-Awsat)
The Leadership Forum for the Transformation to Accrual Accounting was organized by the Ministry of Finance in Riyadh on Tuesday. (Asharq Al-Awsat)

Chairman of the Steering Committee at the Ministry of Finance, Abdulaziz Al-Furaih, announced on Tuesday that Saudi Arabia was preparing to open the first financial center, which will be based on an integrated system of unified and harmonized standards, policies and guides at the national level.

Al-Furaih noted that the move aims to increase the efficiency of the government’s financial and accounting performance, adding that converting the entity to the accrual basis according to the new system would provide accurate and comprehensive financial information that supports decision-making.

“It also enables performance evaluation, setting targets and accountability, objectivity, and other benefits that improve the capabilities of the entity and the system in all financial and economic fields,” he underlined.

Al-Furaih’s remarks came during the opening of the Leadership Forum for the Transformation to Accrual Accounting, which was organized by the Ministry of Finance in Riyadh on Tuesday.

He pointed to the issuance of more than 190 opening balance lists for the year 2022, equivalent to 95 percent of the target in the number of lists, and more than 180 transitional financial lists for the same year, or 90 percent of the target.

He stressed that the transformation achievements would be followed by additional steps that emphasize the sustainability of business on an accrual basis and enhance the gains.

Deputy Minister of Finance for Financial Affairs and Accounts Hamad Al-Kanhal said the shift to the accrual basis is one of the Vision 2030 initiatives, adding that it is the appropriate basis for building financial information that supports the decision-making process.

Al-Kanhal stated that the Accounting Merit Pioneers program is one of the transformation management tools that was launched at the Merit Center to support and create competitiveness among government agencies with the aim of stimulating and accelerating transformation within the concerned entities.



Gold Extends Gains as Safe-haven Rush follows Trump's Tariffs

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Extends Gains as Safe-haven Rush follows Trump's Tariffs

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Tuesday, driven by safe-haven demand as trade conflicts erupted after US President Donald Trump imposed new tariffs on top three trading partners of the world's biggest economy.

Spot gold rose 0.9% to $2,919.44 an ounce by 1154 GMT, up for a second straight session. Bullion has gained 10% so far this year and hit a record high of $2,956.15 on February 24.

US gold futures rose about 1% to $2,930.

Trump's new 25% tariffs on imports from Mexico and Canada took effect at 0501 GMT. He also doubled duties on Chinese goods to 20%. China hit back immediately with additional tariffs of 10%-15% on certain US imports from March 10 and a series of new export restrictions for designated US entities, Reuters reported.

"With Trump 2.0 delivering exactly the chaos he promised in the US election, Western investors are joining emerging-market central banks in buying gold as an all-weather hedge," said Adrian Ash, head of research at online marketplace BullionVault.

Traders now await the ADP employment report due on Wednesday and the US nonfarm payrolls report on Friday for clues on the Federal Reserve's interest-rate trajectory.

"Any indication of a slowdown in the US economy would support calls for more Fed rate cuts and support the gold price. We continue to look gold to re-test the highs over the coming weeks," UBS analyst Giovanni Staunovo said.

The US central bank held interest rates steady in its last meeting. It is expected to resume cutting rates in June and could reduce short-term borrowing costs again in September.

J.P.Morgan said it expects gold close to $3,000 an ounce by the fourth quarter of 2025.

Spot silver added 0.6% to $31.88 an ounce, platinum firmed 0.6% to $959 and palladium gained 1.2% to $949.18.