Saudi Arabia Assumes Chairmanship of INTOSAI

The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh. (SPA)
The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh. (SPA)
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Saudi Arabia Assumes Chairmanship of INTOSAI

The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh. (SPA)
The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh. (SPA)

Saudi Arabia solidified on Friday its global leadership in public financial auditing and accounting by winning the chairmanship of the International Organization of Supreme Audit Institutions (INTOSAI). The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh under the patronage of Egypt’s President Abdel Fattah al-Sisi.

‏The General Assembly declared Saudi Arabia, represented by the General Court of Audit (GCA), as the Chair of INTOSAI starting in 2031 for a three-year term. Saudi Arabia will host delegations from over 195 countries, led by the heads of supreme audit institutions (SAIs), assuming leadership of the world’s foremost organization in financial and performance auditing. This role positions Saudi Arabia to steer global efforts in enhancing transparency, public sector governance, and government performance, while reinforcing public trust in national economies.

‏On this occasion, GCA President Dr. Hussam Alangari extended his congratulations to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, acknowledging their unwavering support and empowerment of GCA.

This achievement reflects the Kingdom’s international standing and global trust, enabling it to play a pivotal role in advancing auditing and accountability worldwide, he stressed.

Alangari highlighted the transformative developments in organizational independence, technical and human capacity, and methodological innovation that have enabled GCA to achieve its vision of impactful audit, public sector effectiveness, and quality of life for citizens.

“Saudi Arabia welcomes the world in 2031, and we look forward to hosting everyone in Riyadh to shape a global future that promotes transparency, governance, and governmental effectiveness,” he added.

‏This milestone crowns decades of international engagement led by Saudi Arabia through GCA, starting with its early membership in INTOSAI in 1977. Saudi Arabia has consistently taken leadership roles in international and regional organizations, including serving as Chair of the Arab Organization of Supreme Audit Institutions (ARABOSAI) for two consecutive terms since 2022, and the upcoming Chair of the Asian Organization of Supreme Audit Institutions (ASOSAI) starting in 2027.

GCA has also led numerous INTOSAI committees and initiatives focused on capacity building and enhancing the efficiency of peer SAIs in developing countries, reflecting Saudi Arabia’s commitment to advancing auditing and accountability globally.

‏Founded over 70 years ago, INTOSAI is the largest and most prestigious international organization uniting SAIs worldwide. Today, it comprises over 195 member countries, each represented by its supreme audit institution, working to enhance transparency, governance, and public sector auditing, with the ultimate goal of improving citizens’ lives around the world.



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.