Accountancy Bodies ICAEW And SOCPA Join Forces To Support Saudi Vision 2030

ICAEW (the Institute of Chartered Accountants in England and Wales) has signed a Memorandum of Understanding (MoU) with the Saudi Organization for Chartered and Professional Accountants (SOCPA), committing to develop the accountancy profession in the Kingdom.

The agreement between ICAEW, a world leader in the accountancy profession, and SOCPA, the official organisation for Chartered and Professional Accountants in Saudi Arabia, was signed in the presence of His Excellency Dr Majid bin Abdullah Al Kasabi, Minister of Commerce and Acting Minister of Media, Saudi Arabia on 7 April 2021 by ICAEW President David Matthews and Dr Ahmad Al-Meghames, Secretary General, SOCPA.

The partnership, which aligns with Saudi Vision 2030, sets out the two professional bodies’ intention to cooperate in developing education, training and continuing professional development, and to promote high professional standards in Saudi Arabia.

Dr Ahmed Al-Meghames, Secretary General, SOCPA, said: “It is with great pleasure that we sign the MoU with ICAEW, a world-leading accountancy and finance organisation that maintains the highest professional standards.

“By providing Saudi nationals access to internationally recognised qualifications and training, and supporting the development of their skills and abilities, partnerships like this help our people achieve a better future in which their qualifications are fit for today’s competitive world and their ambitions can be realised. This will contribute to an improved business climate, and lead to an increase in both local and foreign investment opportunities in the Kingdom. We look forward to working closely with ICAEW and collaborating further in the field of research and accountancy.”

David Matthews, ICAEW President, said: “We’re pleased to be signing this memorandum of understanding to strengthen our relationship with accountants in Saudi Arabia. The core themes of Vision 2030 – to achieve a vibrant society, a thriving economy and an ambitious nation, align very closely with ICAEW’s own vision and our ambitions for economies around the world. Realising Vision 2030 will continue to be at the heart of ICAEW’s collaboration with SOCPA during the coming years.”

Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “Today’s MoU signing comes at a crucial time as governments put in place initiatives to drive a sustainable recovery from COVID-19. In the spirit of unity, ICAEW and SOCPA are committed to working together more closely to build a world of sustainable economies, by training accountants with the skills they need to guide businesses and help them succeed.”