Cabinet OKs amended accounting profession law, NDF regulations

Custodian of the Two Holy Mosques King Salman bin Abdulaziz

The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved today, Oct. 14, the amendments to the Law of the Accounting and Auditing Profession and the regulations of the Saudi Organization for Auditors and Accountants.

It also approved the amendments to the bylaws of the National Development Fund (NDF), as stated in the decision, Saudi Press Agency (SPA) reported.

In March 2022, the Crown Prince, who is also Deputy Prime Minister and Chairman of the NDF’s board, launched the fund’s strategy to support sustainable development goals across all economic sectors by transforming it into an integrated national financial institution contributing to the Saudi Vision 2030’s goals.

Through its affiliated funds and development banks, the NDF aims to stimulate private-sector participation by more than tripling its developmental impact on the Saudi economy by 2030, while contributing over SAR 570 billion to the Kingdom’s real gross domestic product (GDP).

The fund also seeks to more than triple the share of non-oil GDP to reach SAR 605 billion by 2030.