10th Aug 2021, By Susan Turner
In this first post of a series of four focusing on the Kingdom of Saudi Arabia, we provide some insights on how the Kingdom has reformed and evolved over recent years based on what is available in the public domain, and my own knowledge gained as Head of Employee Benefits (“EB”) at Lux Actuaries and Consultants (“Lux”), an independent actuarial firm that provides EB services to over 100 clients in KSA.
In the second post of the Series, attention will be given to one change/development in particular; that is the implementation of International Financial Reporting Standards (“IFRS”) in KSA a few years ago. In the penultimate post, consideration will be given to setting the actuarial assumptions required under IFRS. Finally, the last of the Tetralogy will bring us forward to the present/near future; which inevitably leads to a discussion on the COVID-19 pandemic. The focus here will be on impact assessment and, linking into the previous IFRS post, how the virus in Saudi has changed financial reporting in the context of actuarial EB liabilities.
KSA Developments (2016 to present)
The citizens of Saudi Arabia have witnessed monumental change and sustained reform since 2016, in terms of political, economic and legislative developments.
Below are just some of the challenges and changes that have altered the nation’s landscape:
In Conclusion
Most of the recent changes reflect positively on the national identity of Saudi, improving perceptions of the Kingdom.
The Kingdom has humbly identified its weaknesses, vulnerabilities and inherent risks and found inventive ways in which to modernize, diversify and alter the economic and fiscal function of the State; perhaps leading the way for other Middle Eastern and developing nations to follow suit.
What’s Next
I hope this initial “setting the scene” post has piqued your interest in Saudi to a sufficient extent that you are encouraged to read on to post 2, then post 3 and finally post 4.
Abu Dhabi
ernest.louw@luxactuaries.comSaudi Arabia
shivash@luxactuaries.comGreece
vasilis@luxactuaries.comNetherlands
andreas.dockel@luxactuaries.comEast Africa
joseph.birundu@luxactuaries.comNorth Africa - Egypt
ahmed.nagy@luxactuaries.comNorth Africa - Francophone
mohammed.moussaif@luxactuaries.comSouthern Africa
siobhain.omahony@luxactuaries.comWest Africa
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