Saudi Arabia's Ministry of Commerce and Investment and PwC, the professional services firm, have signed a Memorandum of Understanding (MOU) to set up PwC's Academy in the Kingdom to provide training and development opportunities to Saudi Nationals. The MOU was signed in New York City represented by Dr. Majid Abdullah Al-Kassabi, Minister of Commerce and Investment & Chairman of the Board – SOCPA and Bob Moritz, Chairman, PricewaterhouseCoopers International on July 1, 2016. The overall objective of the Academy will be to support the economic and business objectives of Saudi Vision 2030 and help improve the financial technical acumen within the Kingdom. Al-Kassabi said: "We are pleased to announce our partnership with PwC - this agreement reflects the Ministry's commitment to Saudi Vision 2030 and to the needs of our citizens. The signing in PwC's New York office confirms PwC's commitment in providing its global capabilities to support vision 2030.We, together, look forward to working towards the enhancement of skill development in the Kingdom." Riyadh Al Najjar, PwC Saudi Arabia Country Senior Leader from July 1, 2016 said: "The Kingdom is a main area of focus and interest for PwC and we are always seeking to build strong partnerships within the communities we operate in. This Academy will contribute in building the skills of Saudi professionals and graduates, and will empower the leaders of tomorrow to have the right talents in both the public and private sectors." PwC's Academy's program will be extended to government employees, and graduates from accounting schools, among others, and will focus on: The application and adoption of International Financial Reporting System (IFRS) Upgrading the knowledge of the private sector, and Chief Financial Officers in particular Testing and rehabilitating all licensed accountants on the adoption of IFRS to enable them to audit IFRS financial statements Support the redesign of SOCPA accounting exams to address the requirements of IFRS "Our partnership with the Ministry of Commerce and Investment is a step that reaffirms our commitment to the Kingdom, with alignment with Saudi Vision 2030's directions. Saudi Arabia's National Transformation Program will generate more than 450,000 new private-sector jobs by 2020" Adding "Our commitment towards the Kingdom is not new, we have been operating in the kingdom since 1979, currently our four offices in different parts of the Kingdom employ more than 1000 people with more than 300 Saudi nationals led by 12 Saudi partners across audit, tax and consulting. Rami Nazer, Partner ME Government and Public Sector Leader at PwC, said PwC's Academy is the educational business of PwC. Its goal is to help improve the knowledge, skills, competence and expertise of people in finance and business; to help organizations across the region grow and retain their talent. The Academy's foundation is its team of expert professionals who convey their wealth of knowledge and the practical experience they have gained within leading organizations around the world. — SG
