Riyadh, Saudi Arabia – 8th December 2020: ICAEW (the Institute of Chartered Accountants in England and Wales) has signed a Memorandum of Understanding (MoU) with Prince Sultan University (PSU), the first Private University in the Kingdom of Saudi Arabia, to work together to raise professional standards in the accountancy and finance sector in the Kingdom.
In alignment with Saudi Vision 2030, the partnership will support the ongoing development of education curricula and vocational training programmes and promote higher standards within Saudi Arabia’s accountancy profession. Establishing a framework for both parties to recognise each other’s qualifications, the agreement will also provide a fast track for PSU students to gain access to the ICAEW Certificate in Finance, Accounting and Business (CFAB), an internationally recognised certificate that teaches essential knowledge in business, finance and accounting.
The agreement between ICAEW and PSU was signed by Michael Armstrong FCA, ICAEW Regional Director, Middle East, Africa and South Asia and Professor Mohammad Nurunnabi, PSU.
Commenting on the MoU signing, Michael Armstrong said:
“ICAEW's vision is a world of strong economies. Our partnership with PSU demonstrates our continued commitment to work closely with educational institutions in the region to steer economic growth and develop the accountancy profession."
“The accountancy profession in Saudi Arabia has an important role to play in achieving Vision 2030 and supporting sustainable economic growth. By providing Saudi nationals and residents with access to ICAEW’s internationally recognised qualification and training, we can empower them with the practical skills and essential knowledge needed in today’s competitive business world.”
Both parties will now explore opportunities to embed the ICAEW CFAB into the PSU Bachelor of Science in Accounting syllabus, as well as explore the potential for PSU to become an ICAEW CFAB exam centre, making ICAEW exams more accessible to students in the Kingdom.
Professor Mohammad Nurunnabi from PSU, said:
“We are proud to partner with ICAEW, a world-leading accountancy and finance organisation. This partnership aligns with our vision to provide the Middle East with quality education of the highest international standard, and underscores our commitment to Saudization. Together we will ensure students in the Kingdom have access to academic support and training that is consistent with global standards. We are the first program in the Middle East to offer very market driven curricula and offer six certifications in addition to a degree like IPSAS, IFRS, IA, Analytics, Taxation."
“The business landscape in the Kingdom and across the wider Middle East continues to evolve, in part driven by economic diversification agendas, but also because of rapid digitalisation. We look forward to working with ICAEW to ensure education standards develop apace to strengthen the accounting and finance profession in the region.”
ICAEW and PSU will also work to provide information to students about the accountancy qualifications and opportunities that may be available to them after graduation from PSU.
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