By W. Abdallah
This ebook makes a speciality of how multinational businesses can plan and deal with their overseas company within the Gulf nations. vital problems with accounting, auditing, finance, taxation, advertising and marketing, and managerial matters are lined in all the chosen Gulf countries.
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Extra info for Accounting, Finance, and Taxation in the Gulf Countries
Led wars and Middle East policy, and general hostility toward Arabs and Muslims as another reason for the divesting in the United States or Western Europe. Most Arab investments that were pulled out of the United States were redirected into stocks and real estate in the Gulf region, laying the ground for a boom that accelerated as the price of oil shot skyward. ). 3 percent in dollar terms since the start of year 2007. 7 percent in the same period while the Dow Jones Industrial Average is essentially flat (Slater 2007).
The Saudi Arabian government followed Oman and the UAE in establishing an independent regulator—the Saudi Arabian Securities and Exchange Commission (SASEC)—by passing the Capital Markets Law in June 2003. The Commission is to be governed by five commissioners, who will be appointed by the Royal Decree. The commissioners were only appointed in April 2004 and the SASEC is to be chaired by deputy chairman of the Saudi Arabian Monetary Authority. In February 2004, the Capital Market Supervision Directorate of the Bahrain Monetary Agency (renamed the Central Bank of Bahrain) issued a Consultation Paper on Securities and Exchange Regulation and it is expected to be adopted soon.
There is little difference between interest rates and inflation across the GCC. The principal advantage of a common currency would include (1) savings in transaction costs across the GCC and (2) stimulation of growth in trade among the Gulf countries. This aspect is of growing importance as the financial markets of the Gulf become more integrated (Anonymous 2005b). However, before introducing the single currency in the Gulf countries, the following issues should receive the highest priority: (1) maintenance of a strong fiscal position and (2) adoption of a common code of fiscal conduct consisting of fiscal convergence criteria, a common accounting framework for public accounting, and adequate budgetary procedures (IMF 2003a).
Accounting, Finance, and Taxation in the Gulf Countries by W. Abdallah