KSA boosts renewable energy investments

Updated 25 July 2014
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KSA boosts renewable energy investments

The Kingdom has confirmed its commitment to allocate over $109 billion of investment to develop a strong renewable energy sector by 2032, according to energy industry sources.
The Kingdom’s strategy targets renewable energy to contribute 20-23 percent of its energy needs, with the world’s most valuable company, the Saudi Aramco, taking the lead in the country’s solar energy development.
The ambitious plan is fast progressing as Saudi Aramco is already setting up a 300 MW plant, the sources said.
The government has also mandated the Saudi investments funds to use their substantial liquidity to partner with international renewable energy providers to cater for this rapidly growing sector.
They said Saudi renewable energy investors and project holders are instructed to invest in and conduct business with viable solar businesses around the globe.
The sources said that the key to achieving its potential in the solar energy market is Saudi Arabia’s effective collaboration with international experts and establishing the most beneficial partnerships to further the Kingdom’s objectives.
“Energy summits play a vital role in providing the right introductions, meeting, and dialogue platforms for the development of the sector, whereby the opportunities for partnerships are created,” they said.


Oman regulator suspends KPMG from new auditing work over ‘irregularities’

Updated 14 November 2018
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Oman regulator suspends KPMG from new auditing work over ‘irregularities’

  • In Oman, KPMG is banned for one year from doing new auditing work for companies regulated by the CMA
  • It is another setback for KPMG, which is under scrutiny after losing clients in South Africa following its role in a high-profile corruption scandal there

DUBAI: Oman’s securities regulator said on Wednesday it has suspended audit firm KPMG from doing new work for a year after finding major financial and accounting irregularities at some listed companies.
The Capital Market Authority (CMA) took corrective steps at those companies to protect investors, it said in a statement without naming the firms or giving other details.
A review by the CMA “established professional negligence on the part of some audit firms that warranted disciplinary measures against them in the interests of the investors and other stakeholders,” the CMA said.
It is another setback for KPMG, which is under scrutiny after losing clients in South Africa following its role in a high-profile corruption scandal there and has faced investigations in Britain over its auditing of some clients.
In Oman, KPMG is banned for one year from doing new auditing work for companies regulated by the CMA, including listed companies, securities firms and insurers.
The penalty does not affect projects where KPMG has already been appointed, and KPMG has a right to appeal against the penalty before an independent authority, the CMA said.
KPMG said it could not immediately comment on the CMA’s statement.