MCI, Depositing 68 Financial Statements electronically for the Commercial Institutions within 40 days in the Platform “Qawaem”

16 Feb 2015
​Contribute to Enhance Transparency and Facilitate Depositing the Financial Statements for Commercial Institutions
As MCI continues its pursuit in promoting transparency in the Saudi market, and serving the Commercial Institutions in the Kingdom, the Ministry announced depositing more than 68 financial statements belonging to joint-stock, limited liability and individual companies through “Qawaem” electronic platform. MCI pointed out that more than 19 Accounting Offices had participated and deposited the financial statements electronically. This step will facilitate and organize the process of depositing the financial statements electronically.
This came after the Ministry had announced on the first of last January that it would stop receiving paper financial statements, following a decision by H.E. the Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al Rabiah, Chairman of the Board of Directors of the Saudi Organization for Certified Public Accountants, to amend Article IX of the Implementing Regulations of Chartered Accountants , which requested those enrolled in the Chartered Accountants registration at the Ministry to provide their financial statements and reports by depositing them via the electronic depositing program "Qawaem".
The Ministry confirmed that the electronic platform would contribute in providing the relevant authorities with the financial statements and information quickly and with high accuracy, as well as at the right time, in addition to providing a data base to be used by analysts, government authorities and researchers. MCI pointed out that the conversion of paper financial statements to electronic, and to be deposited automatically, contribute to support the credibility of the financial statements for the beneficiaries such as the Ministry of Commerce and Industry, the Department of Zakat and Income, commercial banks and others.
This electronic program provides important economic information that may give great assistance to planners, as well as identify any deviations in the institutions performance, through comparing the performance indicators automatically.
MCI called on all beneficiaries who wish to enter the web site of the financial statements to access the link:
Meanwhile, H.E. Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al Rabiah has honored, in his office, a group of business owners and accounting offices for depositing the financial statements in this program electronically. This is within the context of the Ministry`s keenness on making this project contribute in promoting transparency and serving the commercial institutions in the Saudi market.
The following table shows a list of companies that have been honored:
Name of Company
Al Kamal Office for Import Co., Ltd.
Abdul Mohsen Abdullah Ibrahim Al Jeriawi Est. for Contracting
International Mediterranean Co. for Contracting
Al Asser Construction Co. Limited
Services and Rapid Achievement Trading Co.
Dr. Mohammed Rashid Al-Faqih and Partners
Taibat Al Khair Development Co. Limited
Al Dahlawi Factory for Metal Furniture, owner / Nabil Yahia Dahlawi
WSJ Arabian Company
Hail Cement Company
Drees Co. for Petroleum & Transport Services (AlDrees)
Riyadh Construction Company

The following table shows the names of the Accounting Offices that have been honored:
Accounting Office
Mr. Ayouti & Partners, Chartered Accountants and Auditors
Bassam Mohammed Al Bakaawi Company and Partner, Chartered Accountants and Auditors
Chartered Accountant Office, Ashraf Bassas
Omar Saifuddin Sa`ati Office, Auditors and Chartered Accountants
Dr. Eid Al-Shammari Office, Chartered Accountants and Auditors
Mohammed Abdullah Mila`t, Chartered Accountants and Auditors
Ernest & Young & Partners, Chartered Accountants
Al Azzim and Sudairi, Chartered Accountants and Auditors

Last Modified 26 Dec 2018