Riyadh – Mubasher: Audit, tax, and advisory services provider in Saudi Arabia KPMG received official approval from the Saudi Ministry of Commerce to become a closed joint-stock company, converting from a professional partnership.

This step came in accordance with the Professional Companies Law that was approved by the Council of Ministers and became effective on 26 March 2020, according to a press release on Tuesday.

Through the transition, KPMG is expected to expand its footprint across Saudi Arabia and regional markets. This will be in addition to creating new jobs for Saudis, enhancing capabilities, and allowing a new stream of shareholding from investors, which could be from other professions than the service lines.

KPMG has become the first professional services firm in the Kingdom to transform from a partnership into a joint-stock company, Chairman of KPMG Professional Services, Abdullah bin Hamad Al Fozan, said.

As the new professional firms’ law is seen paving the way for the entry of new shareholders, Al Fozan commented: "Since the issuance of the Executive Regulations of the new Professional Companies Law, we have started to work on the transition process.”

KPMG Professional Services was set up in Saudi Arabia in 1992 and currently has nearly 1,400 employees with offices in Riyadh, Jeddah, and Al Khobar.