Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

UAE, Saudi auditors’ association sign agreement to work jointly

Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.
  • The agreement aims to develop a framework for corporate governance to enhance investor confidence.
  • The agreement defined the frameworks for joint cooperation between them in several areas, most notably the participation in organizing of internal audit conferences.

The Internal Auditors Associations of the UAE and Saudi Arabia have signed a cooperation agreement to work the internal auditing domain jointly.

Abdulqader Obaid Ali, Chairman of the Board of UAE Internal Auditors Association, and Abdullah Saleh Al-Shebeili, CEO of the Saudi Internal Auditors Association, signed the agreement.

Media reports said the agreement aims to develop a framework for corporate governance to enhance investor confidence; establish strategic alliances with regulatory and legislative authorities; develop the internal audit profession, provide expertise and specializations, and work to localize it in the two countries.

The agreement defined the frameworks for joint cooperation between them in several areas, most notably the participation in the preparation and organizing of internal audit conferences; exchange of experiences in quality assurance; training under the HASAAD Development Programme; joint nomination of speakers at specialized conferences in the two countries, and other areas of cooperation.

Abdulqader Ali said, “This will raise the capabilities of internal auditors in the two countries to advanced levels to keep pace with the challenges facing the profession and comply with professional standards.”

Abdullah Al-Shebeili said, “We are pleased to sign this agreement, which comes in response to the aspirations of the leadership of the two countries to deepen and enhance joint cooperation in various fields, given the growing interest in the internal audit profession in Saudi Arabia and the UAE parallel to their level of development and prosperity experienced.”