Nefal Barrak
Managing Partner, Kreston NBB Saudi
Saudi Arabia’s accounting industry strengthens as RHQs surge
April 24, 2026
Saudi Arabia’s accounting and advisory market is continuing to evolve at pace, driven by sustained multinational investment, regulatory reform and shifting client demands, according to Nefal Barrak Beneyyah, Managing Partner at Kreston NBB.
Multinationals accelerate regional headquarters shift to Saudi Arabia
On the ground, the Kingdom’s regional headquarters (RHQ) programme is still attracting significant interest from global corporates.
“Yes, multinationals are setting up regional headquarters in significant numbers as of early 2026,” Beneyyah says. “By early 2026, over 500 multinational companies have established RHQs in the Kingdom, surpassing original 2030 targets. Major participants include tech giants like Amazon.”
He adds that the influx is having a tangible effect on the domestic market structure.
“The influx of these administrative hubs has reshaped local economies in several key ways. Many local businesses have successfully found niches by leveraging local knowledge or collaborating with global players.”
SOCPA reforms boost confidence in the accounting profession
At the same time, regulatory strengthening is underpinning confidence in the profession. Beneyyah points to the expanding role of the Saudi Organization for Chartered and Professional Accountants (SOCPA) as a key factor.
“Evidence suggests that the increased regulatory power and standard-setting authority of SOCPA have significantly improved confidence in the local accounting industry,” he says. “By aligning local practices with global benchmarks and enforcing stricter oversight, SOCPA has enhanced the transparency and reliability of financial reporting in the Kingdom.”
He highlights the importance of international alignment in particular.
“SOCPA has led the transition to International Financial Reporting Standards and International Standards on Auditing. This alignment ensures that Saudi financial statements are comparable and consistent with global norms, facilitating easier access to international capital markets.”
Geopolitical tensions reshape client demand and service delivery
However, the broader regional environment continues to shape client behaviour.
“In the current Middle East climate, confidence is often tempered by concerns over energy price volatility, supply chain disruptions, and regional escalation,” Nefal notes.
This has prompted a shift in how firms deliver services.
“The conflict has generally forced some main shifts in service delivery, such as moving from standard financial modelling to intensive scenario planning and stress testing,” he says. “There is also increasing reliance on secure, remote communication to maintain continuity when travel or physical office presence is disrupted, and a greater focus on on-the-ground expertise to navigate rapidly changing local regulations and sentiment.”
Regulatory reforms drive foreign investment and market access
Despite these headwinds, Nefal emphasises that Saudi Arabia’s reform agenda remains a central driver of growth.
“Saudi Arabia has implemented an extensive wave of regulatory reforms over the last 12 months, primarily focused on economic liberalisation, digital transformation, and foreign investment in line with Vision 2030,” he says.
He points in particular to recent changes in the investment framework.
“The government has approved executive regulations for a redesigned Investment Law aimed at ensuring equal treatment for local and foreign investors and simplifying the process for establishing or liquidating investments,” he explains. “New reforms allow foreign investors to hold direct legal title to listed securities, replacing the previous swap framework.”
Outlook: Vision 2030 to fuel next wave of growth and consolidation
Looking ahead, Nefal expects momentum to continue as global conditions stabilise.
“Under Vision 2030, we anticipate a huge flow of international businesses into Saudi Arabia in the coming years. This will boost up once world economies start stabilising. Vision 2030 is going to be a game changer,” he says.
For his own firm, that outlook is shaping strategic planning.
“We are very keen to make ourselves ready for this growth while remaining compliant with international standards of services,” he says. “Under the umbrella of Kreston Global, we believe this will provide trust to international investors.”
He also signals potential consolidation in the market.
“Kreston NBB also has plans to merge or acquire a same-size competitor. It will increase assets and market share, bring additional skills and expertise, and increase the possibility of obtaining capital,” he adds. “This will strengthen our chances to grow and increase our market share in the industry.”
