Your gateway to comprehensive financial knowledge with more than 2000 financial and economic terms
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Private Sector Participation (PSP) Law
A law regulating the transfer of ownership from the public sector to the private sector to ensure the proper organization and management of operations.
Fiscal Balance Program (FBP)
A financial plan or strategy implemented by a government to manage its budget and fiscal policies, aiming to achieve a specific fiscal outcome.
Acceleration Clause
A provision in a loan or contract that enables early repayment upon breach of terms or financial distress.
Service Recovery
The process of handling and resolving beneficiaries' complaints or problems to restore their satisfaction.
Beneficiary-Centric Product Design
A strategic approach to developing products with features and characteristics that directly address beneficiaries' needs, wants, and pain points.
Customer-Centric Service Recovery
Handling beneficiary complaints or issues with empathy, speed, and effective solutions.
Control Frame (COSO)
A process, influenced by the entity's board of directors, executive management, and other individuals, that is designed to provide assurance that the entity is achieving its objectives that are related to operations, operating, reporting, and compliance with laws and regulations.
Control Environment
A set of standards, processes, and activities that provide the basis for carrying out internal control procedures in the entity.
Conglomerate Merger
A merger between companies in unrelated industries to diversify business operations.
Kyoto Convention (Customs)
The expression commonly used to denote the International Convention on the Simplification and Harmonization of Customs Procedures, adopted by the Customs Cooperation Council in Kyoto in 1973.
Emerging Digital Economy
The shift to an economy driven by digital technologies, including e-commerce, fintech, blockchain, and AI-driven business models.
Economic Outlook
A forecast of future economic conditions based on trends, indicators, and policy analysis.
Final Cash Consumption Expenditure of Households
Household spending for direct satisfaction of needs or wants through monetary transactions. It is generally associated with the domestic concept that includes expenditures made by households, regardless of nationality or residence, within the economic territory of the country.
Control Commitment
To make sure that the government entity adheres to all control regulations.
Consortium
A group of companies bidding together for a project. In a PPP this enables companies to bring together all capabilities required for the project (construction, operation, and financing).
Internal Control Framework
A data structure that organizes and categorizes an organization's internal controls, they are practices and procedures that are put in place to create added value and reduce enterprise risks.
Economic Revitalization
A process aimed at improving or reinvigorating a stagnating or declining economy, often through investments, job creation, and infrastructure development.
Non-Oil Economy
Economic sectors and activities that do not involve the production, extraction, or sale of petroleum or oil-related products.
Economic Reform
Changes or improvements made to the economic policies or systems to enhance efficiency, growth, and stability.
Economic Recovery
The phase following a recession where the economy starts to grow again, with increased production, job creation, and rising confidence in markets.
Economic Transformation
A significant change in the structure of an economy, often transitioning from agrarian to industrial or from industrial to a service-based economy.
Knowledge Economy
An economy based on the production and management of knowledge and information, rather than physical goods.
Private Transaction
A transaction involving the sale and purchase of shares of a company whose shares are listed on the market through a special offer or sale and purchase deal.
Private Equity
Investments made directly into private companies rather than publicly traded stocks.
Deferred Tax Liability
A tax obligation that a company owes but delays paying until a future period.
Overall Economic Productivity
A measure of how efficiently an economy utilizes its resources to produce goods and services.
Fixed-Income Security
An investment that provides regular interest payments, such as bonds.
Insignificant Probability
An event or outcome is highly unlikely to occur or has a very low chance of happening.
Scorecard
A visual or tabular performance measurement tool used to track and evaluate progress, often using key performance indicators (KPIs).
Credit Obligation
A contractual commitment to repay borrowed funds or fulfill financial obligations, often associated with loans, bonds, or other credit arrangements.
Import of Excise Goods
The entry into Saudi Arabia of excise goods which are not subsequently placed under a custom suspension arrangement besides customs clearance and release of excise goods for import purposes in Saudi Arabia.
Import of Goods
The entry of Goods into any member state from outside the GCC territory in accordance with the provisions of the Unified Common Customs Law.
Export of Goods
Supply of Goods from any Member State to outside of the GCC Territory in accordance with the provisions of the Common Customs Law, during the transitional period, an export of goods includes goods exported to any place outside of KSA territory.
Systemic Banking Crisis
A financial crisis that affects the entire banking system, often leading to widespread instability and the need for government intervention.
Transitional Rules
A set of statutory provisions that provide specific exceptions that are applied during the transitional period resulting from the issuance or amendment of any of the laws, regulations, tax or zakat instructions.
Double Taxation Agreement
An international agreement with the purposes of avoiding double taxation and charging a taxpayer with double taxation in two contracting countries for the same income, profits, or evasion of income, and capital tax.
Sale Agency Agreement
A legal contract between a seller and an agency or representative, outlining the terms and conditions for the sale of products or services.
Technical Procedures
The mechanisms relevant to listing and trading securities to execute transactions including settlement, clearing, ownership registration, transfer and deposit of securities.
Fraud
The act of deceiving or manipulating information, assets, or processes with the intent to gain an unfair advantage, often resulting in financial losses or legal consequences.
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