A new amendment allows for the deposit of "military industries" revenues into the unified treasury and the opening of accounts inside and outside the Kingdom
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The Cabinet approved an amendment to one of the articles of the General Authority for Military Industries', in a move aimed at strengthening financial governance and regulating revenue management in accordance with best financial practices adopted in the Kingdom.
The amendment stipulates that paragraph (2) of Article Fourteen of the Authority's regulations, issued by Cabinet Resolution No. (285) dated 22/8/1434 AH, shall be deposited into the unified treasury account at the Saudi Central Bank, while granting the Authority the authority to open accounts in banks licensed to operate inside and outside the Kingdom.
This amendment reflects a trend towards enhancing the efficiency of financial resource management and ensuring the centralization of deposits within the state treasury, thereby contributing to increased transparency and oversight of revenues, while simultaneously maintaining the Authority's flexibility in managing its financial operations through opening bank accounts that support its activities both within and outside the Kingdom.
