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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.
Re-Import
Importation into a Customs territory of goods previously exported from that territory.
Re-export
It refers to goods that have been previously imported and have undergone all customs procedures, and then re-exported without significant modification.
Insolvency
Actual insolvency or bankruptcy, or the commencement of any proceedings in respect of insolvency or bankruptcy under the Bankruptcy Regulations, or the commencement of any equivalent procedures in the Kingdom or in any other jurisdiction outside the Kingdom.
Dumping
The practice of exporting goods at below-market prices to gain market share and undermine competition.
Economic Outlook
A forecast of future economic conditions based on trends, indicators, and policy analysis.
Emerging Digital Economy
The shift to an economy driven by digital technologies, including e-commerce, fintech, blockchain, and AI-driven business models.
Non-Oil Economy
Economic sectors and activities that do not involve the production, extraction, or sale of petroleum or oil-related products.
Control Commitment
To make sure that the government entity adheres to all control regulations.
Knowledge Economy
An economy based on the production and management of knowledge and information, rather than physical goods.
Credit Obligation
A contractual commitment to repay borrowed funds or fulfill financial obligations, often associated with loans, bonds, or other credit arrangements.
Refused Payment Orders
Payment orders received from the government body and some observations are found in connection therewith, accordingly not recorded in the system, the government bodies are asked to get them back to address these observations.
Fund Sub-Custodian
A third party contracted by the custodian to perform some or all of the custodian’s functions in relation to an investment fund.
Local Production
The creation of goods or services within a specific region or country, rather than importing them.
Deferred Tax Liability
A tax obligation that a company owes but delays paying until a future period.
Physical Security
Measures to prevent unauthorized access to facilities, equipment, and protect individuals and property.
Returned Payment Order
Returned payments orders from the Ministry of Finance, which are received from government bodies to address the observations.
Productivity
The efficiency of production, typically measured as output per unit of input.
Economic Recovery
The phase following a recession where the economy starts to grow again, with increased production, job creation, and rising confidence in markets.
Conglomerate Merger
A merger between companies in unrelated industries to diversify business operations.
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