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As such there are no laws or rules like IFRS applicable for Accounting. Anyhow, some points will be helpful to understand the market in Gulf countries especially Saudi Arabia.
To understand well the procurement is to be categorised as Local & Foreign;
Local Procurement : A local purchaser must be good arabic speaker.Almost all suppliers are saudi nationals/Gulf expatriates.For office supplies there are many professional sppliers like Jarir Book Store etc, who provide credit terms and can enter into agreement with them.Purchase of electronic goods is lot easier being it available online, home delivery etc.,
Foreign Purchase : As far as my industry (Power) is concerned most of the main materials are imported from foreign countries like Switzerland,Germany,Korea etc.,So, one has to be very effective communicator,good writing skills is required and we have to be aware of customs rules/regulations,which a freight forwarder will help you.Liasoning with freight forwarder will give you cost benefits as most of the materials are imported.Saudi Arabia has a uniqe customs regulations for good originating in different countries.Compliance to SASO(Saudi Arabia Standard Organization) is must and for clearance of goods basic documents are required like Supplier Invoice, Certificate of Origin,Insurance Certificate etc.,
Beign a foreign purchase most of the payment is through Letter of Credit(L/C).So, you should have complete knowledge of L/C.As the above mentioned documents come through bank under L/C and collecting such documents from bank is lot easier of the L/C is properly documented.
