SIMAH hosts LEI ‘Meet the Market’ Forum

Updated 08 February 2018
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SIMAH hosts LEI ‘Meet the Market’ Forum

Saudi Credit Bureau (SIMAH), the first licensed credit bureau in the Kingdom, hosted a Legal Entity Identifier (LEI) “Meet the Market” Forum recently, under the auspices of the vice governor of the Saudi Arabian Monetary Authority (SAMA), Saleh Al-Furaih.
LEI is a 20-digit, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It enables clear and unique identification of legal entities participating in financial transactions.
SIMAH’s forum came as part of the Annual International Meeting of the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) and the Global Legal Entity Identifier Foundation (GLEIF). The forum was attended by officials and representatives of banking and finance sectors, LEI ROC, GLIEF and other Local Operating Units (LOUs).
GLIEF officially accredited SIMAH last September to act as a full LOU. SIMAH Business launched its non-profit Moa’rif service to identify legally independent entities and companies. Moa’rif enables companies to comply with various reporting requirements, while at the same time enhancing transparency. It helps measure and monitor systemic cross-border payment transfer risk, enables regulators globally to more accurately obtain a view on risk to the financial system, helps individual firms more effectively measure and manage counter-party exposure through a common view of legal entities across the organization, and promotes coordination. Moa’rif has so far issued 191 identifiers.
GLIEF was established by the Financial Stability Forum (FSB) in June 2014 as a not-for-profit organization to support the implementation and use of LEIs, and is overseen by ROC LEI. ROC LEI is a group of 71 public authorities and 19 observers from more than 50 countries established in January 2013 to coordinate and oversee a worldwide framework of legal entity identification, the Global LEI System.
SIMAH Business is designed to provide credit information to all companies and institutions operating on the Saudi market, representing their financial solvency. This allows members to study the credit behaviors of its commercial clients and to assess credit risk in order to make sound decisions.


Ascott spearheads Saudi recruitment drive

Updated 18 June 2019
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Ascott spearheads Saudi recruitment drive

The Ascott Limited is developing its training program across the group’s properties in Jeddah, whereby high-achieving Saudi nationals are trained in the array of skills needed to succeed in top managerial positions within the Kingdom’s burgeoning hospitality sector. 

To be eligible to join Ascott’s Saudi Graduate Program, Saudi graduates must have at least a bachelor’s degree with honors and be willing to learn and develop their career within an international group. The program comprises theory and practical training across all departments and is followed by overseas training in one of Ascott’s properties.

“We’re in the midst of an exciting period of growth in Saudi Arabia,” said Vincent Miccolis, Ascott’s regional GM for the Middle East, Africa, Turkey and India. “The Kingdom’s tourism industry is growing at an exponential rate and is creating many new jobs within the hospitality sector. We launched Ascott’s Saudi Graduate Program in line with the Saudi Commission for Tourism and National Heritage to promote, nurture and develop this valuable homegrown pool of young talent and offer successful individuals a dynamic career path within the Ascott group.

“In just a short amount of time the program has made a significant impact. Our turnover ratio of Saudi colleagues has fallen from 58 percent in 2016 to less than 15 percent to date in 2019; staff loyalty has been positively affected and guest satisfaction levels have increased. What’s more, Ascott Sari Jeddah was recently named as Saudi Arabia’s Leading Serviced Apartments 2019 for the second consecutive year in the annual World Travel Awards.

“We are also proud to announce that one of our current trainees who will shortly take on the running of a property, is female. A key element of Saudi Vision 2030 is job diversification and women’s access to the employment market, and at Ascott we are committed to playing an active role in making this a reality,” added Miccolis.

From on-the-job training in housekeeping, handling reservations, checking-in and checking-out procedures and managing VIP guests, Ascott’s graduates must master the day-to-day facets of how to run an international-standard serviced residence, in addition to behind-the-scenes essentials such as HR, sales and marketing, finance and procurement. 

While the Saudi Graduate Program is currently available only within Ascott’s Jeddah cluster of properties, plans are in the pipeline to roll out the scheme to all of the group’s residences in the Kingdom, including Riyadh, Alkhobar and Abha.

Ascott’s Jeddah properties include Ascott Tahlia Jeddah, Ascott Sari Jeddah, Citadines Al-Salamah Jeddah and Spectrums Residence Jeddah.

The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. It has more than 58,000 operating units in key cities of the Americas, Asia Pacific, Europe, the Middle East and Africa, as well as over 42,000 units, which are under development, making a total of more than 100,000 units in over 660 properties.