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.


Bahri strengthens market footprint in Asia-Pacific region

Khalid Al-Garawi, senior manager, Bahri Chemicals.
Updated 21 April 2019
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Bahri strengthens market footprint in Asia-Pacific region

Saudi logistics and transportation company Bahri has announced the expansion of its market presence in the Asia-Pacific (APAC) region’s maritime industry. The stronger presence will help the company gain deeper insights into market trends as well as customer needs in chemicals and logistics sectors in Singapore and the wider APAC region.
The announcement took place at a ceremony held on April 5 at Regent Hotel in Singapore, in the presence of Abdullah Aldubaikhi, CEO of Bahri, and senior executives of the region’s oil majors, petrochemical trading companies and ship brokers.
The expansion will also enable Bahri Logistics and Bahri Chemicals, two of five business units of the company, to market their offerings, acquire new clients, serve existing clients, and channelize the communications. Bahri has plans to expand the services of its other business units to the APAC region in the future.
Bahri CEO Aldubaikhi said: “In our efforts to deliver on Bahri’s vision of connecting economies, sharing prosperity, and driving excellence in global logistics services, we have been actively pursuing the company’s ambitious long-term strategy to drive sustainable growth and expand its market footprint. As a result, we have established a solid presence regionally and globally. Our expansion in the Asia-Pacific region represents a key milestone in our journey, and with this, we have come even closer to our customers, allowing us to serve them better offering a wider range of industry services and unprecedented value.”
Over the past 41 years, Bahri has steadily expanded market presence to cement its position as a global leader in the maritime industry. The company currently has offices in Saudi Arabia, UAE, US and India, in addition to a vast network of agents across the Middle East and Africa, US, Europe, and Asia.
Bahri Chemicals is the largest owner and operator of chemical carriers in the Middle East, serving 150 ports worldwide. It owns and operates 36 chemical/product tankers with a capacity of 1.1 million DWT designed to the highest specifications, capable of carrying a wide range of chemical cargoes. The first business unit within Bahri, Bahri Logistics, is one of the top 10 breakbulk carriers in the world and operates six new state-of-the-art multipurpose vessels with 26,000 DWT each on a regular liner schedule.