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.


ENOC Group to build 45 service stations in KSA

Updated 16 December 2018
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ENOC Group to build 45 service stations in KSA

ENOC (Emirates National Oil Company) Group, a wholly owned entity of the government of Dubai, has announced major expansion plans to build 45 new service stations in Saudi Arabia over the next five years. The group’s plans are aligned with the Ministry of Municipal and Rural Affairs’ plan, which aim for the construction of over 1,200 petrol stations across the Kingdom.
All 45 ENOC service stations will be strategically built on the Kingdom’s vast network of highways that interconnect the 13 provinces and serve as a major logistics and trade land-corridor, connecting the Kingdom to the rest of the GCC and the Middle East region. Over the next two years, ENOC’s plan will focus on building stations in the central region, mainly Riyadh and the Eastern Province.
Saif Humaid Al-Falasi, ENOC Group CEO, said: “With Saudi Arabia’s long-term vision to diversify its economy, boost tourism and infrastructure and enhance business and trade, our plan to expand our retail network by over 220 percent in the next five years is aligned with the Saudi Vision 2030, which aims to reduce oil dependency, increase privatization and implement the Saudi nationalization scheme.”
ENOC currently operates 14 stations across the Kingdom. The group’s future service stations will also include ZOOM convenience stores. Customers will also enjoy a variety of retail outlets such as Pronto.