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.


Ethiopian Airlines named best African carrier in 2018

Ethiopian Airlines CEO Tewolde Gebremariam, right, at the awards ceremony.
Updated 09 December 2018
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Ethiopian Airlines named best African carrier in 2018

Ethiopian Airlines, the largest aviation group in Africa and a Skytrax-certified 4-star global airline, has won the “2018 Best Airlines in Africa Award” for the seventh year in a row. 

The award, presented by the African Airlines Association (AFRAA), was given on Nov. 27 in recognition of its exceptional financial performance at the 50th African Airline Association Annual General Assembly (AFRAA AGA) in Rabat, Morocco. 

Group CEO of Ethiopian Airlines Tewolde Gebremariam said: “We are thrilled to win this prestigious award. In the last seven years we have been coming to AFRAA AGA and receiving this continental high-profile award every single year. We sincerely thank AFRAA and our sister African Airlines for the award. The award underscores the continuous efforts and hard work of Ethiopian employees who are highly committed to the extraordinary success of our airline. The accolade also attests the soundness of our fast, profitable and sustainable growth plan, Vision 2025 and the associated business model.”

He added: “Our sincere gratitude also goes to our customers worldwide for giving us the opportunity to serve them, for traveling on Ethiopian in great numbers, for their continued feedback and support which is a critical success factor in continuously improving our award-winning customer services.”

Gebremariam said Africa is registering rapid economic growth and that the industry, governments and all stakeholders should work together to capitalize on the opportunities arising from the business and investment boom on the continent.

“Most of all, we need to synergize our strengths to realize the vision of creating a single and unified African air transport market,” he added.