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.


Athlete’s Co. offers trendy athletic footwear, apparel

Updated 24 May 2018
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Athlete’s Co. offers trendy athletic footwear, apparel

Athlete’s Co., a multi-brand sports lifestyle concept, is offering casual and fashion footwear brands from around the world.
“A range of products offered by Athlete Co. include the world’s most renowned brands, as we believe in making our customers the athletes of their passion, and put more style into their game,” said a press statement issued by Athlete Co.
“If you want to run around the city, hang out at the mall or stand out in the coolest clubs, we offer the widest selection of stylish, athletic-inspired footwear at our stores all over the Kingdom,” said the statement.
“This includes the very latest color ranges of only the best sports shoes alongside exclusive limited edition styles and emerging niche brands. We also have a line of hip yet individualistic apparel to let you add that final touch to your look,” it added.
The Athlete’s Co. portfolio of brands includes New Balance, Crocs, Skechers, Toms, Ralph Lauren Polo, Adidas, Ascis, and Lacoste.
Athlete’s Co. updates its brand offering every season based on global casual fashion trends. It is a home-grown brand operating under the umbrella of the apparel group that is dealing in lifestyle and Athleisure footwear and accessories with a market share of around 11 percent within the group footwear category.
Athlete’s Co. achieved best store design of the year in Retail Me awards (2015), which indicates growing clientele of Athlete’s products in the Middle East including Saudi Arabia.
Apparel group has carved its presence not only in the UAE, Kuwait, Qatar, Bahrain, Oman, and Saudi Arabia, but opened gateways to markets in India, South Africa, and Poland. The group has opened several stores across the Kingdom.
It employs 12,000 multicultural staff covering four continents.