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.


LuLu introduces World Vegan Day offers

LuLu Hypermarkets celebrated the World Vegan Day on Nov. 1
Updated 12 November 2018
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LuLu introduces World Vegan Day offers

LuLu Hypermarkets celebrated the World Vegan Day (Nov. 1) by introducing a wide range of vegan products and offers from The Vegan Affinity, a non-profit organization led by Majed Almuhaya and Norah Aldosary.

A variety of plant-based and gluten-free food products now available at LuLu include vegan burgers made with sweet potatoes and lentils, tofu, soy protein, organic quinoa, flavored items such as yogurt and cheese alternatives, and many others. 

LuLu Regional Director for Saudi Arabia Shehim Mohammed said: “Earlier this year, Saudi Arabia has been included on the list of the top countries with growing obesity problems, which is actually one of the leading causes of death in the country. People are now adopting a vegan diet due to health awareness and a sense of responsibility toward living organisms.”

He added: “As LuLu is considered to be a well-renowned one-stop shop, we continue to offer our customers an excellent selection of high-quality food products featuring meat alternatives and plant-based dairy alternatives. We believe it is our essential duty to cater to the needs of our diverse client base.”