Bupa Arabia No. 1 in public disclosure & transparency

Bupa Arabia provides innovative health care services through its Tebtom program and ensures an exceptional hospital experience through its Rahatkom program.
Updated 11 February 2019
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Bupa Arabia No. 1 in public disclosure & transparency

Bupa Arabia for Cooperative Insurance ranked No.1 in the “public disclosure and transparency” category of the Corporate Governance Index (CGI) rating for publicly listed companies.
The Corporate Governance Center (CGC) at the College of Business of Alfaisal University issues an annual report which includes the CGI rating based on sound corporate governance principles set by the CMA, the Saudi Arabian Monetary Authority (SAMA) and the Organization for Economic Cooperation and Development (OECD).
The most recent report, the second annual ratings, covering the 2016 fiscal year, ranked Bupa Arabia first under the public disclosure and transparency category.
“Bupa Arabia ensures robust public disclosure and transparency, in both Arabic and English, through a variety of platforms, including its website, annual reports, Tadawul announcements and others,” said Chief Risk Officer of Bupa Arabia Ali F. Hamdan.
“Good governance is essential for publicly listed Saudi companies in the increasingly competitive global market, and public disclosure and transparency is one of the most important principles of corporate governance,” he added.
Public disclosure and transparency are essential elements of a robust corporate governance framework as they provide the base for informed decision-making by shareholders, stakeholders and potential investors in relation to capital allocation, corporate transactions and financial performance monitoring. The importance of transparency has been widely recognized by both academics and market regulators, resulting in numerous rules and regulations being introduced by the Capital Markets Authority (CMA) to ensure timely and reliable disclosure of financial information, creating the standards and procedures for corporate governance of companies listed on the Saudi stock exchange (Tadawul) so as to strengthen their standing in the international market.
Today, the CMA’s initiative to enhance public disclosure and transparency is taking on a new meaning resulting in more comprehensive and proactive disclosures instead of the release of corporate governance details or policies in a “reactive” fashion. The newly adopted concept of transparency putting more responsibility on the listed companies not only allows the truth to be available for the public but also imposes its disclosure to every stakeholder.
Transparency and strong corporate governance are needed in both domestic and international transactions and at all phases of investment. With the CMA’s new rules and regulations, companies have no choice but to push for good, transparent data availability. Rapid transparent data is becoming integral to the establishment of a reduced risk investment environment.
Saudi Arabia plans to uplift corporate governance and transparency practices as it plays a crucial role in reducing investor risk and increasing investment flows, especially after the CMA declared in April that deeper corporate governance reforms are required in line with global governance standards.


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.