SIMAH hosts LEI ‘Meet the Market’ Forum

Updated 08 February 2018

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.


Dur Hospitality launches training academy for aspiring hoteliers

The announcement was made during a special event attended by the company’s CEO Sultan Al-Otaibi and a number of its senior officials.
Updated 15 September 2019

Dur Hospitality launches training academy for aspiring hoteliers

Saudi hospitality company Dur Hospitality has launched a training academy specialized in hospitality disciplines. The announcement was made during a special event attended by the company’s CEO Sultan Al-Otaibi and a number of its senior officials, in addition to a group of notable local and international hospitality sector professionals.
Dur’s CEO highlighted the importance of the academy, which he said aims to equip local talents interested in working in this sector with the necessary skills and qualifications. He added that the academy’s goals also include training current Dur employees and equipping them with knowledge and applied skills that they require to succeed. He elaborated that the academy will operate over two phases, with the first seeking to fulfill the company’s requirements and ensuring its staff is qualified to execute its future expansion strategy ongoing till 2020, while the second phase will contribute toward supplying the local hotel service sector with qualified and capable national talents.
Al-Otaibi said the academy’s ultimate objective is to equip trainees with world-class skills and provide them with guidance from local and international sector leaders to help them achieve excellence.
The academy will present a number of training programs that aim to raise the qualification and skill level among trainees, which will eventually reflect positively on the Saudi hospitality sector. These programs will cover three main parts, where the first part will include programs on leadership and supervision and will last for 12 months. It will cater to internal supervision and front desk employees, food and beverage production and service employees, and marketing and sales employees.
The second part will be dedicated to training new recruits and will last between three to six months. Likewise, it will include training front desk employees, internal supervision employees, food and beverage production and service employees, and marketing and sales employees.
The third part of the program will include shorter development courses that last between one and five days. It will cover topics including central management for internal and external operations, hotel management, customer service, and health and safety.
Established in 1976, Dur Hospitality has extensive record in managing, developing and operating a wide portfolio of hotels and residential compounds across the Kingdom.