In a strategic move to bolster its business intelligence and decision-making processes, Bahri, the national shipping carrier of the Kingdom of Saudi Arabia renowned for its leading position in the global logistics and transportation sector, has formalized a membership agreement with Bayan Credit Bureau (Bayan). Bayan, distinguished for its comprehensive credit information services, extends its expertise across more than 180 countries, offering local and global credit reports that are pivotal for businesses seeking to navigate the complex landscape of creditworthiness assessment.
This collaborative effort marks a significant milestone for Bahri, enabling the company to leverage Bayan’s extensive suite of credit advisory services. The primary objective of this partnership is to empower Bahri with enhanced capabilities to evaluate the financial stability and credit standing of its prospective clients, ensuring that business transactions are conducted with the highest degree of financial diligence.
The formal signing ceremony took place at Bahri’s corporate headquarters in Riyadh, Saudi Arabia, underscoring the significance of this partnership. Abdulaziz Aloud, Acting Chief Financial Officer of Bahri, and Talal Fahad Alshehri, Chief Business Officer at Bayan, inked the agreement in a session witnessed by Eng. Ahmed Ali Alsubaey, CEO of Bahri, and Eng. Mohammad Bamogaddam, CEO of Bayan, signifying a mutual commitment to fostering a more transparent and informed business environment.
Under the terms of this agreement, Bahri will also contribute to the exchange of credit information, aligning with Bayan’s strategic aim to cultivate an attractive investment climate characterized by a transparent data-sharing process. This initiative is meticulously designed to comply with the regulations and stipulations outlined by the credit information law, ensuring that all collaborative efforts are conducted within a legal framework.
Bayan, operating under a license granted by the Saudi Central Bank (SAMA), specializes in a broad spectrum of financial services including credit reporting, due diligence, data analysis, and the provision of risk assessment solutions and credit consultancy. By maintaining a comprehensive database that encapsulates credit relations of commercial entities within the banking system, Bayan positions itself as a cornerstone for facilitating informed decision-making. The bureau’s database boasts over a million commercial records in the Kingdom, encompasses more than 300,000 audited financial statements, and extends its reach to include information on over 200 million companies worldwide.
This partnership between Bahri and Bayan Credit Bureau exemplifies a forward-thinking approach to enhancing business practices through the strategic application of credit information services. It underscores a shared vision to advance the transparency and reliability of business transactions, thereby contributing to the overall health and dynamism of the global trade ecosystem.
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