February 25, 2024

Diligencia wins compliance contract with Red Sea Global

Diligencia announce compliance contract win with Red Sea Global
Diligencia announce compliance contract win with Red Sea Global (Photo - PRNewswire)

Diligencia, one of the leading providers of corporate intelligence solutions in the Middle East & Africa, and Red Sea Global, the developer owned by Saudi Arabia’s Public Investment Fund (PIF), recently announced a new partnership that will enable Red Sea Global to forge new business relationships whilst meeting the highest standards of regulatory compliance.

As a cornerstone of Saudi Arabia’s Vision 2030, Red Sea Global is spearheading a new model of development as it builds two major responsible and regenerative tourism destinations, The Red Sea and Amaala. Now, with access via ClarifiedBy.com to Diligencia’s database of over 15.5 million organization and people profiles across the MEA region, Red Sea Global will be able to research each potential counterparty in detail to ensure it only selects partners that share its commercial and ethical values. 

“We pride ourselves on good governance, taking a comprehensive approach to setting new standards in compliance and risk management. Understanding who our business partners are is crucial to achieving this. Diligencia is able to provide the information we need ahead of onboarding new partners,” said Tareq Musmali, Group Chief Internal Audit Officer at Red Sea Global.

Tareq Musmali, Group Chief Internal Audit Officer at Red Sea Global

Before a company selects a supplier, acquires another entity, or agrees to a new joint venture, it needs to conduct thorough due diligence to ensure the proposed counterparty is financially sound and will not expose it to unexpected risks. Typically, it might wish to check the counterparty’s constitutional documents, assets, material contracts and insurance policies before making a decision, but this can be a significant challenge in jurisdictions where publicly available records are limited.

Nouri Bakkali, Managing Director of Diligencia

Through the ClarifiedBy.com portal, Red Sea Global can now view a company’s registration details, ownership structures, and management and director profiles, as well as checking for adverse media reports and data on global sanctions or politically exposed persons (PEPs).  Because of the way Diligencia’s data is curated, the teams at Red Sea Global are also able to navigate connections between organisations and individuals, scan wider corporate structures, and identify ultimate beneficial owners within and across multiple jurisdictions.

“Diligencia is committed to helping our clients access clear, reliable company information to inform their everyday business decisions,” says Nouri Bakkali, Managing Director of Diligencia. “We are delighted to be working with Red Sea Global to assist with their third-party due diligence.”


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