Diligencia announce compliance contract win with Red Sea Global

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OXFORD, England, July 4, 2023 /PRNewswire/ -- Diligencia, the leading provider of corporate intelligence solutions in the Middle East & Africa, and Red Sea Global, the visionary developer owned by Saudi Arabia's Public Investment Fund (PIF), announced a new partnership today 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 organisation 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.

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.

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."

About Diligencia
Diligencia is the leading provider of legal entity data and corporate intelligence in the Middle East & Africa. We help customers from around the world to find essential information on organisations registered in the region, drawing from primary sources that are otherwise hard to find. Using our curated data, we enable our clients to effectively manage their compliance obligations, market strategies and counterparty risks in the MEA region.

Established in 2008, we use agile technology and human insight to extract unstructured data on companies in territories where public domain information is not readily available. From our headquarters in Oxford, UK and offices in Tangier, Morocco and Dubai, UAE we provide the information our clients need to develop the right relationships or opportunities, mitigate risk, comply with regulations, and accelerate their decision-making.

For more information, visit www.diligenciagroup.com

About Red Sea Global
Red Sea Global (RSG) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.

RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and regenerative development can uplift communities, drive economies, and enhance the environment. The protection of natural capital is central to all development decisions, as the organization seeks to create a better future for all.

A cornerstone of Saudi Arabia's Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors that make a positive impact for people and planet.

RSG is the visionary company behind some of the world's most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and AMAALA.

Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects that actively enhance the wellbeing of customers, communities, and environments.

For more information, visit www.redseaglobal.com

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SOURCE Diligencia