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SIMAH, BENEFIT Launch Credit Information Exchange Project

The project aims to enhance transparency in financial transactions
The project aims to enhance transparency in financial transactions
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SIMAH, BENEFIT Launch Credit Information Exchange Project

The project aims to enhance transparency in financial transactions
The project aims to enhance transparency in financial transactions

Saudi Arabia and Bahrain have launched the technical linking process of the credit information exchange project between banking institutions operating in the two countries.

The Bahrain Electronic Network for Financial Transactions (BENEFIT) and the Saudi Credit Bureau (SIMAH) revealed on Sunday that this step comes in implementation of the Gulf Cooperation Council’s Supreme Council decision issued at it 37th session in 2016.

The decision stipulates approving to exchange credit information in accordance with the work plan and the comprehensive framework and the mechanism for facilitating the exchange of credit information among the GCC member states.

The project aims to enhance transparency in financial transactions in the Gulf and provide financial tools that contribute to reducing credit risks associated with any financial transaction for any economic activity, in a way that promotes the growth of these activities.

Saudi Central Bank Governor Fahad al-Mubarak said this step comes in line with objectives of the Kingdom Vision 2030’s Financial Sector Development Program, which targets launching strategic projects that enhance cooperation frameworks among GCC states, offer greater investment opportunities and ensure their stability and economic growth.

Mubarak explained that the financial sector relies on such strategic projects to achieve GCC states’ common goals.

Bahrain’s Central Bank Governor Rasheed al-Maraj, for his part, said the initiative is an implementation of both governments’ visions and directives and the future role in developing and enhancing banking transactions.

The project provides decision-making support processes for commercial relations and partnerships in accordance with an advanced system of information and audited data provided by the authorities concerned with credit information reports, which enhances confidence and transparency and provides broader areas of mutual commercial work.

This step maximizes the role of the credit information industry and is considered a key force to tighten the grip of control and supervision, increase levels of transparency and contribute to supporting the stability of the financial sector of the GCC states.

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Formula E: Partnership with Saudi Arabia Is a Global Model for Advancing Sustainable Transport

Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)
Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)
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Formula E: Partnership with Saudi Arabia Is a Global Model for Advancing Sustainable Transport

Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)
Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)

Formula E’s partnership with Saudi Arabia and the Kingdom’s Public Investment Fund (PIF) is emerging as a global benchmark for redefining the future of sustainable transport and clean energy, aligned with the ambitions of Saudi Vision 2030.

Julia Pallé, Vice President of Sustainability at Formula E, said that the collaboration with the Kingdom stems from a shared vision, highlighting that both Saudi Arabia and the PIF aim to be agents of change.

One of the earliest joint initiatives was the launch of a fully female racing test in Saudi Arabia, soon after the country lifted its driving ban on women. This move reflected a mutual commitment to challenge existing norms and explore new opportunities.

Tracing the origins of Formula E, Pallé explained that the championship was launched eleven years ago with two main objectives: advancing electric vehicle (EV) technology and reshaping public perception. At the time, electric cars had limited range and options, with the Nissan Leaf being one of the few available models.

Thanks to the advancements spurred by Formula E, battery capacity has increased by over 200 percent. In the early seasons, drivers needed two cars to complete a race due to battery limitations, something that is no longer the case today.

Formula E has become a vital testing ground for automotive manufacturers to develop broader EV technologies, she said. Simultaneously, by hosting races in urban centers, the championship has helped integrate electric mobility into modern life, aligning it with contemporary and sustainable lifestyles.

Pallé noted that the partnership with PIF has extended Formula E’s presence in the Kingdom and opened the door to broader ambitions. Through initiatives like “Driving Force,” aimed at students, the collaboration is nurturing a new generation of changemakers by equipping them with knowledge in green skills, sustainability, and social impact.

She explained that in just one season, the initiative reached over 50,000 students, with plans to double that number in the upcoming season.

Another initiative, “Change. Accelerated. Live,” explores the broader narrative of how the PIF is contributing to a more sustainable and equitable future through sports, she told Asharq Al-Awsat.

Formula E does not view its growth as a contradiction to sustainability, but rather as an opportunity to accelerate innovation. The organization follows a technological roadmap that anticipates consumer challenges over the next five to ten years and works proactively to address them.

A recent example is a project launched in Jeddah, showcasing cutting-edge ultra-fast charging technology. The initiative aims to build confidence in electric mobility by highlighting real, existing solutions to infrastructure challenges.

Pallé pointed to tangible examples of race-to-road technology transfers. Nissan, for instance, enhanced battery performance by 200 percent based on lessons learned from the racetrack. Jaguar also implemented improvements from its I-PACE eTROPHY racing series into its consumer vehicles, resulting in a 10 percent increase in battery life for drivers worldwide.

On whether Formula E aims to compete with or replace Formula 1, Pallé made clear that the two are not rivals. She noted that Formula E offers a completely different experience, targeting a younger and more family-oriented audience. It was designed as a sport of the future, more accessible, more sustainable, and deeply aligned with environmental principles.