Tasneef Agency Gives Menassat Real Estate Evaluation Credit Rating of VFR3+

SIMAH Rating Agency "Tasneef" has granted Menassat Real Estate Company an advanced rating of VFR3+, which is an acknowledgment of the advanced level achieved by the company in applying the standards of transparency, professionalism and expertise in work, employee affairs management and company business management, according to Al-Riyadh newspaper. The establishment of SIMAH Rating Agency (Tasneef) was approved by the Saudi Capital Market Authority in 2016 to be the first Saudi rating agency licensed to provide its work in the field of credit rating.

Menassat Real Estate Company was established in 2018 and provides professional real estate services (real estate appraisal - property management - real estate marketing). It has 3 branches in Al-Radh, Jeddah and Al-Khobar. It is also the founder and owner of a large stake in a professional real estate application called (Menassat Real Estate) which is available in all mobile stores. Menassat was not the first to receive a credit rating from SIMAH Agency, as the Saudi Telecom Company "STC" announced at the end of last October that it had obtained a rating of "AAA" in the long term and "T1" in the short term, which is the highest credit rating by SIMAH Rating Agency. (Licensed by the Capital Market Authority).

Nabil Al Mubarak, CEO of SIMAH Credit Rating Agency, revealed that the Saudi market lacks an analysis of each sector, including the sovereign rating, indicating that this rating will see the light soon. Al Mubarak explained that there is a new rating for the Saudi stock market sectors, which were not included in the ratings of international agencies.

He added that the ratings of the stock market sectors will include petrochemicals, retail, insurance, cars and health, indicating that work is underway on this, where each sector will have a rating, to show its future outlook.