Asset trace in Saudi Arabia
Read moreIn-depth analysis and due diligence on DIFC-registered private company
The challenge:
Diligencia was asked to complete an Enhanced Due Diligence Level 3 report on a private limited company based in the UAE, and registered in the Dubai International Financial Centre (DIFC), a prominent freezone in Dubai. Our research was also to cover the company’s key principals.
Our client requested the following insights:
- Source of wealth: Had any of the company’s wealth been acquired through illegal or unethical means.
- Reputational concerns: Were any significant reputational risks associated with the company or its leadership.
- Scope of operations: Information on the company’s operations across the Middle East and North Africa (MENA), including its assets and business ventures.
The solution:
To address these requirements, our team executed a multi-faceted research approach:
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- Database review: Our business analyst began by reviewing Diligencia’s internal records, utilising our proprietary database of over 20 million entities across the Middle East & Africa. This included details about the company’s registration, management team and ownership structure.
- Cross-verification: We ensured the accuracy and completeness of this information by cross-referencing the legal entity data with official company registers in the relevant jurisdictions.
- Targeted research: We conducted comprehensive media research in both Arabic and English, covering traditional news outlets, online sources and social media platforms. This was complemented by global compliance checks on the company and its key principals to identify any potential risks or red flags. Additionally, we engaged our network of trusted UAE-based partners to gain first-hand knowledge of the company and its activities within the DIFC.
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By combining these data sources, we were able to form a clear, up-to-date picture of the company and its leadership.
The result:
Our research was meticulously compiled and cross-checked to ensure accuracy and reliability. The findings were presented to the client in the form of an Enhanced Due Diligence Level 3 report, which included the following:
Company information
- Incorporation date, legal form, registration location and trade license numbers.
- Financial status and overall business health.
- Scope of activities and business operations across the MENA region, including details on assets and key business ventures.
Owners and key principals
- Primary source(s) of wealth and any notable wealth accumulation through ethical or questionable means.
- Additional business interests, investments and significant family connections.
- Location of current investments and any associated reputational concerns.
- Historical allegations of misconduct or political favouritism.
Diligencia’s recommendations
- A comprehensive set of strategic recommendations for our client should they choose to proceed with engagement, including risk mitigation strategies and additional due diligence steps.
The detailed Enhanced Due Diligence report enabled our client to make an informed decision, armed with a full understanding of the company’s operational scope, financial integrity and potential risks. Our thorough, multi-source research provided invaluable insights into both the company’s current standing and its historical background, offering our client confidence in their decision-making process.