El Seif Development Company has set up a subsidiary registered at Ministry of Commerce under registration no. 1010463959 dated 3/12/1437H and collection of receivables license no. 1626 dated 3/12/1437H. The subsidiary is an establishment under the name of “The Office of Faisal Musaed El Seif for Collections of Receivables”. The Ministry of Commerce has authorized this establishment to collect receivables on behalf of any business/individuals to any private or government entities/ individuals in Saudi Arabia.
El Seif Development Group after the establishment of this entity (collection office) has and is in the process of transferring the collection activities of the group to this new subsidiary. El Seif Development Group since establishment in 1985 as a limited liability company, operating in the health care sector in Saudi Arabia, boasts several success stories in collecting outstanding receivables for various multinational corporations in the Saudi market. Since establishment, our track record has been the best in the market so far, measured by the average collection of receivables plus measured also by the very low write-offs the company’s write-off every year. According to some experts in the market including internal and external advisors along with some
auditing firms, El Seif is rated number 1 in terms of collection in the medical sector of Saudi Arabia. By the establishment of the El Seif collection office dedicated for health care, El Seif will remain a pioneer for a very long term to come. With some additional human resources and investment starting from January 2017, El Seif Development will definitely encourage and facilitate foreign companies to invest directly in the Kingdom of Saudi Arabi