GCC: Hezbollah terror group

Updated 13 June 2013

GCC: Hezbollah terror group

The Gulf Cooperation Council yesterday unanimously declared Lebanon-based Hezbollah a terrorist organization and said it would take measures against the group’s interest in the Gulf countries.
“All GCC countries are convinced that Hezbollah is a terrorist organization,” Bahrain’s Foreign Minister Ghanim bin Fadl Al-Buainain told reporters following a meeting of GCC foreign ministers in Jeddah.
He said the GCC countries had always tried to establish better ties with Iran and asked Tehran to stop its provocative actions including meddling in the internal affairs of Bahrain and espionage against Saudi Arabia.
GCC Secretary-General Abdullatif Al-Zayani said the six-member group is ready to have dialogue with Iran if it changes its policies.
“There is no difference of opinion among the GCC countries on considering Hezbollah a terrorist organization, especially after its involvement in the Syrian conflict,” Al-Buainain said referring to the armed militia’s fighting in Qusayr alongside regime forces.
The GCC foreign and finance ministers had a joint meeting here yesterday to discuss important topics for strengthening economic and trade ties among the member states.
The meeting discussed Gulf security, “continued Iranian threats, especially the busting of Iranian spy rings,” in a number of GCC states.
Kuwait has already convicted several Iranians and one of its own citizens for operating a spy ring for Tehran, while Saudi Arabia and Bahrain have busted Iranian spy cells.


Fraud alert over cryptocurrency falsely linked to Saudi Arabia

Updated 21 August 2019

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

  • The website of a cryptocurrency company is promoting what it calls the CryptoRiyal and SmartRiyal
  • The Singapore-based company uses the Saudi emblem of two crossed swords and a palm tree

JEDDAH: Fraudsters are trying to lure victims into investing in a “virtual currency” with false claims that it is linked to the Saudi riyal and will be used to finance key projects, the Saudi Ministry of Finance warned on Tuesday.

The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.

“Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom,” the ministry said on Tuesday.

The fraudsters were exploiting ignorance of how virtual currencies work, cryptocurrency expert Dr. Assad Rizq told Arab News.

“A lot of tricks can be played,” he said. “Some of these companies are not regulated, they have no assets, and even their prospectus is sometimes copied from other projects.

“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.

“Cryptocurrencies are a risky investment for two reasons. First, the sector is not yet fully regulated and a lot of projects use fake names and identities, such as countries’ names or flags, to manipulate investors.

“Second, you have to do your homework, learn about the technology. And if you still want to invest, consider your country’s rules and regulations.”