King Abdullah, Jordan king discuss regional issues

Updated 08 November 2013

King Abdullah, Jordan king discuss regional issues

JEDDAH: Custodian of the Two Holy Mosques King Abdullah received at his palace in Jeddah on Monday King Abdallah II of Jordan.
A report by the official Saudi Press Agency (SPA) said the two kings discussed developments on Islamic, Arab and international arenas as well as prospects for cooperation between Saudi Arabia and Jordan.
Also present during the meeting were Crown Prince Salman bin Abdulaziz Al Saud, deputy premier and minister of defense; Prince Khalid Al-Faisal bin Abdulaziz, governor of Makkah region; Prince Bandar bin Sultan bin Abdulaziz, president of General Intelligence and Secretary General of National Security Council; Prince Mohammed bin Naif, minister of interior; and Prince Mohammed bin Salman, president of the Crown Prince's Court and special adviser to the Crown Prince.
Another SPA report said King Abdullah also received at his palace Sheikh Gen. Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and deputy supreme commander of UAE Armed Forces.
Sheikh Gen. Mohammed was later seen off at the King Abdulaziz International Airport by Prince Bandar bin Sultan bin Abdulaziz, president of General Intelligence and Secretary General of National Security Council; and a number of officials.


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.”