Young entrepreneurs asked to contribute to country’s development

Updated 17 December 2013

Young entrepreneurs asked to contribute to country’s development

Riyadh Gov. Prince Khaled bin Bandar on Sunday honored a group of 30 young Saudi entrepreneurs and encouraged them to participate in constructive activities to boost the Kingdom’s development.
The honoring ceremony was organized by the Riyadh Chamber of Commerce and Industry (RCCI) in collaboration with Forbes Middle East magazine at the Ritz Carlton.
Prince Muhammad bin Salman, chairman of the Prince Salman Center for Youth, won the award for “Personality of the Year” aimed at supporting entrepreneurs in the Kingdom.
Prince Khaled honored the 30 young men and women entrepreneurs who excelled in the fields of logistics, fashion, contracting, food, marketing, children’s luxury goods, advertising, sports, human resources, retail, alternative energy, consultancy, environment, electronics, travel and tourism, trading, floristry, health care, education, document management, media and multimedia.
The governor also presented mementos to the young men and women entrepreneurs.
Prince Khaled said he was delighted to honor the distinguished group of young entrepreneurs from all regions of the Kingdom, who ensured a bright future for themselves through sheer hard work and dedication.
He also praised the efforts of the young people and conveyed his good wishes for the success of the entrepreneurs, and urged them to “study hard and work tirelessly because it is the first step for success in any arena.”
He also stressed the need for the young people to continue serving their nation.
Speaking on the occasion, Nasser bin Aqeel Al-Tayyar, president of Arab Publisher House and the exclusive publisher of Forbes Middle East, said: “I thank Prince Khaled for his attention and support to encourage the young people to work together in building a generation of entrepreneurs with creative ideas.”

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.”