Less Saudization urged to retain glitter in gold

Updated 16 June 2014
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Less Saudization urged to retain glitter in gold

A study conducted by the Riyadh Chamber of Commerce and Industry has called for reducing the Saudization rate in the gold and jewelry sector from 100 to 50 percent to save the industry from further losses and protect the interest of investors.
The study expected a substantial increase in gold sales in the Riyadh region in coming months as a result of high standard of living and massive development projects.
Gold sales in the region rose by 79 percent, diamonds 62 percent and jewelry 24 percent.
“At present 3,243 employees are working in 302 jewelry shops in Riyadh with Saudis accounting for 43 percent,” the study said, adding that the industry is facing problems because of lack of skilled workers, high salary and five percent import tariff.
The study called for setting up special industrial cities for gold work, reducing import tariff, opening up of training institutes for Saudi men and women and extending more incentives to investors.
The Saudi gold and jewelry market is estimated at more than SR60 billion. Most of the nearly 10 million foreign pilgrims, who come for Haj and Umrah as well as other visitors purchase gold and jewelry from Saudi Arabia.
According to the World Gold Council, the Middle East recorded an increase in total consumer demand from 49 tons in Q2 of 2012 to 67.4 tons in Q2 of 2013, worth $3.065 billion.


Saudi efforts to promote tolerance, moderation lauded

Updated 23 July 2019
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Saudi efforts to promote tolerance, moderation lauded

RIYADH: The rector of the Islamic University of Brussels hailed Saudi efforts to promote moderate Islam, reject extremism, fight against terrorism, serve the religion and its followers, and respond to aberrant ideologies that have harmed the Muslim world.

Dr. Mustafa Khader Donmez also praised the programs carried out by the Saudi Ministry of Islamic Affairs, Dawah and Guidance.

“The Kingdom has established specialized scientific, educational and media institutions, called for the unity of the Islamic nation, and cooperated with all that strengthens the nation’s unity and preserves its security,” he said.

“Saudi Arabia has been holding conferences inside and outside the Kingdom, to which it invited scholars and specialists, in cooperation with regional and international bodies to promote Islamic tolerance and address the causes of extremism and terrorism.”

Donmez said the Kingdom has invited Islamic institutions and international bodies to implement programs and events that fight extremism and condemn terrorism.

“The Kingdom is keen to promote international peace and communication between cultures and the followers of different religions through calling for interreligious and intercultural dialogue, a domain in which the Kingdom has been a pioneer,” he added.

Saudi Arabia “has taken the lead in spending for this purpose as it is in line with its high status on the Islamic and international levels,” he said. SPA Riyadh