GCC officials condemn Houthi attack targeting Makkah

Abdullah bin Mohammed Al-Asheikh. (SPA)
Updated 24 November 2016

GCC officials condemn Houthi attack targeting Makkah

JEDDAH: Speakers, presidents and chairmen of the GCC Shoura and representatives of assemblies and national councils have condemned the terrorist act carried out against Makkah by the Houthi militias.
In a statement on Wednesday at the conclusion of their 10th session in Manama, the parliamentary leaders said that tampering with the security of Saudi Arabia and the feelings of Muslims is the same as targeting the security and people of the Gulf states.
It called on the international community to take serious and effective steps to prevent such terror acts from recurring, and also to exert effort to help the Arab coalition bring about an end to the Yemen crisis.
In another statement, the meeting rejected the Justice Against Sponsors of Terrorism Act (JASTA) as a flagrant violation of the principles of international relations, particularly the principle of sovereign immunity, enjoyed by all sovereign states.
The statement said any breach of this rule would constitute a threat to world security and peace. It called on the US Congress to reconsider its decision and not approve the bill’s implementation.
Saudi Shoura Speaker Abdullah bin Mohammed Al-Asheikh said that Operation Decisive Storm, launched by the Arab coalition in support of legitimate rule in Yemen, conforms to regional and international treaties, specifically Article 51 of the UN Charter.
He said action was taken in response to a distress call from Yemen’s legitimate President Abed Rabbo Mansour Hadi to the GCC leaders following a coup staged by Houthi militias and forces loyal to deposed President Ali Abdullah Saleh.
Although the war continues, the GCC countries believe that peace should prevail in Yemen according to the conditions agreed upon before the war, Al-Asheikh said.
Al-Asheikh reiterated that the GCC had exerted strenuous efforts to defuse the Yemeni political crisis since it began. “It culminated in the adoption of the GCC initiative as a solution approved by all parties to the crisis. This was known as the Peace and National Partnership Arrangement. However, the Houthis and Saleh forces, both key parties to the arrangement, annulled their decision and usurped power in Sanaa.”

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.”