Spanish king keen on boosting Saudi trade ties

Spanish King Felipe VI speaks at the Riyadh Chamber of Commerce and Industry on Monday. (AN photo)
Updated 17 January 2017

Spanish king keen on boosting Saudi trade ties

RIYADH: Spanish King Felipe VI expressed Monday his country’s desire to bolster economic, trade and investment relations with Saudi Arabia.
Speaking at the Riyadh Chamber of Commerce and Industry (RCCI), the visiting king said that bilateral relations between the two countries rest on a long-standing historical and cultural base.
Saudi Arabia and Spain are already established trading partners, with Spain ranking third among the biggest European importers from the Kingdom, King Felipe VI said at the chamber.
The king said that the presence of many Spanish companies and their contribution to developmental projects in the Kingdom is proof of the technical experience of the Spanish companies.
He voiced the desire of Spanish companies to contribute to the objectives set under the Vision 2030 reform plan and the National Transformation Program.
The success achieved by the Spanish companies in implementing developmental projects in the Kingdom is considered a stimulus to implement more projects, the king underscored.
Ahmad Sulaiman Al-Rajhi, chairman of the board of directors of the RCCI, said the Spanish king’s visit will give a boost to Saudi-Spanish relations.
“Saudi (Arabia’s) business sector appreciates the level of relations between the two countries, thanks to the support of the Custodian of the Two Holy Mosques King Salman and King Felipe VI,” he said.
The Spanish king earlier paid a visit to the King Abdullah City for Atomic and Renewable Energy (K.A.CARE), where he was welcomed by the city’s president, Hashem Abdullah Yamani.
During the meeting they discussed various aspects of mutual cooperation in the field of the peaceful use of atomic and renewable energy.
The visiting king, accompanied by Minister of Culture and Information Adel Al-Toraifi, was briefed on K.A.CARE’s programs in the field of sustainable energy.


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.”