Jeddah to host screenings of international films

Updated 03 July 2017

Jeddah to host screenings of international films

JEDDAH: Jeddah will this month host screenings of international films, organized by the Saudi-Arab Society for Culture and Art.
The screenings will take place in two five-day periods, with the first starting July 7 and the second starting July 29. Films will be shown with Arabic translations.
In the first period two films were chosen, starting with a musical comedy cartoon about trolls in a hidden city. Difficulties are experienced with the discovery of prings, which experience no happiness and realize they can be happy if they eat a troll.
The second film is about the memory loss of a robo-dog who is adopted by a family that helps it search for other missing robots and its best friend.
Amr Al-Jasser of the Saudi-Arab Society for Culture and Art said the Society is working within Vision 2030 to develop art and culture in the Kingdom. More details are available at www.lammt.com.


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.”