Riyadh, Kiev cement relations with President Poroshenko’s Saudi visit

King Salman receives Ukrainian President Petro Poroshenko at Al-Yamamah Palace in Riyadh on Wednesday. (SPA)
Updated 02 November 2017

Riyadh, Kiev cement relations with President Poroshenko’s Saudi visit

RIYADH: Ukrainian President Petro Poroshenko hailed the strong relations between his country and the Gulf Cooperation Council (GCC) countries in official talks with King Salman on Wednesday.
Poroshenko said he hoped to strengthen and develop these relations in all areas, including the economic and investment fields.
During the session at Al-Yamamah Palace in Riyadh, King Salman and Poroshenko reviewed bilateral relations and aspects of cooperation between the two countries. They also attended a signing ceremony of a draft cooperation program and memoranda of understanding (MoU) between the two countries.
Before the signing ceremony, King Salman decorated the president with the King Abdul Aziz necklace medal, and received the Order of Yaroslav the Wise of First Class, which is the highest order in Ukraine.
Then, an MoU for investment cooperation in the field of agriculture was co-signed by the Saudi Minister of Environment, Water and Agriculture Abdulrahman bin Abdulmohsen Al-Fadhli, and the Ukrainian Acting Minister of Agrarian Policy and Food Maxime Martinok.
A draft cooperation program between the Prince Saud Al-Faisal Institute for Diplomatic Studies and the Diplomatic Academy of Ukraine was co-signed by Saudi Foreign Minister Affairs Adel Al-Jubeir and Ukrainian Foreign Minister Pavlo Klimkin.
An MoU for cooperation and exchanging news between the Saudi Press Agency (SPA) and the Ukrainian News Agency was co-signed by the SPA President Abdullah bin Fahd Al-Hussain and the Director General of the Ukrainian News Agency Alexander Kharchenko.
The signing ceremony was attended by a number of princes in addition to Saudi and Ukrainian ministers and senior officials.
Later, Poroshenko received the supervisor of the Public Investment Fund, Yasir bin Othman Al-Rumayyan.

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.”