Virtual currencies not approved in Saudi Arabia, government committee warns

The Standing Committee for Awareness on Dealing with Unauthorized Securities Activities in the Foreign Exchange Market (Forex) warns virtual digital currencies are not supported within the Kingdom and dealing with them is risky. (AFP)
Updated 12 August 2018
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Virtual currencies not approved in Saudi Arabia, government committee warns

JEDDAH: Saudi Arabia's special governmental committee for awareness on dealing with unauthorized securities activities in the foreign exchange market (Forex) has warned against transactions and investments using virtual currencies.
The committee, assembled by a royal order, has warned that such transactions could have “negative consequences” on dealers because of the associated risk with such dealings that are "outside the monitoring umbrella within Saudi Arabia.
The committee said such virtual or cryptocurrencies that are traded through the internet, like Bitcoin and similar virtual currencies, are not approved in the Kingdom.
It said “allegations” on websites that promote investments in such currencies on the internet and social media platforms claiming that they are “authorized” by official authorities in the Kingdom are incorrect.
It warned citizens and residents “not to drift” behind Forex activities that exploit the public's for fast earnings.


Saudi Arabia's King Salman offers $1m to International Civil Aviation Organization

Updated 17 June 2019
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Saudi Arabia's King Salman offers $1m to International Civil Aviation Organization

RIYADH: Saudi Arabia’s King Salman has provided $1 million to the International Civil Aviation Organization (ICAO), the Saudi Press Agency reported Monday.

The announcement came as part of the “Kingdom’s efforts in supporting international organizations and bodies and the leadership’s keenness to play an important role in the most important international and regional organizations,” SPA said.

The aid will go towards supporting ICAO’s No Country Left Behind (NCLB) initiative, which aims to assist developing countries in applying the standards and recommended methods for the safety and security of civil aviation.

The aid will also contribute to the costs of translating the organization’s documents and publications into Arabic.

The President of the Kingdom’s General Authority for Civil Aviation (GACA), Abdulhadi bin Ahmed Al-Mansouri thanked King Salman for his support to the aviation sector locally, regionally and globally, 

He said: “this contributes to the development of the aviation industry and to improve the safety and security of civil aviation in developing countries, least developed countries and island states.

The $1 million of financial assistance is an extension of the Kingdom's previous financial support in 2016 which “ the level of safety and security of civil aviation in the Middle East and Africa," Al-Mansouri said.

Olumuyiwa Benard Aliu, the ICAO’s president, thanked the king for the support.