Ship withdrawn at Yanbu port after accident

The ship Sakizaya Kalon's crew praised the efforts of the port management in towing and docking. (SPA)
Updated 04 September 2018

Ship withdrawn at Yanbu port after accident

JEDDAH: Yanbu commercial port has withdrawn the ship Sakizaya Kalon after it was involved in a maritime accident while crossing the Suez Canal.
The ship belongs to the agency of the Arab Foundation, which carries the flag of the state of Panama, carrying 66,000 tons of cargo for the Saudi Grains Organization.
The ship was safely towed and berthed at Pier No. 11 without affecting maritime traffic.
The ship’s crew praised the efforts of the port management in towing and docking.
Yanbu commercial port handled 413,824 tons of various types of general cargo during July 2018 compared to 141,066 tons during July 2017 — an unprecedented increase of 193 percent.
The port looks forward to continuing to achieve new accomplishments by attracting shipping lines to highlight its economic position in the region.


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.”