Arab Economic and Social Council expresses support for UNRWA, Palestine

Participants encouraged Arab countries to increase economic support for the Palestinian people in the face of Israel’s occupation. (SPA)
Updated 07 September 2018

Arab Economic and Social Council expresses support for UNRWA, Palestine

  • The council rejected any direct or indirect dealing with Israel’s illegal occupation and colonization of Palestine

JEDDAH: The Arab Economic and Social Council expressed its rejection of any attempts to end or lessen the role of the UN Relief and Works Agency (UNRWA) in supporting millions of Palestinian refugees. Deputy Finance Minister Dr. Hamad bin Suleiman Al-Bazai led the Saudi delegation to the council meeting in Cairo.
The council issued a resolution warning that cutting financial support for UNRWA will have negative consequences. Participants encouraged Arab countries to increase economic support for the Palestinian people in the face of Israel’s occupation. They urged the Arab private sector to invest in Palestine through the creation of mechanisms and special programs designed by the Arab League in collaboration with relevant entities and organizations.
The council appealed to specialized ministerial councils, Arab organizations and financial institutions to increase relief and development support for Palestine to mitigate the effects of the occupation and to help Palestine overcome its financial crisis.
The council also urged the Arab League General Secretariat to increase technical support programs for the least developed countries, including Palestine.
The council rejected any direct or indirect dealing with Israel’s illegal occupation and colonization of Palestine, and called for a database of companies dealing with Israeli settlements. It also urged Arab countries to provide the Arab League General Secretariat with reports on development projects to reduce the economic and social consequences of hosting Syrian refugees. The council urged Arab countries to expedite the completion of procedures for signing and ratifying the Convention on the Liberalization of Trade in Services among Arab States.
It also approved a draft charter for the development of the small and medium-sized enterprises (SME) sector.


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.”