Crown prince honors winners of horse race in Riyadh

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Crown Prince Mohammed bin Salman presents the trophy to the winner of the horse racing competition in Riyadh. (SPA)
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Crown Prince Mohammed bin Salman presides the ceremony of the Equestrian Club’s Grand Annual Horse Race in Riyadh on Friday. (SPA)
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Crown Prince Mohammed bin Salman presides the ceremony of the Equestrian Club’s Grand Annual Horse Race in Riyadh on Friday. (SPA)
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Crown Prince Mohammed bin Salman presents the trophy to the winner of the horse racing competition in Riyadh. (SPA)
Updated 19 February 2019

Crown prince honors winners of horse race in Riyadh

  • The event was held at the King Abdul Aziz Racetrack in Janadriyah

RIYADH: Crown Prince Mohammed bin Salman presided over the ceremony of the Equestrian Club’s Grand Annual Horse Race in Riyadh on Friday night. The event was held at the King Abdul Aziz Racetrack in Janadriyah.

Upon his arrival at the King Abdul Aziz Arabian Equestrian  Center, he was received by Prince Faisal bin Bandar, governor of Riyadh, Prince Bandar bin Khalid Al-Faisal, chairman of board of directors of the Equestrian Club, and Prince Abdul Aziz bin Saud bin Naif, minister of interior.

Trophies were presented to Hassan Issa Al-Buainain, who rode a horse named “Al-Nashas” to a first place finish in the race for locally bred horses, and another to Abdurrahman Abdullah Al-Makhdhoub, who rode “Hipo” to victory in the contest for imported horses.

The event was also attended by a number of princes, ministers and civil and military officials.

Riyadh is keen to develop its sports industry as part of reforms to diversify the economy beyond oil exports and create a more modern, dynamic society.

Earlier, the sports authority said in a statement that it is a way to share Kingdom’s historic and cultural legacy with the world.


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.”