Dealers warn against buying gold from street

Updated 26 August 2016
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Dealers warn against buying gold from street

RIYADH: Gold dealers have warned against the spread of fake gold bullion traded at reduced prices outside authorized and licensed gold shops in Riyadh.
Several customers fell victim to these fraudsters, buying gold mixed with glass from street gold vendors, said a local daily.
Salih Al-Aqaili, owner of a gold shop, said some people were selling gold at prices lower than the going rate and warned against the low quality of gold.
He said gold sales are expected to increase due to a surge in demand by customers expecting a gold price hike in the near future.
He said an ounce of gold is currently sold for $1,345, but is expected to hit $1,400.
Ghazi bin Talib, a gold dealer and former deputy head of the National Committee for Gems and Precious Metals, affirmed that no fake gold was sold in licensed shops, adding that if any fake gold is sold, it happens only outside authorized shops.
He said shop owners purchase gold from known and licensed gold workshops and that gold carries the logo and stamp of the manufacturing plant.
Talib attributed the drop in gold prices to market recession during the summer break.
One customers said he noticed a drop in gold prices compared to last month and attributed it to poor demand.
He also advised customers to buy gold only from licensed shops to avoid ending up with fake or poor quality gold.


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.