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.


Mexican delegation visits Saudi Arabia to promote trade and discuss investment

The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas. (SPA)
Updated 17 November 2018
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Mexican delegation visits Saudi Arabia to promote trade and discuss investment

  • The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030

RIYADH: A trade delegation from Mexico called on the Saudi business community to strengthen trade partnerships with their counterparts in Mexico and participate in promising opportunities and investment projects in various areas, especially in the construction and infrastructure sectors.
“A delegation from the National Bank for Services and Public Works (BANOBRAS), the most important development bank in Mexico, visited Saudi Arabia to promote investment opportunities that will bring the countries closer together,” Mexican Ambassador Alfredo Miranda told Arab News on Friday.
Miranda accompanied Alejandro Blasco, head of investor relations at BANOBRAS, and Luis Ampudia, deputy head of investor relations, during the meeting at the Council of Saudi Chambers (CSC).
The Saudi delegation was made up of CSC Secretary-General Saud Al-Meshari; Vice Chairman and Managing Director of the Saudi Fund for Development Khalid S. Alkhudairy; and head of stakeholder management of the Public Investment Fund (PIF) Saad A. Alkroud.
During the meetings, the Mexican delegation shared the opportunities available in Mexico for identifying possible public-private partnerships and financing social infrastructure projects, and they discussed the potential of investment opportunities in Mexico as part of the PIF’s international diversified pool, said the envoy.
The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030.
The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas, taking into account that Mexico’s GDP is $1.1 trillion, has a population of 129 million inhabitants, an inflation rate of 4 percent and very low unemployment of just 4 percent.
“I am sure both countries will continue to work together in order to have more Mexicans in Saudi Arabia and more Saudis in Mexico,” said Ambassador Miranda.