King Salman, Niger president discuss ties

Updated 11 May 2015

King Salman, Niger president discuss ties

Custodian of the Two Holy Mosques King Salman met Niger President Mahamadou Issoufou at the royal palace on Sunday and held wide-ranging talks to discuss mutual interests in order to further enhance partnership between the two countries.
The visiting president decorated King Salman with the National Merit Medal, the highest medal of his country.
Earlier, the president was received at the air base by King Salman, Crown Prince Mohammed bin Naif and Riyadh Gov. Prince Faisal bin Bandar.
“The two leaders reviewed bilateral relations and exchanged ideas on further improving it in different fields,” said an official at the Niger Embassy in Riyadh.
They also discussed regional and international issues of common concern during the meeting, he added.
The Niger president was accompanied by a delegation comprising Minister of Defense Mahamadou Karidjo, Minister for Planning, Land Management and Community Development Amadou Boubacar Cisse, Minister of Education Mariama Elhadj Ibrahim Ali, Minister of Public Health Mano Aghali, Minister of Foreign Affairs, Cooperation, African Integration and Nigers Abroad Aichatou Boulama Kane and President of the Presidential Court Saido Sidi.
King Salman hosted a luncheon in honor of the Niger president and his delegation, which was also attended by ministers and senior Saudi officials.
The Niger president also met Minister of Education Azzam Al-Dakhil and discussed cooperation in the field of education.
A large number of Niger students study in the Kingdom.
The Kingdom attaches great importance to strengthening its economic relations with African countries including Niger. The two countries have many areas and promising sectors of cooperation that include petroleum, petrochemicals, maintenance of oil refineries, industrial products and mining, where Niger can benefit from Saudi experience.
Opportunities exist for common investments in the agricultural and livestock sectors, where Niger could be one of the African countries for Saudi agricultural investments abroad to ensure food security.

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.”