SR33m: Blood money estimate by experts

Updated 16 September 2015

SR33m: Blood money estimate by experts

JEDDAH: Insurance firms may have to pay out about SR33 million in blood money to the families of the 111 people who died in Friday’s crane collapse at the Grand Mosque in Makkah, say experts.
This amounts to about SR300,000 per person, which is the mandatory coverage that all contractors working on government projects have to take out once they win a government tender, the experts were quoted as saying in a local publication.
Saudi regulations stipulate that contractors must take out insurance policies that cover every aspect of a project, including equipment and human lives, and encompassing human error and natural disasters.
Several experts were quoted as saying that the tragedy appeared to be the result of a natural disaster as the crane was seemingly blown over by gale-force winds.
Any losses resulting from a crane falling over and causing injury or loss of life has to be covered in the mandatory insurance policy required for all government projects, said Adham Jad, an insurance expert.
Jad said that it appeared that this was a natural disaster, which would be fully covered by the insurance policy of the contractor.

King Faisal Prize: Rewarding services to all of humanity

Updated 26 March 2019

King Faisal Prize: Rewarding services to all of humanity

RIYADH: Prince Turki Al-Faisal’s father, the late King Faisal, was a beacon of aspiration and hope. 

During his reign, the first girls’ schools were introduced, and he focused on educating the Saudi population as a whole to promote peace. 

The King Faisal Foundation was founded by King Faisal’s sons and daughters to commemorate his memory and vision. 

The significance of the annual King Faisal Prize (KFP) dates back to when a reporter asked him how he saw Saudi Arabia in 50 years’ time. 

The king responded: “I see Saudi Arabia in 50 years’ time as a wellspring of radiance for humanity.” 

The root of the foundation and the prize stems from his vision for all of humanity: Peace through education.

“The prize was established by the King Faisal Foundation soon after the foundation was formed,” Prince Turki told Arab News.

“It carries the message that the welfare of humanity is the primary importance of service to humanity,” he said. 

“The versatility of Islam is celebrating knowledge for all nationalities. As the first verse in the Holy Qur’an was ‘Read,’” Dr. Abdul Aziz Al-Subayyil, secretary-general of KFP, told Arab News. 

“This a universal dialogue between all nationalities and scientific fields, which seeks peace through knowledge.” he said.  

The significance of the Prize shows that: “This is the real Islam and this prize in the country of the Two Holy mosques represents that we are trying to observe the teaching of Islam and its implementation through the prize, which is the encouragement of science and introducing knowledge to people,” Al-Subayyil said.