Expats told to close bank accounts before exit

Updated 06 December 2015
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Expats told to close bank accounts before exit

MADINAH: The Interior Ministry has warned citizens and residents to be careful with their bank accounts by not allowing anyone to use their accounts for terrorism-related purposes.
Official spokesmen for the ministry have noted recently that many bank accounts of expats who leave the Kingdom often remain open and pose a great risk to the security of the nation. The authorities says it should be closed before their departure to ensure that no one can access their accounts for financial transfers of a suspicious nature.
Specifically, security expert Nayef Al-Marwani said that these bank accounts remain a dangerous security breach and may help in the financing of terrorism electronically between individuals. He added that most cases of terrorism depend on such modes of electronic finance, which is proven to have been used to fuel the events of Sept. 11, 2001 in the United States.
Al-Marwani said that it was essential that the parties concerned are made aware of this and make closing their accounts prior to departing the Kingdom a top priority.
Al-Marwani also suggested that as soon as expats apply for their final exit visa, this should be contingent upon the person closing their bank account prior to the visa being supplied.


Saudi Arabia, UAE to attend US-led Palestine investment meeting

Updated 23 May 2019
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Saudi Arabia, UAE to attend US-led Palestine investment meeting

  • The Palestine Liberation Organization and Islamist group Hamas have called for an Arab boycott of the meeting
  • Saudi Arabia has assured Arab allies that it will not endorse any US plan that fails to meet key Palestinian demands

JEDDAH: Saudi Arabia and the UAE will participate in a conference next month in Bahrain aimed at encouraging investment in the West Bank and Gaza Strip, as part of US President Donald Trump’s long–awaited Israel–Palestine peace plan. 

The Peace to Prosperity conference, to be hosted on June 25–26 in cooperation with the US, has already been rebuffed by Palestinian officials and business leaders, who want their political demands met by any proposed solution to the conflict.

The Palestine Liberation Organization and Islamist group Hamas have called for an Arab boycott of the meeting.

The Saudi minister of economy and planning, Mohammed bin Majid Al–Tuwaijri, will attend, the Saudi Press Agency reported on Wednesday.

The UAE Ministry of Foreign Affairs and International Cooperation said Abu Dhabi would also send a delegation.

The Palestinian Authority has boycotted American peace efforts since late 2017, when Trump decided to move the US Embassy from Tel Aviv to Jerusalem and recognized the latter as the capital of Israel, reversing decades of US policy.

The Trump administration has sought to enlist support from Arab governments.

But Saudi Arabia has assured Arab allies that it will not endorse any US plan that fails to meet key Palestinian demands, which include affirming East Jerusalem as the capital of a Palestinian state, the right of return for refugees, and a freeze on Israeli settlement construction.