RIYADH, 16 January — In a bid to better equip banks and similar institutions against security risks, the authorities will provide a highly dependable early warning system which can replace the conventional civilian security guard. A chain of technologically advanced special security units linked to police control rooms Kingdomwide will be set up as part of the project.
The move, urged by the Saudi Arabian Monetary Agency and in coordination with the Saudi Council of Chambers and Commerce and Industry, aims at a fool-proof security system for financial institutions and shops selling valuable items, informed sources said.
The system will be installed and operated by a new joint stock company to be set up with a capital of SR10 million. About 16 security companies with the license from the Ministry of Interior will found the company, the informed source said.
The Ministry of Commerce will approve the founding of the company shortly, the source said. The clients who require the services of the company will have to pay an annual fee. The annual fee will be fixed at SR4,000 for banks, SR1,759 for jewelry shops inside gold markets, SR1,920 for jewelry outside gold markets, SR1,521 for shops of valuable articles, SR2,693 for commercial stores within shopping centers, SR2,320 for factories within industrial cities, SR4,727 for showrooms for new cars and SR2,490 for other shops.
According to a viability study conducted by the Consultancy Center for Investment and Financing, the new company will enjoy an expected growth rate of 8.5 annually in the first 10 years of its founding.
The company will conduct round the clock observation of the premises with electronic devices installed in their vicinity. When any untoward incident or accident is observed, the system will automatically take all necessary steps such as alerting the police control room, fire force and ambulance service.
The system will use the latest security technology such as sensors, warning systems and closed circuit TV. It will operate with a very high standard of reliability and will reduce the human role to the minimum to make the costs affordable to its clients. (Asharq Al-Awsat)
