Misk forum aims to help Saudi youngsters to rise up in life

Prof. Shaima Hamidaddin, executive manager of Misk Foundation, speaks at the forum. (AN photo)
Updated 16 November 2017

Misk forum aims to help Saudi youngsters to rise up in life

RIYADH: The Misk Global Forum aims to empower young men and women to overcome challenges in life to become useful citizens in society, Prof. Shaima Hamidaddin, executive manager of the Misk Foundation, told Arab News after the opening of the second forum at the Four Seasons Hotel on Wednesday.
“It’s never been more important to empower young people to meet the challenges of the unprecedented change taking place around us, and that’s why the Misk Global Forum is so important, not only for the young people here in Saudi Arabia, but for those around the world,” she said.
“Our ambition through the global forum is to bring together global innovators, policymakers and high-potential young people to meet the challenge of change,” Hamidaddin explained.
Describing it as an action-oriented event, she said: “We want participants to create their own experiences over the next two days, choosing their own masterclasses and workshops, and to feel empowered to contribute, and inspired to learn how they can shape the future.”
The gathering has a varied schedule looking at four key areas of life for young people: Living, learning, working and contributing. Participants will be given insights into a range of issues including how artificial intelligence will affect tomorrow’s work and how young people can develop and deliver new social entrepreneurial ideas.
“It was important for us to secure a rich selection of speakers for the second annual gathering of the forum to provide young leaders, creators and innovators with a unique opportunity to engage and connect with established global innovators and leaders," Hamidaddin said, pointing out that through the participatory sessions young people from around the world will be able to explore, experience and experiment with cutting-edge concepts and ideas that can help them meet the challenge of change.
To become the pre-eminent global platform to discuss vital issues relating to young people, their future and the knowledge economy, she said, Misk has expanded the ambition and scope of the forum.
The forum, brainchild of Crown Prince Mohammed bin Salman and the largest youth event in the region, was inaugurated by Abdullah Alswaha, minister of telecommunications and information technology in the midst of a packed audience comprising local and foreign youths and experts in various fields.


Concerns rise over fake gold in Saudi Arabia

Local gold markets have seen stagnation in recent times, because of the increasing price of gold on international stock markets. (Photo/Shutterstock)
Updated 22 February 2020

Concerns rise over fake gold in Saudi Arabia

  • Accusations fly as pilgrims targeted by sellers of counterfeit precious metal

JEDDAH: A video posted on Twitter by a member of the Precious Metals Committee explaining the ways some gold manufacturers manipulate weight of gold and diamonds has attracted significant attention in Saudi Arabia, raising the question of the authenticity of gold in the Kingdom.

In the video, Mohammed Azooz said cover-ups have made many Saudi gold sellers lose power over the market, and that industry was being controlled by non-Saudis.
In the video, he explained how some people circumvented customs and sneak gold into the country, especially during the Hajj season to target pilgrims.
The Arabic translation of #cheating_in_jewelry has been trending in Twitter for a few days, and several people posted about the issue, blaming those who were selling fake gold to pilgrims as pure gold.
This is not the first time the fake gold issue has been raised. The World Gold Council previously suspended its activities in the Kingdom following claims that some jewelry manufacturers mixed glass with gold. Former Minister of Commerce and Industry Abdullah Zainal rejected the accusations at the time, described them as “grave and dangerous.”
Local gold markets have seen stagnation in recent times, because of the increasing price of gold on international stock markets.

FASTFACTS

• Types of gold depend on the percentage of gold per kilogram. For example, 24k gold, which is considered the best in quality, is 99 percent gold mixed with 1 percent of precious metal such as silver or copper. This type of gold is considered pure, and not used for adornment.

• For a kilogram of 22k gold, 125 grams of precious metals are added to 875 grams of pure gold; 150 grams of precious metals are added to 850 grams to make a kilogram of 21k gold, and 18k gold has 250 grams of precious metals per kilogram.

The price of one kilogram of 24 karat (k) gold in the Kingdom can reach SR185,000 ($46,700).
Gold and economic experts say that the movement in gold prices depends on numerous factors such as political and economic events around the world, the price of the US dollar in banks, black markets, as well as the supply and demand trends in global stock markets.

Types of gold depend on the percentage of gold per kilogram. For example, 24k gold, which is considered the best in quality, is 99 percent gold mixed with 1 percent of precious metal such as silver or copper. This type of gold is considered pure, and not used for adornment.
For a kilogram of 22k gold, 125 grams of precious metals are added to 875 grams of pure gold; 150 grams of precious metals are added to 850 grams to make a kilogram of 21k gold, and 18k gold has 250 grams of precious metals per kilogram.

Opinion

This section contains relevant reference points, placed in (Opinion field)

The Kingdom has launched an initiative, the first of its kind, authorizing authorities to launch a Shariah-based gold investment fund to enrich investment products through the Saudi Stock Exchange (Tadawul).
Moath Alkhasawneh, CEO and board member of FALCOM Financial Services, said the FALCOM Gold Fund was officially licensed by the Capital Market Authority. The fund aims to add value to Tadawul through a Shariah-based investment fund, as gold trading transactions are considered a good investment and a high-quality commodity with low risks in investment portfolios.
“Gold retains its value compared to banknotes — their value decreases because of inflation. The high demand on gold in light of the shortage of supply can drive the prices of gold higher in the long run,” said Alkhasawneh.
“The gold investment fund focuses on investment in pure and precious gold, and the investment transactions will take place at the Switzerland Gold Market under the supervision of the higher authorities in Switzerland. This will make it safer and more flexible.”