Saudi Electricity Company services resume after bad weather

The Saudi Electricity Company confirmed Friday that electricity has been restored to all customers who were affected by a power outage in northern Saudi Arabia on Thursday. (AFP)
Updated 19 October 2018

Saudi Electricity Company services resume after bad weather

RIYADH: The Saudi Electricity Company confirmed Friday that electricity has been restored to all customers who were affected by a power outage in northern Saudi Arabia on Thursday due to adverse weather conditions.
The company said that it worked to restore its electricity services to customers within half an hour after the outage and continued to work through the night until services were restored. It also said that power lines that had been struck by lightening had been tested for safety purposes.
The Saudi Electricity Company added that teams on the ground will remain on call and ready to respond to any emergencies during any changes of weather in the Kingdom in order to maintain a high level of service, and reduce the length of any further power cuts.
The company also apologized for the power outage.
Meanwhile, the General Authority of Meteorology and Environmental Protection forecasted thunder, rain, and sand storms in the region of Najran.
Najran’s Directorate General of Civil Defense called on citizens and residents to exercise caution and to avoid valleys, bodies of water, areas close to trees, open spaces, and elevated areas.


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.”