Concerns rise over fake gold in Saudi Arabia

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)
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Updated 22 February 2020

Concerns rise over fake gold in Saudi Arabia

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

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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.”


Organization of Islamic Cooperation chief, Moroccan envoy discuss cooperation

Organization of Islamic Cooperation chief, Moroccan envoy discuss cooperation
Updated 26 February 2021

Organization of Islamic Cooperation chief, Moroccan envoy discuss cooperation

Organization of Islamic Cooperation chief, Moroccan envoy discuss cooperation

JEDDAH: The secretary-general of the Organization of Islamic Cooperation (OIC), Dr. Yousef Al-Othaimeen, on Thursday received the Moroccan ambassador to Saudi Arabia and OIC permanent representative, Dr. Mustafa Al-Mansouri.
The envoy signed the statute of the Islamic Organization for Food Security on behalf of his country and discussed with Al-Othaimeen ways to further strengthen cooperation between the OIC and Morocco. Al-Othaimeen praised Morocco’s leading role within the organization and in joint Islamic action.


Who’s Who: Dr. Mahmoud Al-Yamany, executive president of Second Health Cluster

Who’s Who: Dr. Mahmoud Al-Yamany, executive president of Second Health Cluster
Updated 26 February 2021

Who’s Who: Dr. Mahmoud Al-Yamany, executive president of Second Health Cluster

Who’s Who: Dr. Mahmoud Al-Yamany, executive president of Second Health Cluster

Dr. Mahmoud Al-Yamany is the executive president of a group of Saudi healthcare facilities known as the Second Health Cluster. It includes King Fahd Medical City, Prince Mohammed bin Abdul Aziz Hospital, King Saud Hospital for Chest Diseases, Al-Yamamah Hospital, and a group of primary healthcare centers in northeastern Riyadh.
Al-Yamany has also served as director of the National Neuroscience Institute, chairman of the board of directors of the Scientific Committee for Neurosurgery, medical director of neurology and head of the department of neurosurgery, both at King Fahd Medical City, and as a consultant of neurosurgery at the Riyadh Medical Complex.
He sat as chairman of the accreditation committee for health promotion at King Fahd Medical City, was a consultant of neurosurgery at King Faisal Specialist Hospital and Research Center, and was an honorary professor of assistant clinical neurosurgery at King Saud University.
In addition, he held the positions of assistant executive director of medical departments and deputy executive director for medical affairs at King Fahd Medical City.
He is a representative of Saudi Arabia and an examiner on the Arab Board of Neurosurgery, and an executive partner of the Qimam Fellowship, which provides its fellows with one-on-one mentorship from senior public and private sector leaders.
Al-Yamany gained master’s degrees in health administration, and health management from Washington University, bachelor’s degrees in medicine, and surgery from King Saud University’s college of medicine in Riyadh.


Saudi Arabia’s King Salman and US President Biden discuss regional security

Saudi Arabia’s King Salman and US President Biden discuss regional security
Updated 26 February 2021

Saudi Arabia’s King Salman and US President Biden discuss regional security

Saudi Arabia’s King Salman and US President Biden discuss regional security
  • The talks dealt with ‘the most important issues in the region’
  • They discussed Iran’s destabilizing behavior and ending the war in Yemen

RIYADH: Saudi Arabia’s King Salman and US President Joe Biden discussed regional and global stability during a phone call on Thursday.
The two leaders stressed the importance of strengthening the partnership between the two countries and the depth of their historical relations, Saudi Press Agency (SPA) reported.
During the call, King Salman congratulated Biden on taking office last month.
The talks dealt with the most important issues in the region and reviewed developments of common interest, the report said.
The two sides discussed Iran’s behavior in the region, its destabilizing activities and its support for terrorist groups.
“King Salman thanked the US president for Washington’s commitment to defend the Kingdom against any threats and his assurance that Iran would not be allowed to possess nuclear weapons,” SPA said.
Biden commended the Kingdom’s support for UN efforts to reach a truce and a cease-fire in Yemen.
King Salman said the Kingdom was keen to reach a comprehensive political solution in Yemen and to achieve security and development for the Yemeni people.
A statement from the White House said the US president told King Salman he would work to make the bilateral relationship as strong and transparent as possible.


SAF improving lives of autistic children in Saudi Arabia for years

SAF improving lives of autistic children in Saudi Arabia for years
Updated 26 February 2021

SAF improving lives of autistic children in Saudi Arabia for years

SAF improving lives of autistic children in Saudi Arabia for years
  • Arab News spoke to Prince Saud bin Abdulaziz bin Farhan Al-Saud, SAF’s chairman, to discover more about the charity’s efforts since its launch in 2009

JEDDAH: The Saudi-based Charitable Society of Autism Families (SAF) has been assisting families with autistic children and pushing for greater community inclusion for more than 10 years now. But while awareness of autism in the region has improved in that time, there remains a stigma around and lack of understanding of the condition in the Kingdom.

Autism, or Autism Spectrum Disorder (ASD), is a neurodevelopmental disorder that impairs a person’s ability to communicate or socialize with others. It can lead to a variety of seemingly anti-social behaviors, including a lack of desire to interact with other people, displays of apparent hostility, avoidance of eye contact, repetitive patterns of behavior, and more.

Arab News spoke to Prince Saud bin Abdulaziz bin Farhan Al-Saud, SAF’s chairman, to discover more about the charity’s efforts since its launch in 2009.

“With the right health care and resources, combined with family support, some of the children on the spectrum can gain the necessary skills to lead a ‘normal’ life and, in some cases, demonstrate special talents and capabilities not common in the wider population,” Prince Saud said. “We see many inspiring examples in our society and we regularly showcase these success stories.”

Autism is commonly diagnosed by the age of three and is more prevalent in males than females. The first studies of autism appeared in the 1960s, but less-severe varieties of autism were not identified until the 1980’s. Today, three types of ASD have been identified — each with specific characteristics that help doctors diagnose patients. They are autistic disorder, also known as classic autism; Asperger syndrome; and pervasive developmental disorders, also known as atypical autism.

Prince Saud said it is difficult to produce an accurate estimate of how many people in the Kingdom have ASD, due to the lack of sufficient studies. “However, according to the US CDC, 1 in 54 children — across all racial, ethnic, and socioeconomic groups — has been identified with ASD, meaning an approximate 1-2 percent of the global population is on the spectrum,” he said “This percentage might be applicable to the Kingdom.”

One of SAF’s most-common methods of raising awareness is through its series of public seminars, but it has recently also become more active on social media, in part because of the COVID-19 pandemic. Aside from its campaigning work, the society also helps arrange the provision of services including rehabilitation, educational development, guidance and assistance from other organizations for the families it supports, as well as a range of online offerings, including consultations, lectures and workshops, and rehabilitation services.

“We will continue our efforts to create a welcoming community in which autism is well understood so that those on the spectrum and their families can get the support they need,” Prince Saud said.

 


Saudi Arabia is a critical partner: US Yemen envoy

Saudi Arabia is a critical partner: US Yemen envoy
Updated 26 February 2021

Saudi Arabia is a critical partner: US Yemen envoy

Saudi Arabia is a critical partner: US Yemen envoy
  • Prince Khalid and Lenderking discussed diplomatic efforts and Saudi Arabia’s commitment to finding a solution to the conflict and supporting Yemenis

LONDON: Saudi Arabia is a critical partner of the US, the country’s envoy to Yemen said on Thursday in talks about resolving the conflict.

“The US recognizes the conflict in Yemen cannot be resolved without Saudi support,” Timothy Lenderking said after a meeting with the Kingdom’s Deputy Defense Minister Prince Khalid bin Salman.

Prince Khalid and Lenderking also discussed diplomatic efforts and Saudi Arabia’s commitment to finding a solution to the conflict and supporting Yemenis.