Saudi Shoura Speaker congratulates Iraq on restoring its regional, international role

Saudi Shoura Council Speaker Dr. Abdullah Al-Asheikh meets Iraqi Parliament Speaker Mohamed Al-Halbousi in Baghdad on Saturday. (Reuters)
Updated 20 April 2019
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Saudi Shoura Speaker congratulates Iraq on restoring its regional, international role

BAGHDAD: The speaker of the Shoura Council, Dr. Abdullah Al-Asheikh, on Saturday praised the efforts of King Salman and Crown Prince Mohammed bin Salman in strengthening Saudi-Iraqi relations.

Al-Asheikh was speaking at the Baghdad Summit of Parliaments of Neighboring Countries of Iraq.

The summit, hosted by Iraqi Parliament Speaker Mohamed Al-Halbousi, gathered top lawmakers from Syria, Saudi Arabia, Iran, Turkey, Jordan and Kuwait to discuss regional security, diplomacy and economic issues. Al-Asheikh said Saudi-Iraqi relations have recently developed after the visit of Iraqi Prime Minister Adel Abdul Mahdi to Riyadh with a high-level delegation.

Al-Asheikh stressed the desire of both countries’ leaderships to promote bilateral relations and common interests.

“We are meeting today at this summit to celebrate the victory of brotherly Iraq over terrorism and the elimination of the Daesh terrorist organization,” he said. 

“My country has contributed to the efforts of the international coalition forces to eliminate it and enact more legislation and laws that criminalize it.”

Al-Halbousi said his country’s relations with neighboring states are strong, and Iraq intends to develop them. 

“Today, Iraq is building a promising strategic partnership with all neighboring countries without any reservations or favoring any party,” he added.

Visiting officials pledged support for reconstruction and development efforts in Iraq, and for the country’s continued stability following its victory over Daesh after three years of war, Al-Halbousi said.

Iraq continues to fight terror with regional and international assistance, he added, thanking all countries that have supported this fight. 

The summit dealt with a number of topics, notably strengthening parliamentary cooperation between Iraq and neighboring countries, and supporting regional efforts against terrorism.

Baghdad and Riyadh have been at loggerheads since Iraq’s invasion of Kuwait in 1990, but they have recently undertaken a diplomatic push to improve ties.


Fraud alert over cryptocurrency falsely linked to Saudi Arabia

Updated 21 August 2019
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Fraud alert over cryptocurrency falsely linked to Saudi Arabia

  • The website of a cryptocurrency company is promoting what it calls the CryptoRiyal and SmartRiyal
  • The Singapore-based company uses the Saudi emblem of two crossed swords and a palm tree

JEDDAH: Fraudsters are trying to lure victims into investing in a “virtual currency” with false claims that it is linked to the Saudi riyal and will be used to finance key projects, the Saudi Ministry of Finance warned on Tuesday.

The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.

“Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom,” the ministry said on Tuesday.

The fraudsters were exploiting ignorance of how virtual currencies work, cryptocurrency expert Dr. Assad Rizq told Arab News.

“A lot of tricks can be played,” he said. “Some of these companies are not regulated, they have no assets, and even their prospectus is sometimes copied from other projects.

“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.

“Cryptocurrencies are a risky investment for two reasons. First, the sector is not yet fully regulated and a lot of projects use fake names and identities, such as countries’ names or flags, to manipulate investors.

“Second, you have to do your homework, learn about the technology. And if you still want to invest, consider your country’s rules and regulations.”