Saudi Arabia expands trade ties with Mauritania

Business leaders and ministers from both countries are taking part in the Saudi-Mauritanian Economic Forum. (SPA)
Updated 24 April 2019
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Saudi Arabia expands trade ties with Mauritania

  • Business leaders and ministers from both countries are taking part in the Saudi-Mauritanian Economic Forum

JEDDAH: Saudi Arabia is looking to expand its trade and investment links with Mauritania at a high-level forum that kicked off on Monday in the Mauritanian capital Nouakchott.

Business leaders and ministers from both countries are taking part in the Saudi-Mauritanian Economic Forum, jointly organized by the Council of Saudi Chambers and the National Employers Union of Mauritania.

Khadija Mubarak, Mauritania’s commerce, industry and tourism minister, said a series of presentations and special meetings with Mauritanian officials will allow investors to examine opportunities in the northwest African nation.

Mauritanian government policies are encouraging investment in the country, she said, enabling it to rank high in the business climate index.

Several partnership agreements have been signed with African countries and development partners in the EU, as well as free trade pacts to promote trade in the region, Mubarak said.

Dr. Sami bin Abdullah Al-Obaidi, president of the Council of Saudi Chambers, said that the forum will open new horizons for business owners by increasing trade volume and expanding the economic partnership between the two countries.

“It also aims to enable officials and business owners in both countries to exploit economic potential, natural resources, and multiple investment opportunities in the Kingdom and Mauritania,” he said.

Al-Obaidi said that the Kingdom is working to strengthen trade relations with countries that have a healthy economic outlook.

“Mauritania has a strong and diverse economy,” he said.

Mohammed Ould Cheikh Ali Ahmed, head of the National Employers Union of Mauritania, said the forum reflects the keenness of the political leadership in both countries to “consolidate the ties of brotherhood and friendship.”

“The forum comes at a time when Mauritania is witnessing investment-stimulating developments in terms of security, stability, great economic potential and promising investment opportunities, enabling it to become a preferred destination for international investments and for major international companies in the areas of energy, metals, agriculture, fishing and animal development,” he said.

Mauritanian Prime Minister Mohamed Ould Salem Ould Al-Bashir welcomed a delegation of Saudi business owners who will meet with ministers, officials and investors to discuss trade and investment partnerships between the two countries.


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.”