Saudi Financial Market Warns of Investing in Digital Currencies

Saudi Financial Market Warns of Investing in Digital Currencies
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Saudi Financial Market Warns of Investing in Digital Currencies

Saudi Financial Market Warns of Investing in Digital Currencies

While a number of digital currencies have witnessed sharp fluctuations over the past few weeks resulting in financial losses for many investors, it is certain that digital currencies have no legislative or legal cover to help investors increase their credibility in the future.

Given the risk of investing or speculating in digital currencies, the Saudi Capital Market Authority (CMA) has warned against investment and speculation in digital currencies, including Bitcoin, saying it involves high risk.

The risks involve capital losses, fraud, market risks resulting from high price volatility as well as lack of clarity in terms of how these currencies are evaluated, the CMA said in a statement released Sunday.

It is very difficult to protect investors from such currencies as they are unsupervised within the Kingdom, the CMA highlighted.

This warning comes in view of the proliferation of invitations and promotional offers to invest in digital currencies, especially on websites and social media platforms.

“Many websites claim to be licensed entities to invest and speculate in digital currencies, they sign fake contracts and request money transfers to unknown entities.”

The price of "Bitcoin" almost exceeded the threshold of $ 20,000 in late December 2017, and now the currency is trading at $ 8,800.

Notably, the CMA has introduced, within its organizational structure, a specialized department for the protection of the investor, which takes over the task of receiving complaints, addressing them and receiving reports of violations of the Capital Market Law and its executive regulations.



Riyadh Air Orders 60 Airbus A321neo Planes

Riyadh Air planes. Photo: Riyadh Air website
Riyadh Air planes. Photo: Riyadh Air website
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Riyadh Air Orders 60 Airbus A321neo Planes

Riyadh Air planes. Photo: Riyadh Air website
Riyadh Air planes. Photo: Riyadh Air website

Saudi Arabia's newest airline Riyadh Air said on Wednesday it had placed an order for 60 Airbus narrowbody A321-family jets as it prepares to start operations in 2025.

The deal, signed at the Future Investment Initiative forum in Riyadh, brings to 132 the total number of jets ordered by the Saudi startup, which last year ordered 39 Boeing 787 Dreamliners with options for 33 more.

The creation of Riyadh Air by the Saudi sovereign wealth fund is part of a broader Saudi strategy to diversify its economy and boost tourism.

“This deal underlines the airline’s ambitious intentions in advance of next year’s launch, as it builds a comprehensive international network and establishes Riyadh as a major strategic global aviation hub,” Yasir Al Rumayyan, governor of the Public Investment Fund (PIF) and chairman of Riyadh Air, said.

CEO of Commercial Aircraft at Airbus Christian Scherer said: “The latest generation A321neo aircraft will bring exceptional efficiency to the airline's operations, concrete contributions to its decarbonization goals and comfort to its passengers. We look forward to working together to support the strong ambitions of Saudi aviation."