Saudi Arabia moved to quell investor fears on Wednesday, saying it is committed to safeguarding the rights of investors in the wake of an anti-corruption campaign that has seen the detention of prominent businessmen including the billionaire Prince Alwaleed bin Talal.
The country's council of economic affairs, presided by its Chairman Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, also stressed that the Saudi Arabian government was committed to protecting the rights of individuals under investigation.
"The Chairman of the Council instructed the relevant ministers to ensure that national and multinational companies operating inside and outside the Kingdom, including those wholly or partly owned by individuals under investigation, were not disrupted while investigations into corruption were underway," according to an official statement carried by the state-run news agency SPA.
"The Council recognised the importance of these companies for the national economy, and the importance of ensuring that investors could operate with confidence in Saudi Arabia."
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Read more:
Prince Alwaleed’s Kingdom Holding shares plunge 9.78%, lowest level since December 2011
Regional markets face bumpy ride as Saudi anti-corruption drive intensifies
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In conjunction with the council's committment to safeguard the rights of individual and corporates, Saudi Arabia's central bank, Saudi Arabian Monetary Authority (SAMA) said the suspension of bank accounts of persons of interest is in response to the Attorney General's request pending the legal cases against them.
"Concerned individual accounts rather than their corporate businesses have been put in suspension until final court rulings," SAMA said. "In other words, corporate businesses remain unaffected. It is business as usual for both banks and corporates. Also, SAMA would like to reiterate that there are no restrictions on money transfers through proper banking channel."
The move to tackle corruption comes as the country takes a host of measures to revive its economy following several years of low oil prices that had curtailed job creation and growth. The measures include a reduction of energy subsidies, plans to raise taxes such as a value added tax and selling off state assets including a 5 per cent stake in Aramco, the world's biggest oil producer which is estimated to raise as much as $100 billion.
Shares of Kingdom Holding Company (KHC), the investment vehicle of billionaire businessman Prince Alwaleed, dropped to the lowest level on Tuesday since December 2011, following reports of his detention and other prominent figures amid the anti-corruption crackdown in the country. The company, which is 95 per cent controlled by Alwaleed, saw its share price plunge 9.78 per cent by mid-day on Tadawul to 8.12 riyals, as investors continued to react to reports of his prolonged detention and other high profile individuals in the wake of an investigation launched by a newly established anti-corruption committee. The company’s share price had dropped to 7.85 riyals on December 18, 2011.
The prince's net-worth has declined by more than $1.3 billion in the past two days. Meanwhile the Saudi Tadawul market had declined as much as 3 per cent on Tuesday before closing down 0.7 per cent.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Scotland's team:
15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell
Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
COMPANY%20PROFILE
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Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
