Saudi Riyal coins to gradually replace notes

Agencies
May 24, 2018

Jeddah, May 24: The Saudi Arabian Monetary Agency (SAMA) announced that new riyal coins will replace one riyal notes starting from Thursday, the Saudi Press Agency reported.

It said paper currencies will still be traded alongside the new coins until until all the one riyal notes are gradually phased out across banks, as planned.

SAMA said the coin has been coined under the patronage of King Salman and has received great attention and care, while relying on detailed studies on the world’s latest technology in coin industry.

It said the new designs come in small sizes, along with shapes and colors different from the previous coin designs.

The agency had earlier unveiled the new design of coins in different denominations, including the one riyal and the new two riyal coins. The other coins are in the 50-halala, 25-halala, 10-halala and one-halala denominations.

During the launch of the annual release of monetary currency, SAMA said that procedures were in place for handling the coins in all commercial banks across the Kingdom.

SAMA urged all commercial banks to facilitate the circulation of the currency by installing high speed checking machines in their branches and cash centers, and providing machines to accept depositing coins.

It stated that the new riyal coin is an integral part of the national currency that will be traded alongside the note riyal, and that the refusal of circulating coins will expose violators to penalties.

It also noted that the decision to replace the one riyal notes with riyal coins has many positive effects on the Saudi economy.

Adding that the existence of the one riyal notes in circulation affected the selling of riyal coins, and at times led to its rejection by traders.

This resulted in rejecting denominations of the coin, which in turn led shop owners to feel less urged to provide coins. Such widespread negative practices contributed to the rejection of the coin.

It said the number of banknotes traded in the riyal notes category make up 49% from the amount of banknotes in circulation across the country because they do not enter the natural cycle of cashflow, due to being transferred among traders for long periods of time, during which the paper currency becomes severely worn out.

It noted that among the benefits of the decision is that the average coin life expectancy is estimated at twenty to twenty-five years, compared to the life expectancy of paper currency, which is estimated between twelve months and eighteen months, depending on the conditions of circulation.

It also noted that coins are efficient for recycling, and their transfer and preservation remain easier that paper currency.

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coastaldigest.com news network
June 16,2020

Dubai, Jun 16: In a humanitarian gesture, a UAE-based Pakistani businessman has come forward to offer free interim accommodation options to covid lockdown hit expatriates. 

The men benefitted from Ali Rao's housing initiative include Indians, Pakistanis and Africans. 

Inspired by the ongoing efforts taken by the UAE leadership to take care of all UAE residents, Ali Rao, CEO of Rao Holdings LLC in Dubai is offering free shared accommodation to unemployed male bachelors and workers, especially expatriates who do not have a place to stay.

Ali Rao currently has a capacity of 100 accommodation options that he wishes to offer to those who cannot afford house rent. 

"We have already placed 25 such men in these housing options spread across Al Quoz, Jebel Ali and Muhaisnah areas of Dubai," Ali Rao told local media. He works in collaboration with major charities in Dubai, who refer the cases to Rao.

"One of our companies - the property management division - deals with industrial housing accommodation. We decided to put this space to good use when I came across media articles that highlighted the plight of these homeless men," he said. 

Rao has already sheltered 25 homeless workers in the Al Quoz area. "We have received applications for 35 more, however, many of these men are due to return to their home countries, so we are awaiting confirmation from the charities," he explained. He has provided them with free Wi-Fi, bedding, blankets, bedsheets, and pillows.

"In one unit, we provide them with food and the other unit, social workers and the associated charities deliver food," he added. The housing is exclusively for men and not for women and families. "Many are seeking jobs, so they needed Wi-Fi. I went to the camps today and set up a Wi-Fi connection. Someone wanted to eat eggs, so we got him some eggs and rice. These are simple things most of us take for granted, but to many people this is vital," he added.

Since most of the residents are looking to return to their home countries, Rao is also in the process of providing them with air tickets.

"If the need arises, we will add more units," he explained. Rao said, "The ongoing pandemic has hit everyone hard, especially those with no security to fall back on. The economic and income disparities have only increased in this time, with those dependent on daily wages being rendered homeless in massive numbers across the globe."

He added, "I felt heartbroken and if I would stand by and watch, I would feel very small as a human being, I won't be able to stand in front of the creator I thought to myself. These are some very difficult times for all of us."

A beneficiary of the programme said, "I am very happy with this initiative as living outside in the summer is very difficult. It's very hot. I want to thank God and this company for providing me with a roof over my head."

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News Network
April 10,2020

Dubai, Apr 10: Saudi Arabia reported 364 new coronavirus cases and three new virus-related deaths, the Ministry of Health announced on Friday.

The total number of confirmed cases in the Kingdom is 3,651, out of which 2,919 are currently active, the ministry added.

Out of the new cases, 90 were recorded in Mecca, 78 in Medina, 69 in Riyadh, and 54 in Jeddah, the ministry said.

Meanwhile, the number of fatalities rose to 47, while th number of recoveries reached 685.

The daily number of confirmed cases in Saudi Arabia has not peaked yet, and has been rapidly accelerating.

Saudi Arabia’s Minister of Health had said earlier this week that four different studies showed that the number of coronavirus cases in the Kingdom could reach between 10,000 to 200,000 within weeks.

The ministry spokesman emphasized the urgent need for citizens and residents to remain at home and maintain social distancing practices to ensure that the virus does not spread further.

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Agencies
July 5,2020

Iraq’s deputy parliament speaker Hassan Karim al-Kaabi on Saturday described the move as provocative and in violation of international law.

Kaabi also called on the Iraqi government to take swift measures to halt such actions.

The Embassy’s move to fire in a residential area in the heart of Baghdad is an unacceptable act and another challenge for the Arab country, adding to the mass of its provocations and illegal actions in Iraq, he noted.

According to Iraqi media, the US tested a patriot missile system inside Baghdad’s heavily fortified Green Zone.

Anti-US sentiments have been running high in Iraq since Washington assassinated top Iranian commander Qassem Soleimani and the second-in-command of the Iraqi popular mobilization units, Abu Mahdi al-Muhandis, in January.

Following the attack, Iraqi lawmakers unanimously approved a bill on January 5, demanding the withdrawal of all foreign troops.

Baghdad and Washington are currently in talks over the withdrawal of American troops. Iraqi resistance groups have vowed to take up arms against US forces if Washington fails to comply with the parliamentary order.

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