Gold a safe bet for Saudis despite VAT increase

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Despite the hike in prices after the increase of the VAT to 15 percent, customers are still flocking to gold shops in the Kingdom. (AN photo by Huda Bashatah)
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Updated 12 July 2020
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Gold a safe bet for Saudis despite VAT increase

  • Gold surged to its highest price in nearly 8 years and is expected to reach new record highs

JEDDAH: Gold plays a dual role. It is an investment and luxury commodity in times of economic prosperity, but also a haven in times of crisis.
Gold may be able to play a role in restricting the economic damage caused by the COVID-19 pandemic, as precious metals are considered a tool for hedging against inflation and depreciation.
Unlike other commodities like oil, gold has been universally accepted as a form of payment and has a power surpassing that of any other commodity. It has the ability to control the expansion of credit and is a favorable hedge against inflation. It can also function as a safe bet against declining currencies.
Salah Salem Al-Amari, general manager of the Salem Hasan Al-Amari Sons Co., has more than 35 years experience in the world of gold and jewelry. He spoke to Arab News about the importance of gold and its significance in these turbulent times.
“The global gold market has been significantly affected this year due to the pandemic, especially since shops remained closed for a long period of time and salaries had to be paid. But in Saudi Arabia, our government stood beside its people and supported us through the SANED insurance program and helped mitigate the effects and restrict the losses caused by the virus,” said Al-Amari.
Despite the lockdown, sales have dropped since people have become more aware and careful while under lockdown. However, a scramble to spend has been observed since restrictions were eased and many people are buying ingots for investment as well as Saudi gold guinea coins.
“The coronavirus has hit our high season, including summer vacations, festivals, weddings, Ramadan and Eid Al-Fitr,” Al-Amari said, adding: “However, thanks to the government’s decision to increase the VAT to 15 percent, which coincided with the decision to lift the curfew throughout the Kingdom, shoppers rushed to buy gold before the introduction of the VAT and we made great sales.”
Al-Amari said that those who wished to buy gold with minimum loss tended to opt for low-cost jewelry as gifts for others or for themselves and are more likely to buy the jewelry available in their stores.

In my experience, people should buy gold as a safe investment despite the increase in prices, especially since coronavirus is not going away anytime soon and trade disputes between China and the US will weaken the global economy, which would significantly affect the price of gold due to the currency depreciation and devaluation of international stocks.

Salah Salem Al-Amari, General manager of the Salem Hasan Al-Amari Sons Co.

“In my experience, people should buy gold as a safe investment despite the increase in prices, especially since coronavirus is not going away anytime soon and trade disputes between China and the US will weaken the global economy, which would significantly affect the price of gold due to the currency depreciation and devaluation of international stocks,” said Al-Amari.
He added that people are more likely to sell stocks and bonds and rush to buy gold in times of disaster, crisis and conflict. This is why gold is considered a safe investment.
Saudi shoppers and investors are not the only ones rushing to buy and invest in gold. This same scenario is replicated all around the world and experts, economists and analysts are encouraging people to invest in the precious metal during these difficult times.
Gold surged to its highest price in nearly 8 years and is expected to reach new record highs.
“Market prices for gold have reached $1,810 an ounce and I expect it to reach $2,000 before the end of 2020,” Al-Amari said.
While in lockdown and to ensure sales continue despite the situation, Al-Amari’s company utilized the power of social media, where it played a significant role in marketing their products and customers were able to buy their products online and receive them through home delivery.
“Gold is still people’s favorite metal to invest in or own as jewelry,” he said.
Despite the hike in prices, customers are still flocking to his shop.
Talas B., a Syrian resident in the Kingdom and a frequent customer of the shop told Arab News that he has been shopping there for 7 years. “I came today to buy jewelry for a special occasion despite the increase of prices,” he said.
Others are disappointed by the price increases in gold.
Um Abdullah, another customer at the shop, said the VAT increase and gold price hike has affected her shopping.
“The VAT has affected my purchases. I used to buy whatever I like before, but today I have be to very careful. Sadly, I cannot even buy a ring,” she said.


Jeddah conference highlights Saudi-French archaeological discoveries on Farasan Islands

Updated 17 February 2025
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Jeddah conference highlights Saudi-French archaeological discoveries on Farasan Islands

JEDDAH: French archaeologist and researcher Solene Marion de Proce hosted a conference titled “The Saudi-French Archaeological Project in the Farasan Islands: Past and Present” at the Alliance Francaise Saudi Arabia in Hay Jameel, Jeddah, on Sunday.

The conference explored the history and recent archaeological discoveries on the Farasan Islands, highlighting the outcomes of the unique scientific collaboration between France and Saudi Arabia.

In her presentation, Marion de Proce provided a comprehensive overview of the collaborative efforts between the Heritage Commission of the Ministry of Culture and the University Paris 1 Pantheon-Sorbonne as part of the Saudi-French archaeological mission on the Farasan Islands.

“We discussed the project’s history, sharing both past results and the most recent discoveries, as our team just completed the winter season of 2025,” she said. “The interest in the Farasan Islands began with the discovery of a Latin inscription by Farasani scholar, writer, and poet Ibrahim Miftah. The implications for understanding ancient maritime trade and Roman history were game-changing.”

She said that subsequent surveys and excavations led to the establishment of the Saudi-French mission on the Farasan Islands.

“The archipelago is a unique archaeological laboratory. The sites are well preserved, offering a window into the region’s cultural traits over time. It acts as a time capsule, a dream for every archaeologist."

French archeologist and researcher Solene Marion de Proce provided a comprehensive overview of the collaborative efforts as part of the Saudi-French archeological mission on the Farasan Islands. (Supplied)

The Saudi-French archaeological project has unearthed several significant discoveries, and Solene highlighted some key findings.

“The archipelago hosts many sites from the Late Bronze Age to Late Antiquity, which is the focus of our project. Led by Saudi archaeologist Mohammad Ali Al-Malki and myself, the team uncovered a South Arabian-style temple, long-duration settlements, and a Roman military camp — the southernmost ever discovered.”

Marion de Proce expressed optimism about the future of archaeological research in the region. “I am confident that the future of archaeological research in the Jazan/Farasan region is promising. It has so much to offer and much remains to be discovered. People are genuinely eager to learn more about their past.”

Larry Lamartiniere, managing director of Alliance Francaise Saudi Arabia, said: “Alliance Francaise, alongside the French Consulate in Jeddah, launched a series of conferences last month where French experts and scholars shared their research on Saudi Arabia and the Middle East with our community.

“This conference is a prime example of the excellence of the Saudi-French relationship, particularly through the ongoing archaeological project on the Farasan Islands. Our goal with these lectures is to make our space a hub for knowledge and discussion, providing experts with a platform to share their work. This time, we decided to present the lecture in English so that even non-French speakers could attend.”


Authorities bust drug smugglers across Saudi Arabia

Updated 17 February 2025
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Authorities bust drug smugglers across Saudi Arabia

  • Preliminary legal procedures were completed and all seized items were handed to the relevant authorities

RIYADH: Saudi authorities have reported multiple drug-related arrests and seizures across the Kingdom, the Saudi Press Agency reported on Monday.

Security officers in Asir region arrested two Ethiopians for smuggling 4 kg of qat, and two Yemenis with 10 kg of qat, in separate operations in Al-Farsha governorate. 

In addition, officers in Jazan region arrested three Ethiopians for selling amphetamine; and in Jeddah, a citizen was arrested for selling hashish.

Border Guard patrols in Al-Dayer governorate, Jazan, thwarted the smuggling of 116 kg of hashish; and in another operation, two Yemenis were arrested for smuggling 240 kg of qat.

Border Guard patrols in Asir’s Al-Raboah sector thwarted the smuggling of 32,900 medically-regulated tablets, and arrested five Ethiopians for smuggling 100 kg of qat.

Preliminary legal procedures were completed and all seized items were handed to the relevant authorities.

The authorities have urged the public to report drug smuggling or selling by calling 911 in Makkah, Riyadh and the Eastern Province, or 999 in other regions. 

Reports can also be submitted, in strict confidence, to the General Directorate of Narcotics Control at 995 or via email at 995@gdnc.gov.sa.


Princess Sara announces launch of Misk heritage museum ‘Asaan’ in Diriyah

Updated 17 February 2025
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Princess Sara announces launch of Misk heritage museum ‘Asaan’ in Diriyah

  • The goal of the museum is to become a global cultural hub celebrating Saudi Arabia’s heritage.
  • The museum will cover more than 40,000 sq. meters

RIYADH: Princess Sara bint Mashhour bin Abdulaziz, the wife of Saudi Crown Prince Mohammed bin Salman, announced the launch of Misk Heritage Museum program “Asaan,” a cultural institution expected to open in the coming years in Diriyah.

The goal of the museum, backed by the Mohammed bin Salman Foundation “Misk,” is to become a global cultural hub celebrating Saudi Arabia’s heritage.

It will play a key role in cultural sustainability through various exhibitions and educational programs.

“Asaan will showcase the Kingdom’s rich legacy, including artifacts, customs, and societal values,” Princess Sara, chairperson of Asaan, said in a statement.

“Our goal is to cultivate a generation that takes pride in its heritage and actively works to preserve and revitalize it.”

The museum will cover more than 40,000 sq. meters and will feature Zaha Hadid Architects’ designs, and blend traditional Najdi architecture with contemporary creativity.

Exhibits will include thousands of heritage artifacts that illustrate Saudi history and cultural evolution.

The site will also feature permanent exhibitions, art galleries, an arts courtyard, and the “Asaan’s Majlis,” a dedicated space for dialogue, workshops, and cultural discussions.

The museum will also house conservation laboratories and interactive learning programs, providing visitors with immersive experiences that bring Saudi history and traditions to life.

Princess Sara is a strong advocate for cultural preservation and empowerment, particularly in supporting young people and individuals with disabilities through educational and professional initiatives. Her efforts align with Saudi Vision 2030’s focus on heritage conservation and national identity, the Saudi Press Agency reported on Monday.

Asaan is expected to become a major cultural landmark, reinforcing Saudi Arabia’s leadership in heritage preservation and its commitment to celebrating its historical legacy on a global stage.

 


Saudi crown prince receives US Secretary of State Marco Rubio in Riyadh

Saudi Crown Prince Mohammed bin Salman receives US Secretary of State Marco Rubio in Riyadh on Monday. (SPA)
Updated 44 min 22 sec ago
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Saudi crown prince receives US Secretary of State Marco Rubio in Riyadh

  • US National Security Advisor Mike Waltz and Special Envoy to the Middle East Steve Witkoff have also arrived in Riyadh

RIYADH: Saudi Crown Prince Mohammed bin Salman received US Secretary of State Marco Rubio in Riyadh on Monday.

Saudi Foreign Minister Prince Faisal bin Farhan receives US Secretary of State Marco Rubio in Riyadh on Monday. (SPA)

Earlier on in the day, Rubio was received by the Kingdom’s Foreign Minister Prince Faisal bin Farhan, Saudi Press Agency reported.

During the meeting, the diplomats reviewed Saudi-US relations and ways to enhance them to serve the interests of both friendly countries.

They also discussed regional and international developments and efforts made in this regard.

Rubio arrived in the Kingdom after a visit to Israel, the first leg of his first Middle East tour in his current position. Next up on his tour will be the United Arab Emirates.

US National Security Advisor Mike Waltz and Special Envoy to the Middle East Steve Witkoff have also arrived in Riyadh, Al-Ekhbariya reported.


SINDBAD Collective takes creativity for a road trip across Saudi Arabia and Bahrain

Updated 17 February 2025
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SINDBAD Collective takes creativity for a road trip across Saudi Arabia and Bahrain

  • Together, the aim of the SINDBAD Collective is to form a community of creatives who believe in breaking barriers, taking risks and making art more accessible

ALKHOBAR: If you were in the right place at the right time, you might have caught a glimpse of something unexpected — a vehicle led by eight art experts, transformed into a roving exhibition, rolling across Saudi Arabia and Bahrain.

From Feb. 6-20, the fourth annual exhibition of the SINDBAD Collective took to the road, turning highways into hallways and city streets into gallery spaces.

This year’s edition, “SINDBAD: On the Road!,” is a mobile exhibition that challenges the traditional idea of gallery spaces. The collective modified an existing vehicle with a custom extension, allowing the team to exhibit, collect and connect with creative communities throughout the journey. They started in Jeddah, their home base, and made stops in Riyadh, Alkhobar and Bahrain before returning to Jeddah for a final showcase.

Moving art was just one part of the journey; it was about redefining how and where art can be experienced. (Supplied)

The journey began with a pre-launch event in Jeddah on Feb. 5, featuring an open mic and pickup event at Wasl Art Space.

The road trip officially kicked off on Feb. 6, as the SINDBAD team set out for Riyadh. A car meet took place on Feb. 7, followed by a pickup and open mic at Lamaat and Beast House in JAX district on Feb. 8.

In Alkhobar, where Arab News met the fun and dynamic team, the event was held on a rooftop at Bohemia Art Cafe on Valentine’s Day. The vehicle wouldn’t fit for logistical reasons, so people had to climb the stairs to witness — and submit — art.

HIGHLIGHTS

• From Feb. 6-20, the fourth annual exhibition of the SINDBAD Collective took to the road, turning highways into hallways and city streets into gallery spaces.

• In Alkhobar, where Arab News met the fun and dynamic team, the event was held on a rooftop at Bohemia Art Cafe on Valentine’s Day.

• The journey then crossed into Bahrain, where Riwaq Art Space hosted an exhibition on Feb. 15.

The journey then crossed into Bahrain, where Riwaq Art Space hosted an exhibition on Feb. 15.

Every year, the collective hosts an open call, inviting artists and researchers to submit work that challenges traditional formats. (Supplied)

The adventure will return to Jeddah, where on Feb. 20 Naqsh Art Studio will host a final exhibition showcasing the collected works and research from the entirety of the trip.

But the journey won’t stop there. SINDBAD will also participate at the N.E.S.T. Book Launch in AlUla on March 13.

This year, the structure itself was a modular three-panel system, designed to collapse, adapt and cross boundaries — literally and figuratively. The journey wasn’t just about moving art; it was about redefining how and where art can be experienced. Each city hosted a mix of guerrilla-style pop-ups and community activations.

Moving art was just one part of the journey; it was about redefining how and where art can be experienced. (AN photo)

This year, the team introduced SINDBAD Radio, an online platform featuring open-mic performances, artist submissions and curated music playlists to accompany the journey.

“Whenever somebody submits a work, they come and record a voice note explaining it,” Abdullah Al-Amoudi, a co-founder of the collective, told Arab News. “We put it on SINDBAD Radio, so when you tune in, you hear their story.” The radio station also broadcast live updates from the road, allowing audiences to follow along as the team made their way across the Kingdom.

SINDBAD Collective was founded in 2021 in Jeddah by a group of artists, designers, curators and researchers who wanted to create a more inclusive and experimental art platform.

The SINDBAD has been collecting artwork, sharing music, and engaging with communities since Feb. 6. (Supplied)

Every year, the collective hosts an open call, inviting artists and researchers to submit work that challenges traditional formats.

“The space of SINDBAD is a space of discovery. It’s a space for learning. It’s a space to make mistakes,” said his sister Ahaad Al-Amoudi, a founding member of the collective. “We take most of the works that are submitted. We never say no to any work.”

Ahaad is an accomplished artist whose work addresses history and representation. She earned degrees in visual communication from Dar Al-Hekma University in Jeddah and a master’s degree in print from the Royal College of Art, London.

Safwan Fallatah, also known as Mista Safwan, is a music producer, photographer and filmmaker. (Supplied)

In her research about Saudi Arabia’s ethnography, Ahaad’s photography, video and print installations are meant to reinterpret historical renditions of a reforming culture.

Ahaad and Abdullah’s mother, Effat Fadag, is an associate professor of fine arts at the University of Jeddah and a multidisciplinary artist — and the biggest champion of the group.

Abdullah is a designer and artist trained in film and landscape architecture, and the co-founder of THIRD SPACE* Studio. Together, they form the core of the collective.

They chose the name SINDBAD because of its deep cultural resonance. “Everybody has a different memory of who Sindbad is, but he’s always journeying,” Ahaad explained. “That’s why we thought he fit really well. He’s young, he’s fresh, he’s journeying.”

For the SINDBAD team, this year was all about community-building. “There’s so much happening in Riyadh, in Bahrain, in Jeddah,” Ahaad said. “We wanted to create a bond where we’re coming to you in Alkhobar, but you’re also coming to us.”

The idea of an open, evolving exhibition resonated deeply with people.

“We got to Alkhobar, and we thought — Bahrain is close enough, right?” Ahaad recalled. “We can cross the border. We can take this even further.”

As they traveled, something unexpected happened: Artists started pulling out artworks from their pockets. “They would see the truck open, see the artworks inside, and then literally take pieces out of their pockets and hand them to us,” Abdullah said. “They were ready for it. Some would even go back home, grab their artworks, and return.” The trip became a testament to artistic spontaneity and inclusivity.

“A lot of young artists feel like they have to apply to an open call, that they have to be at a certain level,” the siblings said. “We’re trying to break that barrier. We want them to feel safe, to feel like they can showcase their work, even if it’s a work in progress or something they made years ago. It’s time for them to take that step.”

Since Feb. 6, the SINDBAD team has been on the road, collecting artwork, sharing music, and engaging with communities.

Abdullah, who drove the entire 15-hour stretch from Riyadh to Alkhobar, described it as part of the fun. “I enjoy it a lot,” he said. “We have a radio station this year with SINDBAD Radio. It’s curated, and we go live on Instagram. People can tune in and listen as we drive — ‘We’re coming, we’re passing through this city, we’re on our way to that city.’”

With each stop, SINDBAD brought new voices into the fold, proving that art isn’t confined to galleries — it’s everywhere.

Beyond the Al-Amoudi family, SINDBAD Collective includes a diverse group of artists and researchers.

Mohsin Ali is an architectural researcher and curator exploring post-colonial migration and decolonial processes through architecture. He is currently an assistant curator at Art Jameel.

Damon James Owen is a multidisciplinary artist and educator working in printmaking, publishing, and experimental media.

Manar Eissa is a graphic designer and illustrator whose nature-inspired art reflects her passion for storytelling.

Yasser Al-Zahrani is a production manager and art director specializing in Saudi Arabia’s contemporary art scene.

Natalie Al-Sarraj is a visual storyteller and film studies graduate, who explores untold stories through film and digital media.

Safwan Fallatah, also known as Mista Safwan, is a music producer, photographer and filmmaker.

Together, the aim of the SINDBAD Collective is to form a community of creatives who believe in breaking barriers, taking risks and making art more accessible. And if you missed them this time, keep your eyes on the road. You never know when SINDBAD might roll through your city next.