10 investors convicted for violating Saudi stock market rules
1 imprisoned, all to pay total of $27.1m in fines, compensation
Manipulated share prices with false statements of firm’s health
Updated 14 June 2024
Arab News
RIYADH:Ten investors have been convicted of violating the Kingdom’s Capital Market Law and ordered to pay the government a total of SR101.7 million ($27.1 million) in fines and compensation for losses, the Saudi Press Agency reported on Thursday.
The Appeal Committee for Resolution of Securities Disputes, or ACRSD, sentenced one of the individuals to imprisonment, the SPA report said. The “final decision” was issued by the ACRSD on Dec. 24, 2023.
The amount of $27.1 million comprised SR670,000 in fines and SR101 million as compensation for losses resulting from the violations committed in their investment portfolios, the report added.
The convictions, which included bans on trading for between one and two years, were announced online in detail by the ACRSD and the Capital Market Authority. According to the ACRSD statement, cases were filed against the 10 investors after referral by the CMA.
Several of the perpetrators had “illegally” disclosed internal information related to the financial position of Abdullah A.M. Al-Khodari & Sons Co. before it was made available to the public.
They had also falsely boosted the value of the firm to manipulate the share price and lure in unsuspecting investors.
In a statement posted on its website and on X, the CMA said: “One of the (convicted) was held responsible for making an incorrect statement in the announcement published by a listed company in the capital market.
“This was done to affect the price of the security or to urge others to purchase the security, in addition to his responsibility for neglecting to disclose essential developments in the company.”
In addition, others “engaged in trading based on the illegally disclosed internal information, intending to benefit from it before it was announced and made available to the general public.”
Named in the ruling were Mish’al bin Abdullah bin Abdulmohsen Alkhudari, Naif bin Abdullah bin Abdulmohsen Alali, Abdulaziz bin Abdullah bin Abdulmohsen Alkhudari, Ghada bint Abdullah bin Abdulmohsen Alkhudari, and Sami bin Abdullah bin Abdulmohsen Alkhudari.
The others named were Fawaz bin Abdullah bin Abdulmohsen Alkhudari, Jameel bin Abdullah bin Abdulmohsen Alkhudari, Ali bin Abdullah bin Abdulmohsen Alkhudari, Fawzi bin Abdullah bin Abdulmohsen Alali, and Fawzia bint Abdullah bin Abdulmohsen Alali.
One investor was ordered to pay the CMA SR50.5 million because of the violations committed in the person’s investment portfolio.
The others were fined sums between SR100,000 and SR12 million.
Investors who had lost money have been urged to file claims for compensation, the SPA stated.
TOKYO: Parliamentary Vice-Minister for Foreign Affairs Hisashi Matsumoto met with Saudi Arabia’s Ambassador Ghazi Faisal S. Binzagr on Wednesday to discuss various issues, including the two nations’ recently launched Strategic Partnership Council.
Matsumoto highlighted that this year marks the 70th anniversary of diplomatic ties between the two countries, and expressed hope relations would continue to develop in various fields.
Binzagr echoed Matsumoto’s sentiments and thanked him for attending the recent Japan-Saudi Vision 2030 Ministerial Roundtable in Riyadh.
KSrelief organizes training in Aden on cholera, infection controls
170 doctors, nurses and healthcare workers from across Yemen receive training
Updated 19 February 2025
Arab News
RIYADH: The Kingdom’s aid agency KSrelief recently held a training course in Aden governorate for healthcare personnel to treat cholera patients and institute infection controls, the Saudi Press Agency reported on Wednesday.
The course was held in partnership with the World Health Organization and the Ministry of Health, as a part of the cholera-prevention project in Yemen.
A total of 170 doctors, nurses, and healthcare workers from across Yemen received training on Feb. 12 and 13.
The course covered epidemiological definitions, transmission methods, risk factors, clinical manifestations, dehydration assessment, cholera management during pregnancy, and treatment of malnourished children.
The initiative is a part of Saudi Arabia’s efforts, through KSrelief, to enhance Yemen’s healthcare system, particularly the management of infectious diseases.
MWL hosts forum to foster dialogue, promote Islamic unity
Makkah conference will feature senior figures from various sects, denominations
Guide to common Islamic principles to be launched during forum
Updated 19 February 2025
Arab News
RIYADH: The Muslim World League will host the second edition of the Global Conference for Building Bridges Between Islamic Schools of Thought and Sects on March 6-7 in Makkah, Saudi Press Agency reported on Tuesday.
The conference will bring together leading muftis, scholars, intellectuals, and representatives from senior Islamic councils, jurisprudential academies, and religious institutions across different sects and denominations.
It will serve as a unified platform for fostering constructive dialogue among diverse Islamic traditions as well as coordinating efforts and resources to strengthen Islamic unity, while ensuring mutual respect for doctrinal diversity.
The forum also aims to overcome sectarian disputes that have historically led to division and conflict, and promote fraternity and cohesion through practical initiatives.
This year’s conference marks a critical step in transforming the principles outlined in the inaugural conference into actionable programs, SPA said.
Discussions will address issues such as enhancing intra-Islamic dialogue and cooperation.
A highlight of the conference will be the launch of the encyclopedia of Islamic intellectual convergence, prepared by the Center for Safeguarding Intellect.
The encyclopedia, developed with contributions from 60 Islamic scholars and thinkers, aims to serve as a comprehensive guide to common Islamic principles.
Arab countries welcome Saudi Arabia’s hosting of talks between US, Russia
Russia, US agree to start working toward ending conflict in Ukraine
Updated 18 February 2025
Arab News
RIYADH: Arab countries on Tuesday welcomed Saudi efforts to host talks in Riyadh between the US and Russia on the Ukraine conflict.
Russia and the US agreed to start working toward ending the conflict in Ukraine and improving their diplomatic and economic ties, the two countries’ top diplomats said after the talks.
The UAE expressed “hope that the talks will serve as a significant step towards bridging differences, fostering communication and advancing dialogue to bring an end to the nearly three-year-long conflict,” the Emirates News Agency reported.
Its Ministry of Foreign Affairs commended the efforts of Saudi Arabia in hosting the talks “which reflect the Kingdom’s commitment to supporting international peace efforts, and achieving global stability and prosperity.”
The ministry reaffirmed the UAE’s commitment to supporting peaceful resolutions to conflicts and promoting international cooperation in addressing global challenges.
Majed Al-Ansari, the spokesperson for Qatar’s Ministry of Foreign Affairs, welcomed Saudi efforts to lead the talks that “will hopefully result in peace in a struggle that has gone on for a very long time.”
Al-Ansari added: “We have called from day one for both parties to engage in a peaceful resolution of this war. This war has had huge humanitarian costs and great geopolitical (and) economic impact globally.”
Kuwait’s Foreign Ministry also welcomed the talks and expressed the hope that they would “lead to achieving their desired goals in enhancing security and stability in the world.”
Sufyan Qudah, Jordan’s Foreign Ministry spokesperson, commended Saudi Arabia for its pivotal role in hosting the talks and said they highlighted the Kingdom’s continuous efforts to foster comprehensive and just peace worldwide.
The Palestinian presidency said the talks were a culmination of the wise policy pursued by Saudi Arabia’s leadership, adding that it was “a policy that fosters regional and international stability and affirms Riyadh’s commitment to its effective role in achieving peace and security.”
Manga exhibition in Jeddah explores evolution of Japanese artform
Event strengthens bonds of friendship, cooperation between Kingdom and Japan, says consul-general
Updated 18 February 2025
Nada Hameed
JEDDAH: As Saudi Arabia and Japan celebrate 70 years of diplomatic relations, the Consulate-General of Japan in Jeddah is marking the milestone with Manga Hokusai Manga, a three-week art exhibition running until March 8.
Organized in collaboration with the Jeddah Historical Development Project and the Japan Foundation, the exhibition explores the evolution of Japanese manga from the 19th-century works of ukiyo-e master Katsushika Hokusai to the modern format that has gained widespread popularity in the Kingdom.
‘Futatasumakura,’ 1981 by Hinao Sugiura. (AN photos/Supplied)
Hosted at Bait Amir Bahar in Al-Balad, one of Jeddah’s historic homes, the exhibition highlights both the similarities and contrasts between the artistic styles while showcasing the cultural depth of Japanese storytelling.
Rather than simply focusing on how Hokusai’s work influenced manga, the exhibition invites visitors to compare both styles and understand what makes them unique. It examines themes such as visual storytelling, artistic techniques and cultural participation across different eras.
HIGHLIGHT
The exhibition in Jeddah explores the evolution of Japanese manga from the 19th-century works of ukiyo-e master Katsushika Hokusai to the modern format that has gained widespread popularity in the Kingdom.
Hokusai’s manga drawings, while sometimes resembling cartoons, encompass a wide variety of subjects, from nature to human expressions and everyday life. Unlike modern comics, his work was not centered on humor but balanced artistic instruction with entertainment — much like how manga today combines storytelling with visual artistry.
‘Portrait of Hokuai,’ 2015, by Sawa Sakura. (AN photos/Supplied)
Hokusai created his manga using woodblock printing, transferring the images onto paper in three primary colors: Black, gray and pale peach. The collection, comprising 4,000 illustrations across almost 800 pages, was published between 1814 and 1878 in 15 volumes bound with string.
The phrase denshin kaishu, which precedes the title, translates to “transmitting the spirit and learning the craft,” highlighting the collection’s educational purpose.
Hosted at Bait Amir Bahar in Al-Balad, one of Jeddah’s historic homes, the Manga Hokusai Manga exhibition showcases the cultural depth of Japanese storytelling. (AN photos/Supplied)
Hokusai Manga was originally used as a reference book for aspiring artists, much like today’s “How to Draw Manga” guides. Similar to modern fan-made manga, his work encouraged learning, copying and artistic experimentation.
In an exclusive interview with Arab News, Daisuke Yamamoto, the consul-general of Japan in Jeddah, described Hokusai as one of Japan’s greatest artists, modernizing traditional print styles through innovations in subject matter and composition.
Daisuke Yamamoto, Consul-general of Japan in Jeddah
“Hokusai transformed the ukiyo-e genre traditionally focused on images of fleeting pleasures — by shifting its emphasis from people to landscapes and the changing seasons,” Yamamoto said. “His print designs invited audiences to witness nature’s transience, capturing birds in flight, flowers in bloom and water in motion. Through his work, he blended an acute awareness of the fleeting with a deep appreciation for the timeless.”
According to an official statement, Hokusai’s work captured Japan’s diverse landscapes, portraying scenes and activities connected by shared symbols and narratives. He was among the first artists to both shape and be shaped by globalization, drawing from international influences and later inspiring European artists who adopted his decorative motifs, serialized compositions and vision of contemporary society. To this day, countless artists continue to engage with his legacy.
(This exhibition) provides an opportunity for a wide range of people to know about each other’s culture, which will be reflected in the future in their understanding of each other and facilitate all other aspects of cooperation.
Daisuke Yamamoto, Consul-general of Japan in Jeddah
Reflecting on the exhibition’s significance, Yamamoto highlighted its role in strengthening cultural ties between Saudi Arabia and Japan: “Holding this exhibition and other cultural events basically confirmed the excellent cultural cooperation between Japan and Saudi Arabia, and strengthens the bonds of friendship and cooperation, and provides an opportunity for a wide range of people to know about each other’s culture, which will be reflected in the future in their understanding of each other and facilitate all other aspects of cooperation.”
Hokusai’s manga drawings, while sometimes resembling cartoons, encompass a wide variety of subjects, from nature to human expressions and everyday life. (AN photos/Supplied)
Since the 1970s, Hokusai himself has appeared as a character in manga, reimagined by various artists in styles ranging from realistic portrayals to fantastical interpretations. This reflects manga’s evolution, blending historical figures with contemporary storytelling techniques.
Ukiyo-e, the popular art of the 18th and 19th centuries, foreshadowed comic techniques such as visualizing the invisible. However, its speech-like balloons often depicted dreams rather than dialogue, and weather lines were integrated into the scene rather than used as abstract symbols.
Hosted at Bait Amir Bahar in Al-Balad, one of Jeddah’s historic homes, the Manga Hokusai Manga exhibition showcases the cultural depth of Japanese storytelling. (AN photos/Supplied)
Hokusai’s most popular collection of printed drawings was named “manga.” While the collection is primarily known for its diverse subjects and painting style, its frequent portrayal of exaggerated expressions and acrobatic scenes has led many to associate “manga” with cartoons or humorous images.
When compared to the work of his contemporary, Utagawa Kuniyoshi, it becomes clear that Hokusai’s manga images were not necessarily intended to be funny.
In 19th-century Japan, the success of Hokusai’s manga was rooted in the balance between the mundane and the whimsical, instruction and entertainment. This blend helped secure the collection’s lasting appeal.
Today’s Japanese comics share similarities in content, particularly in their focus on capturing movement, and in their wide circulation, thanks to advancements in reproduction technology.