Saudi Arabia’s financial regulator has fined 13 people for violating the country’s capital market laws.
The Capital Market Authority’s Appeal Committee for Resolution of Securities Disputes said in a statement on Thursday the investors had manipulated stock prices and made “illegal gains” in their portfolios.
It ordered them “and other investors” to pay a total of SAR 42.9 million ($11.44 million) in fines.
It said the 13 investors were fined SAR 17 million for placing “purchase orders that influenced the share price, some of which were linked to sale orders, while trading on the shares of listed companies”.
This came after the 13 investors, as well as the unnamed “other investors,” were fined a total of SAR 25.9 million “for the illegal gains achieved in their investment portfolios”.
Local media personalities confirmed that Turki Al Dakhil, whose name appeared on the list, was Saudi Arabia's former ambassador to the UAE.
Mr Al Dakhil, 50, is a well-known Saudi journalist, diplomat and businessman.
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'Young girls thinking of big ideas'
Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.
“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”
In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.
“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”
Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.
“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”
rpennington@thenational.ae