Saudi Arabia closes Ali bin Ali shops in Jeddah

 05 Oct 2017 - 12:30

Saudi Arabia closes Ali bin Ali shops in Jeddah

The Peninsula Online

Doha: The Saudi authorities have shut down all shops of Ali Bin Ali Watches & Jewelery in Jeddah. 

Ali Bin Ali Watches & Jewelery is part of Ali Bin Ali Group, one of the leading business houses in Qatar.

Arabic daily Al Sharq reported quoting Saudi press that the Saudi Arabian Ministry of Commerce and Investment attributed the reason for closure to the failure to obtain licenses necessary for foreign business to carry out commercial activity in the Kingdom. It also explained that the trade and manufacture of precious metals and precious stones in the Kingdom can be done only after obtaining the licenses from the Ministry of Commerce and Investment Saudi Arabia.

There were lot of reactions to this closure on twitter and hashtag #اغلاق_محلات_علي_بن_علي_بجدة was treadning for the last few days.

"Siege countries lost their reputation and lost credibility with foreign investors, investors will inevitably find new markets which are fairer," a Qatari twitter user Mariam Al Thani said.

Another user Nfoud Al Dhaim  said "What if Qatar dealt similarly and closed the shops of the merchants of the countries of the blockade and prevented any dealings with them in the future ...?! I hope so.”

Ali Bin Ali Group of Companies includes a number of major companies operating in various fields of trade, business and investment. Ali Bin Ali Watches & Jewelery is one of the largest and exclusive distributors of some of the most famous international brands. The Group's Board of Directors is headed by Adel Ali Bin Ali.