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Online Orders Grow 240% in Saudi Arabia

Staff working on online orders pin high hopes on growing demand
Staff working on online orders pin high hopes on growing demand
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Online Orders Grow 240% in Saudi Arabia

Staff working on online orders pin high hopes on growing demand
Staff working on online orders pin high hopes on growing demand

Official data showed a 240 percent increase in online orders in Saudi Arabia during the coronavirus pandemic.

Staff working on online orders pinned high hopes on growing demand, which would give delivery companies a greater chance for growth and enhanced performance, and ultimately increase employment.

The Communications and Information Technology Commission (CITC) revealed in a statement that orders exceeded 240 percent compared to 54 percent at the beginning of last April. Delivery applications executed more than 12 million orders in around 200 cities and governorates across the Kingdom.

Ebrahim al-Jassim, founder and managing director at HungerStation, told Asharq Al-Awsat newspaper that the pandemic compelled several new users to try the delivery applications.

This indicates the possibility of a mounting demand for delivery apps even after the crisis ends.

Jassim noted that services most benefiting from this stage are not food delivery applications rather apps delivering products and commodities.

Eng. Nayef Shshah, general manager of postal and logistic services, explained that the Commission partnered with several government agencies and established precise governance mechanisms.

He cited the launch of the Human Resources Development Fund (Hadaf) in addition to a partnership with the CITC to form a financial support program that motivates young Saudis to join the workforce of delivery applications.

Restructuring the sector of delivery apps was a key goal for CITC through a joint cooperation with the Ministry of Commerce and Investment, Shshah added.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.