KSA: Commercial Enterprises Turn Into Online Markets After Coronavirus

Coronavirus challenges impose the reality of shifting to e-stores in Saudi Arabia (Asharq Al-Awsat)
Coronavirus challenges impose the reality of shifting to e-stores in Saudi Arabia (Asharq Al-Awsat)
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KSA: Commercial Enterprises Turn Into Online Markets After Coronavirus

Coronavirus challenges impose the reality of shifting to e-stores in Saudi Arabia (Asharq Al-Awsat)
Coronavirus challenges impose the reality of shifting to e-stores in Saudi Arabia (Asharq Al-Awsat)

The rate of coronavirus infections in the Kingdom is gradually decreasing, while its economic impact, which some businessmen have described as “good,” is reflected in the shift to online shopping.

Large segments of consumers have resorted to online shopping during the lockdowns, in application to social distancing measures.

Several specialists in the Saudi market expected an increase in people’s interest in online shopping.

E-commerce specialist Afaf al-Askar told Asharq Al-Awsat that consumers in the Kingdom have resorted to e-commerce due to the coronavirus repercussions and the after-sales services that have seen a great development, especially by major commercial companies in the Saudi market.

She said the new developments have imposed a reality on after-sales services, stressing that they have become the main pillar on which e-commerce is based, and online shopping has become much easier for consumers.

Abdullah al-Bishri, one of the menswear merchants, said he suffered some losses since he wasn’t prepared to sell his goods online.

The Coronavirus has had a great impact on traditional trade, he stressed, noting that even before the crisis merchants noticed the increasing trend since 2019 for e-commerce in Saudi Arabia but thought it may not exceed 10 percent.

He also admitted an inaccurate reading of market trends by large segments of traders before the pandemic’s effects.

“Coronavirus has completely changed the trend as consumers now barely resort to traditional shopping,” he noted, adding that merchants must deal with the new trend as an existing reality and divert part of their sales towards e-commerce to meet consumers’ needs.

This development coincides with a study conducted by Visa Global Credit on the Saudi market.

It showed consumers’ increasing tendency to use digital payments compared to cash transactions.

According to the study, two-thirds of consumers in Saudi Arabia bought from online stores for the first time, indicating that 59 percent of them bought drugs from online pharmacies for the first time.

The study pointed out that 38 percent of the Kingdom’s merchants launched their websites as a direct result of the pandemic, while 57 percent already had e-commerce platforms before its outbreak.

Social Researcher Abdullah Marghalani, for his part, told Asharq Al-Awsat that people’s use of e-commerce in Saudi Arabia has social aspects.

It must be first acknowledged that the culture of e-commerce has increased significantly in the Kingdom over the past five years, even if the rate of people buying through traditional commerce was dominant at that time.

He stressed that resorting to online shopping was obligatory and imposed by the coronavirus outbreak.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.