Zoom Plans on Expanding in Saudi Arabia, Middle East

Zoom Managing Director for Middle East and North Africa (MENA) Samer Tayan, Asharq Al-Awsat
Zoom Managing Director for Middle East and North Africa (MENA) Samer Tayan, Asharq Al-Awsat
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Zoom Plans on Expanding in Saudi Arabia, Middle East

Zoom Managing Director for Middle East and North Africa (MENA) Samer Tayan, Asharq Al-Awsat
Zoom Managing Director for Middle East and North Africa (MENA) Samer Tayan, Asharq Al-Awsat

Zoom Video Communications, Inc. revealed its ambitions for greater share of the Saudi market at a time when Riyadh is focused on accelerating its digital economy and the growth of commercial activities for companies.

“The Saudi government’s drive to accelerate its digital economy gives us full confidence in the potential that this market represents for Zoom, as we are currently working to increase our presence in the region,” Zoom’s Managing Director for Middle East and North Africa (MENA) Samer Tayan told Asharq Al-Awsat.

Tayan also said that the company is looking forward to opening up offices in the Kingdom and a data center in the MENA region.

Gulf markets in general are very important to Zoom, Tayan noted, adding that it is the region's focus on digital transformation and strong interest in utilizing Zoom technology for visual communication that gives it its significance.

“Zoom, in light of the coronavirus pandemic, is helping governments and government agencies around the world to continue to perform their public duties safely and effectively, and we also feel a great responsibility,” Tayan said.

Tayan explained that although the coronavirus is a challenge for many companies, it has also created opportunities for innovation.

As countries around the world entered a state of complete lockdown, companies had to adopt and implement new technologies and transform their business models in order to ensure business continuity.

“We are optimistic about our business in the Gulf region,” Tayan affirmed.

Updated data show that free user subscription to Zoom in the UAE jumped by 105% in April 2020, compared to January 2020.

“We are working closely with the relevant authorities and telecom service providers in the UAE and Saudi Arabia, to ensure that Zoom provides its users with a safe environment for communication and cooperation while ensuring that their privacy is fully protected in accordance with state laws and regulations,” Tayan said.



Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes from the August OSP of minus $6.50 a barrel, state-owned Iraqi oil marketer SOMO said on Monday, Reuters reported.

Basrah Heavy to Asia was priced at minus $7.30 a barrel to Oman/Dubai quotes, from minus $8.80 a barrel set for August.

Type of North and South European Far East Crude American Market Market Market ($/bbl) Oil ($/bbl) ($/bbl) Basrah ASCI +5.10 Brent Average (Oman Medium (dated)-4.35 & Dubai)-4.00 Basrah ASCI +1.40 Brent Average


Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters
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Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday, Reuters reported.

According to the calculations of four bankers, the central bank's total reserves increased $14 billion last week to $178 billion, while net reserves excluding swaps increased $9.5 billion to $50 billion. The central bank did not comment on the figures.

 

 

 


July US Container Imports Hit Fourth-highest on Record, Descartes Says

FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
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July US Container Imports Hit Fourth-highest on Record, Descartes Says

FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo
FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo

US imports of containerized goods in July hit the fourth-highest level for the month, as shippers rushed in goods ahead of unknown US tariff changes, supply chain technology provider Descartes Systems Group said on Monday.

US seaports handled 2.5 million 20-foot equivalent units (TEUs) in July, down 4.3% from the near-record result in July 2025. Through the first seven months of 2026, imports were down 0.9% year over year while remaining ⁠well above pre-COVID pandemic ⁠levels, Descartes said.

In late July, 10% global Section 122 tariffs expired and were replaced by new tariffs of up to 12.5% on imports from 60 countries tied to allegations of forced labor.

Chinese-origin imports rose to 873,129 TEUs ⁠in July, the highest monthly volume in a year.

China sends more goods via container to the US than any other country, even after President Donald Trump has targeted such products with tariffs.

Retailers like Walmart, Amazon.com and Home Depot account for roughly half of all US container imports, Reuters reported.

The traditional peak shipping season tied to their imports of goods for autumn and winter holiday promotions ⁠has ⁠been arriving earlier and over a longer period of time as shippers have responded to a string of supply-chain upheavals ranging from the COVID-19 pandemic and the ongoing US and Israeli war on Iran to rapidly changing US tariff policies.

"The broader trade environment remains unsettled. Elevated Strait of Hormuz risk, changing US tariff measures, tighter Panama Canal draft restrictions, and continued Red Sea disruption are influencing freight costs, routing decisions, and sourcing strategies," Descartes said.