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Saudi E-commerce Growth Rate Exceeds 32%

Saudi Minister of Commerce Majid al-Qasabi at the event organized by the E-commerce Council in cooperation with the Joint Saudi-British Business Council (Asharq Al-Awsat)
Saudi Minister of Commerce Majid al-Qasabi at the event organized by the E-commerce Council in cooperation with the Joint Saudi-British Business Council (Asharq Al-Awsat)
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Saudi E-commerce Growth Rate Exceeds 32%

Saudi Minister of Commerce Majid al-Qasabi at the event organized by the E-commerce Council in cooperation with the Joint Saudi-British Business Council (Asharq Al-Awsat)
Saudi Minister of Commerce Majid al-Qasabi at the event organized by the E-commerce Council in cooperation with the Joint Saudi-British Business Council (Asharq Al-Awsat)

Saudi Arabia is one of the top ten countries in e-commerce, achieving an annual growth rate of more than 32 percent, announced Minister of Commerce Majid al-Qasabi.

Speaking at a seminar on the "Role of E-commerce in Strengthening the Saudi-British Economic Partnership," Qasabi stressed that strengthening the e-commerce business system is one of the goals of the National Transformation Program of Vision 2030.

He highlighted the significance of e-commerce in strengthening the national economy.

The E-commerce Council organized the event in cooperation with the Saudi-British Joint Business Council in London, which was attended by the Saudi ambassador to the UK, Prince Khalid bin Bandar, and the Honorary President of the Joint Saudi British Business Council, Baroness Symons, from the British side.

Qasabi chaired a high-level Saudi delegation that included representatives from 11 government agencies.

Deputy Minister of Commerce and General Supervisor of the E-commerce Council Iman al-Mutairi said that Saudi Arabia improved and reformed its e-commerce legislation and regulations, which created substantial growth opportunities in the field.

Mutairi noted that market growth reached $43.2 billion in 2021.

Several Saudi authorities in public and private sectors reviewed investment opportunities mainly in digital infrastructure, financial technology, electronic payment, logistics and transportation and last-mile delivery solutions.

They also reviewed electronic services related to the quality of life such as e-health, e-learning, entertainment, games, and others, in addition to dealing with cooperation and bilateral partnership in light of the high growth achieved by e-commerce.

Saudi authorities at the event included representatives from the ministries of trade, investment, transport, and logistics, the Saudi Central Bank (Sama), the Communications and Information Technology Commission (CITC), Zakat, Tax, and Customs Authority, the Small and Medium Enterprises Authority (Monshaat), the Saudi Data and Artificial Intelligence Authority (SDAIA), the National Competitiveness Center (NCC), the Saudi Business Center, and the Saudi Post.

The Saudi delegation continues its visit to London by touring several business accelerators and incubators, most notably "TechUK," concerned with trade and technology.

TechUK collaborates with the British government and about 850 members in various sectors to form and accelerate trade policies.

The Saudi officials will also visit Level39, a tech community consisting of 1250 leaders in cybersecurity and the UK's largest concentration of cyber expertise.

Saudi Arabia recently witnessed great steps to develop and strengthen its economic relationship with Britain leading to promising opportunities in its Vision 2030.

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Dollar Eyes Weekly Rise into US-China Trade Talks 

A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)
A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)
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Dollar Eyes Weekly Rise into US-China Trade Talks 

A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)
A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)

The dollar headed for a weekly gain on most major peers on Friday as a US-UK trade deal raised hopes of progress in looming US-China talks, while bets of imminent Fed rate cuts receded after the central bank indicated it was in no hurry.

Financial markets are heading into the weekend with the focus squarely on trade negotiations between Washington and Beijing due to begin on Saturday in Switzerland.

The euro touched a one-month low of $1.1197 in Asia and was down about 0.6% for the week. The yen has weakened about 0.4% this week and hit a one-month trough of 146.18 per dollar, before steadying around 145.48 on Friday.

Sterling, which had rallied on news reports of an impending US-UK trade deal, gave back gains when the agreement turned out to be pretty limited and struck a three-week low of $1.3220 in early trade on Friday.

The "general terms" agreement modestly expands agricultural access for both countries and lowers prohibitive US duties on British car exports, but leaves in place the 10% baseline.

"The market reaction of buying USD may reflect greater optimism that such tariff deals are doable," said Steve Englander, global head of G10 currency research at Standard Chartered, in a note to clients.

"Trump's dangling of the prospect of a trade detente with China may be adding to optimism that the global disruption from trade wars may not be as severe as markets have feared," he said.

"For the time being, G10 markets would be relieved if US and China bilateral tariffs were rolled back, even if they remain well above January 19 levels."

Bitcoin has surged back above $100,000, reflecting a refreshed appetite for risk-taking in markets' more speculative corners.

Announcing the UK deal, Trump said he expects substantive negotiations between the US and China this weekend and that tariffs on Beijing of 145% would likely come down.

The administration is weighing a plan to slash the tariff on Chinese imports by more than half, the New York Post reported, citing unidentified sources, though the White House dismissed that as speculation.

The Australian dollar headed for its first weekly drop in a month, with a 0.7% fall to $0.6407. The New Zealand dollar was likewise lower, clinging to support at $0.5895, just above its 200-day moving average.

On the central bank front this week moves were as expected with the Bank of England cutting, while Sweden, Norway and the United States left rates on hold.

However, Federal Reserve Chair Jerome Powell's remarks, emphasising the level of uncertainty, were taken as reducing the likelihood the Fed lowers rates any time soon and market pricing for a cut in June has drifted to about 17% from about 55% a week ago.

In contrast with G10 peers, the dollar was lower on several Asian currencies this week after a shock surge in the Taiwan dollar.

After a volatile few days it has settled around 30 to the dollar, more than 6% stronger from where it had finished April. The Singapore dollar is not far from decade highs. The Hong Kong dollar has retreated from the strong side of its band after heavy intervention from the Hong Kong Monetary Authority.

India's rupee opened under renewed pressure on Friday as conflict between India and Pakistan escalates. It dropped sharply on Thursday and, at 85.55 to the dollar, is eyeing its heaviest weekly fall since 2022.