Saudi Arabia Unveils 10 Initiatives to Develop Online Stores

Saudi Arabia supports the development of an integrated e-commerce environment by finding solutions to the current challenges. (Asharq Al-Awsat)
Saudi Arabia supports the development of an integrated e-commerce environment by finding solutions to the current challenges. (Asharq Al-Awsat)
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Saudi Arabia Unveils 10 Initiatives to Develop Online Stores

Saudi Arabia supports the development of an integrated e-commerce environment by finding solutions to the current challenges. (Asharq Al-Awsat)
Saudi Arabia supports the development of an integrated e-commerce environment by finding solutions to the current challenges. (Asharq Al-Awsat)

The Saudi Ministry of Commerce announced on Wednesday 10 initiatives to develop the sector of electronic stores, based on the results of a survey that measured consumer satisfaction with the performance of e-commerce in the Kingdom.

The study, which surveyed more than 6,000 people, highlighted four main challenges facing consumers, namely: lack of clarity of warranty and maintenance policies, failure to deliver to some areas, delay in resolving complaints, and a slow refund process.

Based on the results of the questionnaire, the ministry approved 10 initiatives to develop the work of e-commerce, mainly requesting e-stores to provide a purchase invoice with all information related to the warranty, communicating with the product agent, and gradually expanding the geographical coverage of delivery, to include the various regions of the Kingdom.

The ministry also decided to work on diversifying shipping and delivery options, in order to ensure that shipments are not delayed, requesting online stores to provide various payment solutions such as Mada card and credit cards, and providing technical systems for managing and following up on refunds, in addition to facilitating procedures for orders cancellation.

The Ministry of Commerce emphasized that it was working, in partnership with electronic stores, to implement the initiatives, in order to improve the services provided by the sector and raise consumer satisfaction and confidence.

In parallel, the Federation of Saudi Chambers launched a plan that seeks to enhance communication among the Chambers of Commerce, unify efforts and exchange expertise in a way that contributes to maximizing the benefit, improve the business environment, empower the private sector in various regions of the country, and raise the quality of economic research.

The initiative comes within the framework of the Federation’s endeavor to strengthen the role of the private sector institutional bodies in serving the business community and the national economy, raising the quality of products and outputs, and improving the level of performance to enhance the private sector’s contribution to the goals of the Kingdom’s Vision 2030.

Meanwhile, the Riyadh Chamber, represented by the Commercial Centers Committee, signed a memorandum of understanding with the Middle East Council of Shopping Centers, to enhance joint cooperation, train Saudi cadres and promote localization programs in the retail sector.

The council will host training courses and provide the necessary materials to prepare specialized cadres in the Saudi retail industry.



Gold Retreats as Oil Rises and Inflation Fears Grow

Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
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Gold Retreats as Oil Rises and Inflation Fears Grow

Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
Gold bangles on display at a jewelry shop in Varanasi, India (AFP)

Gold prices slipped on Wednesday as escalating tensions in the Middle East continued to stoke inflation concerns, reinforcing expectations of higher US interest rates.

Spot gold fell 0.7% to $4,027.49 per ounce by 0843 GMT. Prices rose over 2% to a session high of $4,100.19 per ounce on Tuesday after soft US inflation data, Reuters reported.
US gold futures for August delivery slid 0.9% to $4,034.00.

Iran's Revolutionary Guard Corps threatened ⁠to close all possible ⁠export corridors benefiting Washington, after Tehran shut the Strait of Hormuz and the US reimposed a naval blockade of Iranian ports. Oil edged higher after closing at a one-month high on Tuesday.

"Higher US crude, gasoline and diesel prices will result in high inflation numbers in ⁠the next print in August, that could keep the tone of some Fed officials on the hawkish side, which is not helping gold," said UBS analyst Giovanni Staunovo.

"In the near-term oil and US gasoline prices will continue to influence gold, as it remains a key driver of US inflation," Staunovo added.

Higher interest rates tend to weigh on gold, as they increase the opportunity cost of holding the non-yielding asset.

Fed Chair Kevin Warsh told ⁠lawmakers ⁠on Tuesday the central bank had "no tolerance for persistently elevated inflation," hinting that the CPI data was not all swell.

Traders are pricing in about a 59% chance of a rate hike in September, according to the CME FedWatch Tool.

Investors now await the US Producer Price Index data due at 1230 GMT today for insights into inflation levels and the monetary policy outlook.

Among other metals, spot silver dipped 0.5% to $58.314 per ounce and platinum gained 0.2% to $1,634.36.

Palladium rose 0.8% to $1,315.05, after gaining 5% in the previous session.


Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week, according to data and industry sources.

Shipments from Yanbu reached 4.7 million barrels per day around July 13, up from 3.36 million bpd around July 10 and broadly in line with 4.6 million bpd around July 2, ⁠according to Signal Ocean data.

Loadings have averaged above four million bpd since June, compared with 973,000 bpd around the same period 2025, the data showed.

Kpler data also show daily loadings averaging around four million barrels in recent weeks.

Saudi Arabia has relied increasingly on Yanbu to export crude amid disruptions to shipping through the Strait of Hormuz during the US-Iran conflict.


BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
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BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)

BP expects its oil trading result to be slightly higher in the second quarter after an exceptionally strong first quarter, as it continues to profit from a surge in oil prices caused by the Iran war.

The British major flagged higher oil realizations said stronger prices were expected to add a $1.8 billion to $2.1 billion boost to earnings in its oil production and operations business compared with the first quarter.

In its gas and low carbon energy segment, realizations are expected to add a further $500 million to $700 million, it said on Tuesday.

Gas trading results are expected to be broadly unchanged from the previous quarter.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per barrel during the April-to-June quarter, up from around $78 in the first quarter and about $67 a year earlier.

BP said refining margins averaged $29.6 per barrel, versus $16.9 in the first quarter.

The company expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day from around 2.34 million boed in the previous three months, due in part to the effects of the crisis.

BP expects net debt to stand at $22 billion to $23 billion at end-June, down from $25.3 billion at the end of March, with a target to reduce this further to $14 billion to $18 billion by the end of next year.

The company made a $2.9 billion payment to redeem €2.5 billion of perpetual hybrid bonds, leaving it with a total of about $13 billion outstanding. It also paid $1.1 billion in Gulf of Mexico settlement liabilities.

Overall, BP expects net debt, hybrid bonds and Gulf of Mexico settlement liabilities to decrease by around a combined $6.3 billion to $7.3 billion from the previous quarter.

Exploration write-offs are seen totaling around $500 million in the second quarter, primarily related to the sale of its stake in the Bay du Nord project offshore Canada.