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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)
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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.

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Business

Gold Inches Lower ahead of Fed Chair Warsh's Jackson Hole Remarks

A man walks past a gold shop at the Grand Baazar in Istanbul - AFP
A man walks past a gold shop at the Grand Baazar in Istanbul - AFP
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Gold Inches Lower ahead of Fed Chair Warsh's Jackson Hole Remarks

A man walks past a gold shop at the Grand Baazar in Istanbul - AFP
A man walks past a gold shop at the Grand Baazar in Istanbul - AFP

Gold prices ticked lower on Friday, with investors awaiting Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium later in the day to gauge the central bank's monetary policy direction.

Spot gold was down 0.1% at $4,594.61 per ounce by 1203 GMT. It touched a more than three-month high of $4,696.18 on Tuesday, following the US. Treasury's announcement of support measures for long-duration bonds.

US gold futures lost 0.4% at $4,647.20, Reuters reported.

"I think price action has been pretty constructive recently, and we're not seeing a great deal of movement because we're waiting for Warsh's speech at Jackson Hole," said Kyle Rodda, senior financial market analyst at Capital.com.

Fed officials shared their concerns about the US inflation landscape on Thursday, as central bankers gathered in Jackson Hole. Kansas City Fed President Jeffrey Schmid and Cleveland Fed President Beth Hammack reiterated their belief that the central bank needs to raise interest rates to help curb inflation.

The policymakers spoke a day after data showed that the Personal Consumption Expenditures Price Index, the central bank's main inflation gauge, stood at 3.7% in the 12 months through July.

Traders see a 36% chance of a US rate hike in September and a 74% chance by December, according to the CME FedWatch tool. Fed Chair Warsh is scheduled to speak at around 1400 GMT.

Gold tends to lose appeal in a high interest rate environment as it offers no yield.

"It's quite possible that we will see gold recapture the $5,000 mark, at least by the end of the year. But again, it all depends on the changing language of the Fed and what they do with policy," said Rodda.

Gold discounts in India, meanwhile, plunged this week, as demand fell sharply on market speculation that the government could consider rolling back a recent hike in import duties.

Spot silver rose 1.5% to $70.32 per ounce, platinum was up 2.6% at $1,894.85 and palladium gained 4.4% to $1,409.74 an ounce, with all metals on track for a weekly gain.

Business

Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties

Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties
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Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties

Saudi Arabia, Syria Sign Four Agreements to Boost Transport and Logistics Ties

Minister of Transport and Logistic Services Saleh Al-Jasser concluded an official visit to Syria, where he met with Syrian President Ahmed al-Sharaa to review bilateral relations and discuss expanding joint initiatives, and led a delegation of public- and private-sector officials to enhance cooperation across the transport and logistics sectors.

The visit resulted in the signing of four key agreements and memoranda of understanding. In the roads and railways sectors, Al-Jasser and Syrian Minister of Transport Yarob Badr signed two memoranda to bolster cooperation, technical studies, and the exchange of expertise, SPA reported.

In civil aviation, discussions with President of the Syrian General Authority of Civil Aviation and Air Transport Omar Al-Hosari led to an air transport agreement to enhance air connectivity.

Additionally, Al-Jasser and Syrian Minister of Communications and Information Technology Abdulsalam Haykal signed a bilateral agreement in postal services.

Al-Jasser also met with President of the Syrian General Authority for Borders and Customs Qutaiba Badawi to discuss developing maritime ports, logistics zones, and dry ports, as well as facilitating the movement of freight and goods.

The signed agreements establish a comprehensive framework to advance joint infrastructure projects, facilitate trade flows, and expand public-private partnerships between the two nations.

Business

French Economy Stalls in Q2, Inflation Speeds Up

Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)
Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)
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French Economy Stalls in Q2, Inflation Speeds Up

Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)
Passengers wait as the traffic is suspended following a fault in the electrical system at the Montparnasse railway station in Paris on August 27, 2026. (Photo by Olivier MORIN / AFP)

France's economic growth stalled in the second quarter, statistics office Insee said Friday, revising down its initial forecast while reporting a sharp rise in inflation in August.

GDP growth was flat in the quarter, instead of the 0.2 percent growth Insee first reported last month.

That followed a 0.2 percent decline in the first quarter -- also a downward revision from the previous estimate of 0.1 percent.

"These revisions reflect the even more deteriorated state of agricultural production compared with the information available at the end of July," Insee said.

The French economy has been slowing since the third quarter of last year, hit by weak consumer spending and, more recently, the surge in energy prices from the war against Iran.

Inflation in the EU's second-biggest economy rose to 2.4 percent in August after 2.1 percent in July, Insee said.

Insee also said household purchasing power fell 0.5 percent in the second quarter after slipping 0.1 percent in the first.

The data puts further pressure on the French government as it tries to negotiate steep spending cuts for the 2027 budget, aiming to reduce a budget deficit that stood at 5.1 percent of GDP last year, well above the three-percent limit set for members of the eurozone.