What Is China’s Singles’ Day and How Is It Celebrated? 

A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
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What Is China’s Singles’ Day and How Is It Celebrated? 

A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)

Black Friday? No. Cyber Monday? Nope. Prime Day? Absolutely not. The world's biggest shopping event happens in China each year - and is called Singles' Day.

Originally a holiday to celebrate being single, as a counter to Valentine's Day, the event has grown into a weeks-long online shopping festival that this year began on October 9 and runs through November 11 - making it the longest Singles' Day sales period ever.

WHEN DID THE IDEA OF SINGLES' DAY ORIGINATE?

The idea for Singles' Day originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." On the day, single people treat themselves with gifts and presents, while also organizing social gatherings and parties.

HOW MUCH DO CONSUMERS SPEND?

Last year, the total value of goods sold during the shopping bonanza - also known as "Double 11" - totaled 1.44 trillion yuan ($202 billion), according to data provider Syntun.

That is almost five times the $41.1 billion US shoppers spent last year during Cyber Week, the period from Black Friday to Cyber Monday, per data from Adobe Analytics.

Cyber Monday immediately follows Black Friday, which falls on the day after the US Thanksgiving Day holiday, the busiest shopping day of the year in the United States.

But growth has been harder to come by for major e-commerce players in China, which have extended their Singles' Day sales period and leaned heavily on subsidies and coupons to entice spending. Last year's sales growth rate of 27% was largely attributed to a longer overall festival period.

This year Alibaba Group pledged 50 billion yuan in subsidies for its 88VIP members over the Singles' Day period. The event has, in recent years, lost some of its novelty with the rise of other shopping festivals in China, including the midyear "618" sales which is the country's second-largest, and has also lengthened to a weeks-long event.

WHAT MAJOR BRANDS AND PRODUCTS ARE SHOPPERS BUYING?

While Alibaba started "Double 11" in 2009 to win over online shoppers with discounts and promotions, China's major e-commerce platforms now all take part in it. JD.com joined in 2012 and PDD Holdings-owned Pinduoduo has also become a significant player, offering low-cost products in competition with Alibaba-owned Tmall and Taobao platforms.

Last year, categories covered by a national 150 billion yuan household-appliance-subsidy scheme outperformed. With a higher comparison base this year, those categories are expected to decline.

Nomura analysts forecast in October that home appliance sales will fall 20% in the fourth quarter in China. Instant retail - one-hour delivery of online orders - is also a focus this year.

Alibaba and JD.com have poured billions into subsidies throughout 2025 to attract shoppers to rapid-delivery channels, which have been growing faster than e-commerce overall.

WHICH OTHER COMPANIES HOPE TO BENEFIT?

Many global companies, from apparel maker Nike to cosmetics firm Estee Lauder and consumer goods giant Procter & Gamble, have a big presence on Chinese e-commerce platforms such as Tmall and JD.com.

Aggressive discounting has been a hallmark of Chinese shopping festivals since pandemic restrictions ended in China in late 2022, though consumption overall has remained sluggish as people save more in the face of macroeconomic challenges and a prolonged property crisis.

According to Alibaba, 35 brands, including Nike, L'Oreal and local firms Anta and Proya, sold more than 100 million yuan of merchandise in the first hour of the sale this year.

At a press conference a few days into its Singles' Day sales period, JD.com said it would list over 100,000 "hit" products at its lowest prices of the year and sell 50,000 pairs of thermal Long Johns at 2 yuan each, shipping included.

Phone sales are expected to be strong this year, given recent launches of Apple's iPhone 17 series and Xiaomi's 17 series in September.

Within the first two hours, sales of iPhone on Apple's Tmall store exceeded the full-day total for the same period last year, according to Alibaba, which did not disclose specific figures.



IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.


Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.