Gulf Countries Address e-commerce Challenges

The Biban 23 Forum, which was recently held in Riyadh, shed light on e-commerce. (Asharq Al-Awsat)
The Biban 23 Forum, which was recently held in Riyadh, shed light on e-commerce. (Asharq Al-Awsat)
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Gulf Countries Address e-commerce Challenges

The Biban 23 Forum, which was recently held in Riyadh, shed light on e-commerce. (Asharq Al-Awsat)
The Biban 23 Forum, which was recently held in Riyadh, shed light on e-commerce. (Asharq Al-Awsat)

The General Secretariat of the Gulf Cooperation Council (GCC) is working on limiting the challenges related to e-commerce in member-states, including legal, regulatory or logistical obstacles that prevent optimal use of the advantages of the sector.

It has called on government and private agencies in the Gulf to intensify efforts and collect the information required to give a clear picture to the decision-makers at the council level.

This comes in conjunction with the growth of e-commerce in the GCC countries, as the sector is expected to reach $50 billion by 2025, according to a report by Kearney Middle East.

According to information obtained by Asharq Al-Awsat, the Saudi private sector is currently preparing an integrated file to list the difficulties it faces in e-commerce, before submitting the data to the General Secretariat of the GCC.

These results would contribute to shedding light on the necessary measures to create an appropriate legislative and regulatory climate that keeps pace with developments in the digital world, and within local, regional and international commercial markets.

E-commerce is a major driver of economic growth and helps in expanding the scope of commercial transactions, bringing them to the largest number of companies and consumers, and providing more opportunities and a broader base for transactions.

The Federation of Chambers of the GCC announced its support for the outcome of the consultative meeting of the ministers of trade and industry and representatives of the Gulf private sector, which was held recently in Amman, calling for completing the implementation of the common market paths and addressing the challenges of intra-trade between the council members.

The federation emphasized the need to adopt the necessary steps to support the implementation of the paths of the Gulf common market, in coordination with the GCC General Secretariat, and to present relevant initiatives and studies.

Hassan Al-Huwaizi, President of the Federation of Gulf Chambers, said at the time that they would work to encourage citizens of the GCC countries to interact more with the electronic platform (Takamol), which aims to address inquiries, observations and proposals related to the common market.



Trump Says 'Very Wealthy' Group to Buy TikTok

 A TikTok logo is displayed on a smartphone in this illustration taken January 6, 2020. (Reuters)
A TikTok logo is displayed on a smartphone in this illustration taken January 6, 2020. (Reuters)
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Trump Says 'Very Wealthy' Group to Buy TikTok

 A TikTok logo is displayed on a smartphone in this illustration taken January 6, 2020. (Reuters)
A TikTok logo is displayed on a smartphone in this illustration taken January 6, 2020. (Reuters)

US President Donald Trump said Sunday a group of buyers had been found for TikTok, which faces a looming ban in the United States due to its China ties, adding he could name the purchasers in two weeks.

"We have a buyer for TikTok, by the way," Trump said in an interview on Fox's Sunday Morning Futures with Maria Bartiromo.

"Very wealthy people. It's a group of wealthy people," the president said, without revealing more except to say he would make their identities known "in about two weeks."

The president also said he would likely need "China approval" for the sale, "and I think President Xi (Jinping) will probably do it."

TikTok is owned by China-based internet company ByteDance.

A federal law requiring TikTok's sale or ban on national security grounds was due to take effect the day before Trump's inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.

In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States.

Tech experts quickly described the TikTok kerfuffle as a symbol of the heated US-China tech rivalry.

While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform -- which boasts almost two billion global users -- after coming to believe it helped him win young voters' support in the November election.

"I have a little warm spot in my heart for TikTok," Trump told NBC News in early May. "If it needs an extension, I would be willing to give it an extension."

Now after two extensions pushed the deadline to June 19, Trump has extended it for a third time.

He said in May that a group of purchasers was ready to pay ByteDance "a lot of money" for TikTok's US operations.

The previous month he said China would have agreed to a deal on the sale of TikTok if it were not for a dispute over Trump's tariffs on Beijing.

ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be "subject to approval under Chinese law."