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☆ Amazon Prime Day is set for July. These are the annual deals that sellers will offer
▼ + stars: | 2023-06-21 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +3 min

With Amazon announcing on Wednesday that the 2023 Prime Day sales event will take place July 11-July 12, now's an especially good opportunity for sellers to ramp up promotions. This year, there are some new deal offers Amazon is trying out, including exclusive deals on fast-selling items for Prime subscription club members, as well as Prime Day deals that will be available on third-party retailer websites, backed by Amazon's inventory and shipping infrastructure. You can learn a lot from Lightning DealsOn Prime Day, Lightning Deals are exclusively for Prime Members, but this type of promotion can be offered more broadly at other points of the year. Lightning Deals tend to generate excitement because they are only available for a short time. Customers can view available offers by clicking on the link on Amazon's homepage for "Today's Deals" or "Prime Day."

Persons: now's, Phil Masiello, Troy Evans, Evans, Sellers, Gia Ching, it's, I've, Nick Mattar, Masiello Organizations: Amazon, GCC Consulting, Prime, Digital Locations: Skai, Digital Detroit

☆ Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowSaudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that." The U.S. has military installments in Saudi Arabia, selling it advanced weaponry and providing training and joint operations with the Saudi military. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. But we would see, going forward, more global champions from Saudi Arabia going to China to access a growing market of 1.4 billion high-consumption individuals."

Persons: Investment Khalid Al, Falih, — it's, CNBC's Dan Murphy, it's, Biden, Xi Jinping, Crown Prince, Saudi Arabia Mohammed bin Salman Al Saud, Saudi Crown Prince Mohammed bin Salman, Faisal bin Farhan, Antony Blinken, Fayez Nureldine Organizations: Saudi, Investment, CNBC, China Business Conference, GCC, Gulf Cooperation Council, U.S ., Anadolu Agency, Getty, Technology, Saudi Crown, Beijing, GCC Ministers, AFP Locations: Saudi Arabia, China, Riyadh, Africa, Central Asia, United States, Brazil, Russia, India, South Africa, U.S, Saudi, we're, Washington, Yamamah, Beijing

☆ GCC-China free trade deal must protect emerging Gulf industries, Saudi minister says
▼ + stars: | 2023-06-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +2 min

RIYADH, June 11 (Reuters) - The free trade deal being negotiated between China and the Saudi Arabia-dominated Gulf Cooperation Council needs to protect emerging Gulf industries, the Saudi investment minister said on Sunday, adding he hoped it would be finalised soon. "We need to enable and empower our industries to export, so we hope all countries that negotiate with us for free trade deals know we need to protect our new, emerging industries," Investment Minister Khalid al-Falih said. Talks on a China-GCC Free Trade Agreement (FTA) began in 2004 but have repeatedly stalled, most recently in 2016 after a ninth round. The Gulf's two biggest economies, Saudi Arabia and the United Arab Emirates, have launched new industrial strategies to boost domestic economic growth and non-oil exports. Saudi Arabia is developing sectors including domestic manufacturing, mining and minerals, and advanced technology.

Persons: Khalid al, Falih, Prince Mohammed bin Salman, Aziz El Yaakoubi, Lisa Barrington, Sharon Singleton Organizations: Gulf Cooperation Council, Investment, China Business Conference, GCC, Trade, United Arab Emirates, United Arab, Thomson Locations: RIYADH, China, Saudi Arabia, Saudi, Riyadh, Kingdom of Saudi Arabia, Gulf, United Arab Emirates

[1/6] U.S. Secretary of State Antony Blinken looks on, as he attends a joint press conference with Saudi Foreign Minister Faisal Bin Farhan, at the Intercontinental Hotel in Riyadh, Saudi Arabia, June 8, 2023. "And we’re also collaborating with countries in the region to widen and deepen the normalisation of relations with Israel." Saudi Arabia went the other way in April in restoring ties with Iran, its key regional rival and Israel's arch-enemy, in a Chinese-brokered deal. Other rows have simmered over the Saudi intervention in Yemen's devastating conflict, China ties and oil prices. Saudi Arabia and other OPEC states say the organisation is not politicised and only seeks to stabilise energy markets.

Persons: Antony Blinken, Faisal Bin Farhan, Ahmed Yosri, Jake Sullivan, Crown Prince Mohammed Bin Salman, Karim Benzema, Blinken, we’re, Aziz Alghashian, Joe Biden's, Alghashian, Biden, Jamal Khashoggi, Blinken's, Prince Faisal bin Farhan, Vladimir Putin, Aziz El Yaakoubi, Humeyra Pamuk, Maha El, Mark Heinrich Our Organizations: Saudi Foreign, Intercontinental, REUTERS, U.S, Saudi, White House, Crown, Gulf Cooperation Council, Al, Blinken, MbS, GCC, United Arab, Thomson Locations: Riyadh, Saudi Arabia, Saudi, Israel RIYADH, U.S, Iran, Washington's, Al, French, Jeddah, Al Ittihad, Yemen, Sudan, Israel, East, United Arab Emirates, Bahrain, Gulf, Israeli, Russia, China, Istanbul, OPEC, Ukraine

"We are now aiming to regain the tourism income from (Gulf Cooperation Council countries) to Syria. Some Arab states, including GCC members the United Arab Emirates and Saudi Arabia, are increasingly rebuilding ties with Damascus, reversing years of isolation over Assad's crackdown on protests in 2011 and the ensuing civil war. Machfej said Syria had 1.5 million visitors last year, a third of which were tourists. Tourism ministry data shows 385,000 visitors came to Syria in the first quarter this year, 40,000 of which were non-Arab foreigners. Gulf states along with Egypt, Iraq and Jordan have been discussing Syria's possible return to the Arab League, but no agreement has been reached.

☆ Arab foreign ministers discuss Syria crisis at Saudi meeting
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] Saudi Arabia hosts a meeting of foreign ministers from Iraq, Jordan, Egypt and the Gulf Cooperation Council (GCC) countries to discuss Syria's return to the Arab League in Jeddah, Saudi Arabia, April 14, 2023. Saudi Press Agency/Handout via REUTERSCAIRO, April 15 (Reuters) - Gulf Arab foreign ministers and their counterparts from Egypt, Iraq and Jordan discussed Syria's possible return to the Arab fold at a meeting in Saudi Arabia, the Saudi Foreign Ministry said in a statement. The meeting, held in the city of Jeddah, was called by Saudi Arabia, amid a recent thaw in regional tensions, but ended without agreement, the statement said. However, Syria's broader normalisation with the Arab world remains a sensitive issue for several countries. Regional superpower Saudi Arabia, which has long resisted normalisation with Assad, said after a rapprochement with Iran, Syria's key regional ally, a new approach was needed with Damascus.

☆ Qatar and Bahrain say they will resume diplomatic ties
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

CAIRO, April 12 (Reuters) - Qatar and Bahrain will resume their diplomatic ties, both Bahrain news agency (BNA) and the Qatari foreign ministry said on Wednesday. The move comes over two years after an Arab boycott of Qatar was lifted. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in January 2021 ended a 3-1/2-year embargo of Qatar but all but Bahrain restored travel and trade links in 2021. Regional heavyweight Saudi Arabia has led efforts to rebuild ties with Qatar and, along with Egypt, re-established diplomatic relations. Bahrain, a Sunni Muslim-ruled monarchy with a restive Shi'ite population, has deep unease over Qatar's relations with Iran.

☆ Regional ministers to discuss Syria's return to Arab fold in Saudi Arabia
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] Flags are seen ahead of the Arab League Summit in Algiers, Algeria November 1, 2022. REUTERS/Ramzi BoudinaDOHA, April 11 (Reuters) - Saudi Arabia will host a meeting of regional foreign ministers on Friday to discuss Syria's return to the Arab League, a Qatari official said on Tuesday, adding that an "Arab consensus" plus a "change on the ground" would shift Qatar's position. The GCC includes Saudi Arabia, UAE, Bahrain, Oman, Qatar and Kuwait. Saudi Arabia plans to invite Syrian President Bashar al-Assad to the Arab League summit Riyadh is scheduled to host on May 19, sources have told Reuters. Assad's attendance would mark the most significant development in his rehabilitation within the Arab world since 2011, when Syria was suspended from the Arab League.

☆ Saudi bourse gains amid strong oil prices; Egypt falls
▼ + stars: | 2023-04-09 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

April 9 (Reuters) - Saudi Arabia's stock market finished higher on Sunday, ending two sessions of losses, while the Egyptian bourse extended losses on rising inflation. Saudi Arabia's benchmark index (.TASI) gained 0.6%, helped by a 1.7% rise in Retal Urban Development Co (4322.SE). The Saudi stock market could extend its gains this week with sentiment among local investors improving. "At the same time, the local economy could find support in the potential for higher oil prices in the near to medium term." Oil prices - a key catalyst for the Gulf's financial markets - were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.

☆ Food inflation to weigh on MENA growth this year - World Bank
▼ + stars: | 2023-04-06 | by ( Lisa Barrington | ) www.reuters.com time to read: +2 min

Average year-on-year food inflation across 16 MENA economies between March and December 2022 was 29%, which was higher than the headline inflation of 19.4% year-on-year during that period, the World Bank said. "Bold policies are needed in a region where young people make up more than half of the population," said World Bank MENA Vice President Ferid Belhaj. The World Bank sees GDP per capita growth, a proxy for living standards, slowing to 1.6% in 2023 from 4.4% in 2022. "Close to one out of five people living in developing countries in MENA is likely to be food insecure this year," said World Bank MENA Chief Economist Roberta Gatti. The World Bank forecast 3.1% growth across the region in 2024.

REUTERS/Florence LoBEIJING, March 20 (Reuters) - Chinese state energy giants have made a number of multi-billion dollar investments in Russia, one of China's top oil and gas suppliers, across various stages of the energy supply chain. Below are the main investments by the Chinese government, key state-owned energy companies and their listed vehicles, based on company releases and Reuters reports. 2005: Sakhalin-3 Veninsky oil projectRussian oil giant Rosneft (ROSN.MM) and Sinopec (600028.SS), agreed to jointly explore the Sakhalin-3 Veninsky block during a visit by China's then-president Hu Jintao to Moscow in 2005. It became China's first energy project in Russia. 2019: Arctic LNG 2In 2019 China's CNOOC Ltd (0883.HK) and PetroChina agreed to buy a combined 20% stake in the $25.5 billion Arctic-2 liquefied natural gas project led by Novatek.

☆ 'Our phones are ringing off the hook': Amid a global downturn, the finance world is chasing Middle Eastern money
▼ + stars: | 2023-03-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The region's 10 largest sovereign wealth funds combined manage nearly $4 trillion, according to the Sovereign Wealth Fund Institute. The regional investors, especially the sovereign funds but also the families, are now much more sophisticated than before. Follow the capitalAs oil prices made a roaring comeback in the last two years, the Gulf's public wealth funds went on a spending spree. It added that GCC sovereign wealth funds "played an important role in 2020 during the Covid-19 pandemic and now again in 2022 during times of financial distress." Our phones are ringing off the hook," one manager from a UAE investment fund said, declining to be named due to professional restrictions.

☆ Aster DM Healthcare shortlists two bidders for stake in Gulf business -sources
▼ + stars: | 2023-03-03 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, March 3 (Reuters) - Dubai-based Aster DM Healthcare (ATRD.NS) is looking to sell a majority stake in its Gulf-based business and has short-listed buyers for the sale, two sources with direct knowledge of the matter told Reuters. Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is looking to sell a stake of more than 50% in its business in the region, said the sources, declining to be named as the matter is not public. Private equity firm Fajr Capital and Dubai financial services firm Gulf Islamic Investments have been shortlisted in the process, the sources said. Fajr declined to comment, while Gulf Islamic Investments did not immediately respond to a request for comment when contacted by Reuters on Friday. Mumbai-listed Aster began a sales process at the end of last year to demerge the Gulf business to help investors and analysts better understand the company, one of the sources said.

☆ Arab states need new approach towards Syria, says Saudi foreign minister
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +2 min

Prince Faisal bin Farhan Al Saud's remarks at a Munich security forum on Saturday mark a shift from the early years of Syria's 12-year civil war when several Arab states including Saudi Arabia backed rebels that fought Bashar al-Assad. "You will see not just among the GCC (Gulf Cooperation Council) but in the Arab world there is a consensus growing that the status quo is not workable," he said. Shunned by the West, Assad has been basking in an outpouring of support from Arab states that have normalised ties with him in recent years, notably the United Arab Emirates which aims for Arab influence in Syria to counter that of Iran. Assad has recovered control of most of Syria with support from Russia along with Iran and Iranian-backed Sh'ite Muslim groups such as Lebanon's Hezbollah. The UAE has been pressing for re-engagement with Damascus, despite opposition from the United States which has imposed sanctions on Syria that remain a complicating factor.

☆ Oil falls $2/barrel on economic jitters, U.S. crude stock build
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The U.S. economy "still could roll over and some energy traders are still sceptical on how quickly China's crude demand will bounce back this quarter," OANDA analyst Edward Moya said in a note. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil dips $2 on global economic concerns
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at Feb. 1 meetingComing up: API inventory data at 2130 GMTHOUSTON, Jan 24 (Reuters) - Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and an expected build in U.S. oil inventories. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Yet British private sector economic activity fell at its fastest rate in two years. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil dips $1 on global economic concerns
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at Feb. 1 meetingComing up: API inventory data at 2130 GMTHOUSTON, Jan 24 (Reuters) - Crude oil prices dipped on Tuesday on concerns about a global economic slowdown and expected build in U.S. oil inventories. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn have eased.

☆ Gulf economies to slow this year on sluggish oil demand - Reuters poll
▼ + stars: | 2023-01-24 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

Crude oil prices, a major driver for Gulf economies, are down more than a third from last year's highs and were expected to remain under pressure this year over fears of a recession in major economies sapping demand. Overall growth in the six GCC economies was forecast to average 3.3% and 2.8% this year and next respectively, the Jan. 9-23 poll showed, down from 4.2% and 3.3% in the previous poll. Among other Gulf countries - Qatar, Oman, and Bahrain - growth was expected at 2.4%-2.7% for 2023. Despite lower oil GDP growth, non-oil growth was expected to remain resilient in 2023, economists in the survey said. Analysts expected continued current account surpluses for the main Gulf economies, based on relatively high oil prices.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Most Gulf markets retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ 5 key takeaways from Xi’s trip to Saudi Arabia
▼ + stars: | 2022-12-10 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

Here are five key takeaways from Xi’s visit to Saudi Arabia. Saudi Press Agency//ReutersDuring Xi’s visit, Saudi Arabia and China released a nearly 4,000-word joint statement outlining their alignment on a swathe of political issues, and promising deeper cooperation on scores of others. China is the world’s biggest buyer of oil, with Saudi Arabia being its top supplier. China is also keen to cooperate with Saudi Arabia on security and defense, an important field once reserved for the kingdom’s American ally. Saudi Arabia was, however, keen to reject notions of polarization, deeming it unhelpful.

☆ China to use Shanghai exchange for yuan energy deals with Gulf nations - Xi
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 9 (Reuters) - China's President Xi Jinping said in Riyadh on Friday that China and Gulf nations should make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade. China and states of the Gulf Cooperation Council (GCC) are natural partners for cooperation, Xi said in a speech at the China-GCC summit. In his speech, Xi proposed other areas for cooperation in the next three to five years, including finance and investment, innovation and new technologies, as well as aerospace, and language and cultures. China will also establish bilateral investment and economic cooperation working mechanisms, carry out local currency swap cooperation and deepen digital currency cooperation, he said. In his speech, Xi also called on China and GCC nations to be partners in promoting unity, development and security.

Leaders of Arab League states spanning the Gulf, Levant and Africa began arriving in Riyadh on Thursday when Xi received a lavish reception by Prince Mohammed and signed a China-Saudi partnership pact with King Salman, demonstrating deepening ties. Oil giant Saudi Arabia is a top supplier to China and the joint statement reaffirmed the importance of global market stability and energy collaboration, while striving to boost non-oil trade and enhance cooperation in peaceful nuclear power. Xi invited King Salman to visit China, Saudi state television reported. Diplomats said the Chinese delegation would sign agreements and memoranda of understanding with several states in addition to Saudi Arabia, which inked an MOU with Huawei on cloud computing and building high-tech complexes in Saudi cities. The Chinese tech giant has participated in building 5G networks in most Gulf states despite U.S. concerns over a possible security risk in using its technology.

☆ Saudi Arabia and China will align on everything from security to oil, but agree not to interfere on domestic issues
▼ + stars: | 2022-12-09 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

Riyadh and Beijing were keen to stress “the importance of stability in the world oil markets,” noting that Saudi Arabia is a reliable exporter of crude oil to its Chinese partner. China also affirmed its “opposition to any actions that would interfere in the internal affairs of the Kingdom of Saudi Arabia,” without adding more details. On Friday, Xi invited Saudi King Salman bin Abdulaziz Al-Saud to visit China, according to Saudi state TV. President Xi was given a warm welcome in Saudi Arabia with ceremonies on Thursday. Saudi Arabia “is pursuing a multipolar strategy of strong strategic ties,” added Shihabi.

☆ Xi Jinping: Chinese president lands in Saudi Arabia amid tensions with US
▼ + stars: | 2022-12-07 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +5 min

CNN —Chinese President Xi Jinping landed in the Saudi Arabian capital Riyadh on Wednesday for a multiple-day visit, China’s official news agency Xinhua reported, amid frayed ties between the two countries and the United States. A purple carpet was rolled out for the Chinese president, and canons were fired. But Saudi Arabia’s grand reception of the Chinese president is only emblematic of the magnitude of their growing relationship, specifically around oil, trade and security. Saudi Arabia has also traditionally been China’s top oil supplier, with Saudi barrels making up around 17% of total Chinese oil imports as of last year, according to the Saudi-backed Arab News. Apart from oil exports, Saudi Arabia has this year ramped up its Chinese investments, which culminated in Aramco’s whopping $10 billion dollar investment into a refinery and petrochemical complex in China’s northeast.

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