Business

Baghdad Urges OPEC to Raise Iraq's Production Quota

Business A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)

Baghdad Urges OPEC to Raise Iraq's Production Quota

Baghdad has urged OPEC to increase Iraq's oil production quota, taking into account the damage done to its industry by its history of conflicts and the recent…

Asharq Al Awsat
Business General view of part of Cairo (Reuters)

Egypt Overhauls Nitrogen Fertilizer Export Levy, Exempts High-grade Ammonium Nitrate

Egypt has revamped its export tax regime for nitrogen fertilizers, replacing a fixed export tax with a 10% ad valorem duty on all nitrogenous fertilizer…

Asharq Al Awsat
Business A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP

Gold Lingers Near 7-month Low as Fed Hike Bets Boost Dollar

Gold fell for a third straight session on Thursday, lingering near a more than seven-month low it had reached in the previous session, as expectations of US…

Business A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)

Oil Falls to Pre-war Levels on Rising Middle East Supply

Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand…

Asharq Al Awsat
Business European Commission President Ursula von der Leyen chairs the EU Commission's weekly College meeting in Brussels, Belgium, 24 June 2026. EPA/OLIVIER MATTHYS

EU-US Trade Deal to Take Effect Before Trump Deadline

EU states gave their final approval Thursday to a year-old tariff deal with the United States, allowing it to enter into force ahead of a July 4 deadline set…

Asharq Al Awsat

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

Hormuz Disruptions Drive Saudi Re-Exports to Historic High

Preliminary data released by the General Authority for Statistics on Thursday revealed a remarkable positive shift in Saudi Arabia's international merchandise…

Asharq Al Awsat
Business SIRC headquarters in Saudi Arabia (company website)

SIRC: Waste Management to Add $32 Billion to Saudi Economy by 2040

Saudi Arabia’s waste-management sector is set to evolve from a routine environmental service into an independent industrial and economic engine, potentially…

Dana Aldrees (Riyadh)
Business The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)

Ministry of Tourism Highlights Investment Opportunities at FHS Saudi Arabia 2026

Saudi Arabia’s Ministry of Tourism participated in the Future Hospitality Summit (FHS) Saudi Arabia 2026, held in Riyadh from June 22 to 24, bringing together…

Business FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold Drops Below Key $4,000 Level as Dollar Firms, Rate Hike Bets Rise

Gold prices fell more than 3% and traded below a key psychological level of $4,000 per ounce, under pressure from a firmer US dollar and growing expectations…

Asharq Al Awsat
Business Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)

Oil Extends Slide to More than 1% on Expectations of Smoother Crude Flows via Hormuz

Oil prices fell more than 1% on Wednesday, extending this week's losses to hit fresh four-month lows on signs that more oil tankers are set to move out of the…

Asharq Al Awsat
Business Saudi Arabia's capital, Riyadh (Digital Government Authority)

Saudi Real Estate Sector Prepares for a New Wave of Foreign Investment

Saudi Arabia’s real estate market is preparing to enter a new investment phase following the approval of the executive regulations governing property ownership…

Bandar al-Mosalam (Riyadh)
Business Arcapita's headquarters in Manama, Bahrain. Photo: Asharq Al-Awsat

Arcapita, Hines to Explore Joint investments in GCC Industrial and Logistics Real Estate

Arcapita Group Holdings Limited, the global alternative investment firm, and Hines, one of the world’s largest real assets investment managers, announced on…

Asharq Al Awsat (Riyadh)
Business  A Kish Air Airlines McDonnell Douglas MD-82 passenger aircraft prepares for landing at Tehran's Mehrabad Airport on June 20, 2026. (AFP)

Airlines Should Still Avoid Airspace Over Iran After Framework Deal, EU Agency Warns

Airlines ‌should continue to avoid the airspace over Iran, Iraq and Lebanon and remain cautious across the region despite the framework deal between…

Business Saudi Finance Minister Mohammed Al-Jadaan addresses the OPEC Fund Development Forum in Vienna. (X)

Al-Jadaan: Economic Resilience, Partnerships Are Key to Meeting Global Development Challenges

Saudi Finance Minister Mohammed Al-Jadaan warned that the world is facing increasingly difficult economic conditions shaped by uncertainty, fragmentation,…

Asharq Al Awsat (Riyadh)
Business Chinese Premier Li Qiang delivers his speech at the opening ceremony of the World Economic Forum (WEF) in Dalian, China's Liaoning province on June 24, 2026. (AFP)

Geopolitics and AI in Spotlight at China’s ‘Summer Davos’

Breakthroughs in technologies such as AI are touted as drivers of economic growth, but headwinds include concerns over job losses and geopolitical tensions,…

Business Qatar's Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman al-Thani speaks during a press conference in Doha on April 27, 2025. (Photo by Karim JAAFAR / AFP)

Qatar Says to Resume Normal LNG Production 'Within a Few Weeks'

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said Qatar would resume normal liquefied natural gas production “within a few weeks,” the…

Business LOS ANGELES, CALIFORNIA - JUNE 22: Yellow caution tape is seen wrapped around a gas pump at a Shell gas station on June 22, 2026 in Los Angeles, California. Justin Sullivan/Getty Images/AFP

Trump Calls for Probe Into Gasoline Price 'Gouging'

US President Donald Trump said on Wednesday that he has instructed the Department of Justice to look into oil companies for not lowering gasoline pump prices…

Asharq Al Awsat (Washington)

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Business Tourists with an umbrella take a photo in Paris, Monday, June 22, 2026. (AP Photo/Christophe Ena )

Paris Club Says Debt Restructurings Need Improvement

Despite progress in recent years the process for helping over-indebted countries restructure their public debts needs further improvement, the Paris Club said…

Asharq Al Awsat (Paris)
Business The German pavilion at Riyadh International Industry Week 2026 in Riyadh. (Asharq Al-Awsat)

Saudi Arabia’s Investment Appeal Lures Global Manufacturers

Saudi Arabia’s push to build a broader industrial base and attract global investment is turning the Kingdom into a strategic market for international…

Asharq Al Awsat (Riyadh)
Business British gold bars and sovereign coins on display in a London shop. (Reuters)

Gold Slips Over 2% as Dollar Holds Firm on Fed Rate-hike Expectations

Gold prices fell more than 2% on Tuesday, pressured by a firmer US dollar on expectations of Federal Reserve interest rate hikes this year, while investors…

Asharq Al Awsat
Business Euro banknotes, Visa and Mastercard cards are placed on a keyboard in this illustration taken September 24, 2025. (Reuters)

EU Bets on Digital Euro to Cut US Tech Addiction

The EU believes a digital euro is the answer to cutting its addiction to US payment systems, like Visa and Mastercard, as well as Apple Pay and Google Pay, as…

Business FILE PHOTO: Storage tanks and oil refineries in Jurong Island, Singapore, March 24, 2026. REUTERS/Edgar Su/File Photo

Oil Falls 1% as Investors Focus on Hormuz Flows after Peace Talks

Oil prices fell more than 1% on Tuesday, extending losses from the previous session, on signs of some progress in restoring crude flows through the Strait of…

Asharq Al Awsat
Business Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 

China Lines Up Second LNG Terminal For Sanctioned Russian Cargoes

China is preparing a second import terminal to handle liquefied natural gas cargoes from Russia's sanctioned Arctic LNG 2 project, expanding a ‌route that so…

Asharq Al Awsat (Beijing)
Business The Federal Reserve building in Washington. (Reuters)

BofA Expects Fed to Hike Interest Rates 75 Basis Points in 2026

Bank of America (BofA) expects the Federal Reserve to hike interest rates by 75 basis points in 2026, it said on Monday, citing resilient economic data and…

Asharq Al Awsat (Washington )
Business The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)

Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

Saudi Arabia’s Yanbu Commercial Port achieved a new operational milestone by successfully serving 11 vessels simultaneously of various sizes and cargo…

Business  Workers sort avocados for export to Chinese markets, at the Sunripe fresh fruits exporters factory in Limuru district of Kiambu County near Nairobi, Kenya June 4, 2026. (Reuters)

IMF Ready to Help Africa Weather Middle East Shock, Says Zeidane

The International Monetary Fund's new Africa chief, Zeine Zeidane, said that conflict in the Middle East has created difficulties for sub-Saharan Africa but…

Business A drone view shows oil trucks arriving from Iraq on their way to the Baniyas oil terminal, Syria, May 14, 2026.  (Reuters)

The High Cost of Hormuz: $37 Billion Shock Exposes Iraq’s Economic Vulnerability

The recent regional war and the closure of the Strait of Hormuz have pushed Iraq’s economy into one of its most serious crises in decades. The massive…

Fadhel al-Nashmi (Baghdad)
Business A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Crude Prices Drop, Most Stocks Rise on 'Positive' US-Iran Talks

Oil prices fell Monday on optimism over US-Iran peace talks, with mediators flagging a "roadmap" to a final agreement, while most equities rose thanks to…

Asharq Al Awsat
Business Ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, June 16, 2026. (Reuters)

Gold Rebounds from One-Week Low as Iran Cites Progress in Peace Talks

Gold rebounded from a more than one-week low on Monday, as oil prices fell after Iran cited progress in US-Iran peace talks, though bets of higher interest…