Business

Return to Bad Days of Hyperinflation Looms in Venezuela

Business  A man pushes a hand truck loaded with plantains through La Candelaria neighborhood in Caracas on November 13, 2025. (AFP)

Return to Bad Days of Hyperinflation Looms in Venezuela

Venezuelans are grappling with political and economic chaos, a mass population exodus and fears of a US military attack. Now, their wallets are ever thinner as…

Business In this photo illustration, coffee beans are displayed on November 13, 2025 in San Anselmo, California. (Getty Images/AFP)

Trump Cuts Tariffs on Beef, Coffee and Other Foods as Inflation Concerns Mount

US President Donald Trump on Friday rolled back tariffs on more than 200 food products, including such staples as coffee, beef, bananas and orange juice, in…

Business  Boxes of imported Italian pasta are seen on shelves, Tuesday, Nov. 11, 2025, in Detroit. (AP)

Aficionados Fret as Trump Moves to Make Pasta Great Again

Steel: 50%. Copper: 50%. Cars: up to 25%. But an even bigger Trump-era levy looms: 107 % on Italian pasta. Mamma mia. It started with the US Commerce…

Business A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave

Gold Falls as Fed Cut Hopes Fade after Hawkish Fed Comments

Gold prices reversed earlier gains on Friday as hawkish comments from US Federal Reserve officials clouded prospects for a December rate cut, although they…

Asharq Al Awsat
Business The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA

Syria, Arab Tourism Organization Sign Program to Boost Tourism and Investment

The Syrian Ministry of Tourism and the Arab Tourism Organization (ATO) signed an executive program yesterday at the ATO's headquarters in Jeddah. The…

Asharq Al Awsat

Business The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA

Makkah Chamber Signs Deal to Boost Innovation, Vision 2030 Talent Empowerment

The Makkah Chamber signed a memorandum of cooperation with a specialized national company to bolster partnerships in innovation, entrepreneurship, and training…

Asharq Al Awsat
Business The destination will feature a diverse range of entertainment experiences - SPA

SEVEN Entertainment Destination Set to Revolutionize Leisure Experiences in Jazan

Work is intensifying on the SEVEN destination entertainment project in Jazan, with the over SAR1.3 billion venture now nearing its final stages and beginning…

Asharq Al Awsat
Business The Saudi energy minister participating in the Future Investment Initiative conference (Asharq Al-Awsat) 

IEA Steps Back as Saudi Vision Prevails on Oil Realities

After four years of debate, the International Energy Agency (IEA) has issued a pivotal retreat from its hardline projections on “peak oil,” effectively…

Hala Saghbini (Riyadh)
Business Inflation Rate in Saudi Arabia Reaches 2.2% in October 2025

Inflation Rate in Saudi Arabia Reaches 2.2% in October 2025

The General Authority for Statistics (GASTAT) reported that the annual inflation rate of the Consumer Price Index (CPI) in Saudi Arabia was 2.2% in October…

Asharq Al Awsat
Business International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a meeting with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju on October 31, 2025. (Photo by JUNG YEON-JE / POOL / AFP)

IMF Sees Signs of US Economic Strain but Lack of Data Due to Shutdown Clouds Picture

The International Monetary Fund is seeing signs of strain in the US economy with fourth-quarter growth likely decelerating from previous forecasts, but a lack…

Asharq Al Awsat
Business An aerial view shows the town of Myrnohrad, Ukraine in this screengrab from a video released November 12, 2025 and obtained by REUTERS.

IMF to Start Mission to Ukraine Soon, Stresses Need for Anti-corruption Efforts

The International Monetary Fund will soon begin a staff mission to Ukraine to discuss its financing needs and a potential new lending program, spokesperson…

Asharq Al Awsat
Business The Red Sea destination currently includes nine luxury hotels welcoming guests, in addition to the exclusive Thuwal Private Resort off the coast of Jeddah - SPA

First Direct European Flight Lands at Red Sea International Airport

Red Sea Global announced the arrival of the first direct European flight to Red Sea International Airport, marking a new strategic milestone in the development…

Asharq Al Awsat
Business (FILES) Shoppers walk along Regent Street in London on August 15, 2025. (Photo by HENRY NICHOLLS / AFP)

UK Economic Gloom Deepens Before Budget

Britain's economy slowed in the third quarter, official data showed Thursday, dealing another blow to the Labour government ahead of its annual budget. …

Business FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

OPEC: IEA’s Reversing of its ‘End of Fossil Fuel Era’ Forecast is ‘Rendezvous with Reality’

The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that the International Energy Agency (IEA) has made a “rendezvous with…

Asharq Al Awsat (Vienna)
Business FILED - 20 March 2023, Pforzheim: A gold bar weighing 12.5 kilograms is placed on gold granules at Agosi AG in Pforzheim. Photo: Uli Deck/dpa

Gold Extends Rise after Trump Signs Deal to Lift Shutdown

Gold rose for a fifth straight session on Thursday to hit its highest in more than three weeks, buoyed by expectations that the US government reopening will…

Asharq Al Awsat
Business FILE PHOTO: A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. Picture taken January 17, 2014. REUTERS/Henry Romero/File Photo

Oil Prices Edge Down on US Inventory Build, OPEC Forecast Shift

Oil prices edged lower on Thursday, extending losses from the previous session, after a report showing rising crude inventories in the US reinforced concerns…

Asharq Al Awsat
Business US President Donald Trump (C) signs the funding package to re-open the federal government in the Oval Office of the White House in Washington, DC, USA, 12 November 2025. EPA/BONNIE CASH / POOL

President Trump Signs Government Funding Bill, Ending Shutdown after a Record 43-day Disruption

President Donald Trump signed a government funding bill Wednesday night, ending a record 43-day shutdown that caused financial stress for federal workers who…

Asharq Al Awsat

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Business FILE PHOTO: A drone view shows the power plant in Aleppo, Syria, April 15, 2025. REUTERS/Mahmoud Hassano/File Photo

GE Vernova, Siemens Energy in Talks to Supply Gas Turbines for Syria Reconstruction

US firm GE Vernova and Germany's Siemens Energy are in talks to supply gas turbines to a $7 billion project aiming to rebuild Syria's war-damaged power sector,…

Asharq Al Awsat
Business Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)

Saudi Arabia Opens Middle East’s Largest Water Desalination Membrane Plant

Eastern Province Governor Prince Saud bin Nayef bin Abdulaziz on Wednesday inaugurated the Toray Membrane Middle East Factory in Dammam’s Third Industrial City…

Asharq Al Awsat (Dammam)
Business An Iraqi voter carries her child, who is holding the national flag, at a polling station in the southern city of Basra. (AFP)

Iraq Elections: Ballot Boxes to Shape the Nation’s Economy, Not Just its Parliament

Iraqis headed to the polls on Tuesday in their sixth parliamentary election since 2005, in a vote seen as pivotal not only for politics but for the country’s…

Asharq Al Awsat (Baghdad)
Business Wail Al-Jaafari, Executive Vice President of Technical Services at Saudi Aramco, speaks to the audience (Asharq Al-Awsat).

Aramco Signs 28 MoUs Worth Over $1 Billion at Middle East Corrosion Conference

Saudi Aramco announced the signing of 28 memorandums of understanding (MoUs) worth more than $1 billion during the 19th Middle East Corrosion Conference and…

Asharq Al Awsat (Dhahran)
Business Spain's King Felipe VI and Chinese President Xi Jinping, right, shake hands after a signing ceremony at the Great Hall of the People in Beijing, China, Wednesday, Nov. 12, 2025. (Maxim Shemetov/Pool Photo via AP)

China, Spain Signs Agreements to Strengthen Cooperation on Spanish King’s Visit 

Spanish King Felipe VI and Chinese President Xi Jinping signed agreements on language exchanges and other areas Wednesday as both sides vowed to strengthen…

Business The initiative aims to transform Historical Jeddah into a global tourism and cultural hub that blends heritage preservation with sustainable economic development. (Al Balad Development Company)

Al Balad Development Company Launches $3.6 Bn Investment Portfolio to Revitalize Historical Jeddah 

Al Balad Development Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) and the master developer of the Historical Jeddah (Al-Balad)…

Asma al Ghabri (Jeddah)
Business The US Treasury Secretary met with the PIF Governor. Photo: X

Bessent, Al-Rumayyan Discuss Boosting PIF’s Investments in the US

US Treasury Secretary Scott Bessent has said that he discussed opportunities for Saudi Arabia's Public Investment Fund (PIF) to boost investment in the United…

Asharq Al Awsat (Washington)
Business The 26th session of the United Nations Tourism General Assembly concluded on Tuesday. (Asharq Al-Awsat)

'Riyadh Declaration on Future of Tourism' Adopted at Conclusion of UN Tourism Assembly 

The 26th session of the United Nations Tourism General Assembly, hosted by Saudi Arabia, concluded on Tuesday with the adoption of the “Riyadh Declaration on…

Business Tourism Minister Ahmed Al-Khateeb and World Economic Forum CEO Børge Brende shook hands after announcing the “Beyond Tourism” initiative (X)

Saudi Arabia Drives Global Tourism Shift with 200 Bn Dollar Push

Saudi Arabia, which views tourism as a key driver of economic growth and revenue diversification, is pressing ahead with major projects in the sector, with…

Asharq Al Awsat (Riyadh)
Business Officials are seen at the signing ceremony on Tuesday. (SPA)

King Salman Airport, Saudi Tourism Authority Sign MoU to Boost Integration between Transport, Tourism Sectors

King Salman International Airport (KSIA), a Public Investment Fund (PIF) company, signed on Tuesday a memorandum of understanding (MoU) with the Saudi Tourism…

Business This vision has been realized through a substantial investment of SAR51.04 billion for the first phase, which, upon completion, will encompass eight resorts featuring around 1,600 hotel and residential units. (Red Sea Global)

Red Sea Global Inaugurates World-Class Destination for Luxury and Wellness ‘AMAALA’

Red Sea Global officially unveiled “AMAALA,” located on Saudi Arabia’s northwestern coast, marking a historic moment during the inaugural TOURISM Summit. With…

Business Riyadh to Host Cityscape Global 2025 on Monday

Riyadh to Host Cityscape Global 2025 on Monday

Riyadh will host the Cityscape Global 2025 on Monday under the patronage of the Ministry of Municipalities and Housing and in partnership with the Real Estate…