Business

World Bank to Asharq Al-Awsat: Saudi Arabia is Evolving from Driving Growth to Exporting Development Knowledge

Business Paschal Donohoe, Managing Director and Chief Knowledge Officer of the World Bank Group, speaks to Asharq Al-Awsat. Photo: Turky Alagili

World Bank to Asharq Al-Awsat: Saudi Arabia is Evolving from Driving Growth to Exporting Development Knowledge

The transformation taking place in Saudi Arabia's labor market is no longer measured solely by the decline in unemployment to a historic low of 2.8 percent, or…

Hala Saghbini (Riyadh)
Business Saudi Energy Minister Prince Abdulaziz bin Salman visits a national factory in the capital Riyadh. (SPA)

Saudi Integration of Energy, Industry, and Mining Aims to Maximize National Wealth

The appointment of Prince Abdulaziz bin Salman as Saudi Arabia’s minister of industry and mineral resources, while retaining the energy portfolio, reflects a…

Asharq Al Awsat (Riyadh)
Business An employee displays gold bars at the Korea Gold Exchange store in Seoul (AFP)

Gold Falls Over 1% as Oil Rises and Strait of Hormuz Fears Reignite

Gold prices slid more than 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated…

Asharq Al Awsat
Business South Korean Defense Minister Ahn Gyu-back (R) talks with National Security Adviser Wi Sung-lac (C) during the National Fiscal Strategy Meeting, chaired by South Korean President Lee Jae Myung, at the presidential office Cheong Wa Dae in Seoul, South Korea, 13 July 2026.  EPA/YONHAP

S.Korea Flags Record 2027 Budget of Over $530 Billion as AI Chip Boom Lifts Revenues

South Korea said on Monday it would draw up record budget spending of more than 800 trillion won ($530.97 billion) for fiscal 2027, supported by stronger tax…

Asharq Al Awsat
Business An Exolum refueling tanker fills an airplane at Almeria airport in Spain, April 19, 2026. REUTERS/Nacho Doce/File Photo

Less than a Month's Supply: Europe's Jet Fuel Stocks are Wafer Thin as Iran Tensions Flare

Europe has imported jet fuel from the US and Asia, raised its refiners' output and drawn on stocks to keep planes flying – and yet it remains the region most…

Asharq Al Awsat

Business FILE PHOTO: Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo

Oil Jumps 4% as New Military Strikes Threaten Hormuz Shipments

Oil prices surged over 4% on Monday as energy shipments via the Strait of Hormuz remained under threat, with the US and Iran announcing renewed military…

Asharq Al Awsat
Business The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt's January-March Current Account Deficit Widens to $5.1 billion

Egypt's current account deficit more than doubled to $5.1 billion in the January-March quarter from $2.3 billion a year earlier, central bank data showed on…

Asharq Al Awsat
Business A solar power plant in Burkina Faso (Reuters)

Focus Turns to Building Stronger Institutions in Africa to Speed Shift to Renewable Energy

Africa’s biggest clean energy challenge is shifting from building projects to building the institutions, markets and regulatory systems needed to deliver them…

Asharq Al Awsat
Business FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo

Volkswagen CEO Looks to Avoid Plant Closures as Automaker Moves to Cut Costs

Volkswagen's CEO indicated in comments published Sunday that he's trying to avoid closing plants as he seeks to turn around the automaker's performance. The…

Asharq Al Awsat
Business A man stands near his car at a gas station in Austin, Texas - July 10, 2026 (AFP)

While Global Oil Demand Drops, US Drivers Keep Buying More Gas

While global oil demand is set to decline this year due to the US-Iran conflict, gasoline consumption in the United States increased in the second quarter of…

Asharq Al Awsat (New York)
Business  Tugboats guide the crude oil tanker Odessa, carrying UAE crude after passing through the Strait of Hormuz with its Automatic Identification System transponder turned off, navigates the waters at Daesan port, where it is expected to discharge crude oil, in Seosan, South Korea, May 8, 2026. (Reuters)

Eni Warns Oil Market Risks Breaking Out of Current Range if Iran War Continues

The global oil market will break out of its roughly $80-$100 range by the first quarter of 2027 at the latest, boosting inflation and reducing energy demand,…

Asharq Al Awsat (Milan)
Business A view of the Saudi capital, Riyadh. (SPA)

Fitch Affirms Saudi Arabia at 'A+', Outlook Stable

Fitch Ratings has affirmed Saudi Arabia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at "A+" with a Stable Outlook, the agency said on Friday. The…

Business  A traditional market in Egypt’s Giza Governorate. (Asharq Al-Awsat) 

Renewed US-Iran Conflict Narrows Egypt’s Economic Growth Prospects

The renewed US-Iran conflict in the Middle East is expected to further curb Egypt’s economic growth prospects as global oil prices are forecast to rise again,…

Asharq Al Awsat (Cairo)
Business Ships and containers at a Chinese port (Reuters)

China Temporarily Bans Helium Exports as US-Iran Tensions Flare Again

China announced on Friday a temporary export ban on helium, effective immediately, as resumption of military conflict in the Middle East threatens to trigger…

Asharq Al Awsat
Business FILE PHOTO: A drone view of three berths able to load vessels with oil is seen after their construction at Westridge Marine Terminal, the terminus of the Canadian government-owned Trans Mountain pipeline expansion project in Burnaby, British Columbia, Canada, April 26, 2024. REUTERS/Chris Helgren/File Photo

IEA Says Global Oil Demand Picks Up Despite War Fears

The International Energy Agency said Friday that "a recovery" in global oil demand had started as supplies tentatively start moving through the strategic…

Asharq Al Awsat
Business Logo of the Saudi company Humain (Asharq Al-Awsat)

Humain, Cohere Launch Strategic Partnership to Expand AI Infrastructure in Saudi Arabia

Humain, the company building an integrated artificial intelligence ecosystem, and Canadian sovereign AI company Cohere have announced a strategic partnership…

Asharq Al Awsat (Jeddah)
Business FILE PHOTO: A view of the European Central Bank (ECB) headquarters in Frankfurt, Germany, March 6, 2025. REUTERS/Jana Rodenbusch/File Photo

ECB is Back to Square One as US-Iran War Resumes

The European Central Bank is back to square one in its fight against high inflation in the euro zone after new hostilities between the US and Iran caused…

Asharq Al Awsat

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Business Recent undercurrents of anti-migrant sentiment risk tarnishing Modi's trip to a nation long proud of its tolerance. MARTIN KEEP / AFP

Modi Visits New Zealand as Trade Deal Sparks India Pushback

India's Prime Minister Narendra Modi lands in New Zealand on Friday touting a free trade deal that has sparked a backlash despite promises it will unlock jobs…

Asharq Al Awsat
Business A general view of the Russian Navy facility in Syria's coastal Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo

Russia to Increase Economic Influence in Syria Through Commercial Logistics Hub at Syrian Port

Moscow is moving to consolidate its economic influence in Syria by establishing a commercial logistics hub in the port of Tartous, a move that reflects a shift…

Asharq Al Awsat (London)
Business Officials are seen at the Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)

Saudi Arabia, Canada Open New Investment Era in AI, Mining

Saudi Arabia and Canada have entered a new phase of strategic economic partnership, with both countries seeking to translate diplomatic momentum into…

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Business Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas

Türkiye, Iraq to Sign 12-month Extension of Oil Pipeline Deal

Türkiye and Iraq are set to sign, within days, a one-year agreement to keep open the crude oil pipeline between the two countries, Turkish Energy Minister…

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Business The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh

Egypt June Annual Core Inflation Rises to 14.3%

Egypt's annual urban consumer inflation slowed slightly to 14.3% in June from 14.6% in May, statistics agency CAPMAS said on Thursday. Annual core inflation,…

Asharq Al Awsat
Business Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer      TPX IMAGES OF THE DAY

Global Markets Are Mixed and Oil Prices Rise as Iran and US Launch New Attacks

US markets are mixed early and oil prices are rising modestly as Iran and the US launch fresh attacks in the Middle East, threatening a fragile truce. Futures…

Asharq Al Awsat
Business FILE PHOTO: BP CEO appointee Meg O'Neill attends a meeting in London, Britain, March 30, 2026. REUTERS/Jaimi Joy/Pool/File Photo

BP CEO: Company Must Sharpen Financial Discipline, Tighten Spending

BP CEO Meg O'Neill said on Thursday the British energy major needs to prioritize financial discipline by simplifying its portfolio, cutting costs and…

Asharq Al Awsat (London)
Business This picture taken on June 28, 2026 shows women attending an electricity course at the Mulan Build workshop in Hangzhou, in eastern China's Zhejiang province. (Photo by Pedro PARDO / AFP)

China's Producer Inflation Jumps to 4-year High, Squeezing Manufacturers

China's producer price inflation surged to its highest level in four years in June, piling pressure on manufacturers' profit margins as weak domestic demand…

Asharq Al Awsat
Business  Australia's Prime Minister Anthony Albanese (R) talks as he stands with Indian Prime Minister Narendra Modi (L) during a press conference at Government House Victoria in Melbourne on July 9, 2026. (AFP)

Australia, India Strike Deal on Uranium Exports During Modi Visit

Australia and India reached a deal on Thursday to export Australian uranium to India for use in the nuclear energy industry, while agreeing to deepen…

Business A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. (Reuters)

Gold Eases as Middle East Hostilities Revive Inflation Fears

Gold prices fell on Thursday, hovering near a one-week low, as renewed US-Iran hostilities lifted crude and reignited concerns about inflation and higher-for…

Business  A vessel at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. (Reuters)

Middle East Bears Brunt of Tanker War as Saudi Arabia Weathers Crisis with Alternative Logistics Network

At a time when the global economy is struggling to avoid a sharp recession, the International Monetary Fund’s updated World Economic Outlook showed a deeply…

Hala Saghbini (Riyadh)
Business The headquarters of Libya's National Oil Corporation. Reuters

Libya Signs Exploration and Production Deal for Ghadames Basin with UCC Holding

Libya's National Oil Corporation signed an exploration and production sharing agreement for zone 47 in the Ghadames Basin with ⁠the Libyan Investment …

Asharq Al Awsat