Business

Saudi Arabia Among World's Top 10 Global Markets in Energy Storage

Business Through the National Renewable Energy Program, overseen by the Ministry of Energy, the Kingdom aims to achieve a storage capacity of up to 48 gigawatt-hours by 2030. (SPA)

Saudi Arabia Among World's Top 10 Global Markets in Energy Storage

Saudi Arabia has achieved a leading position among the top ten global markets in the field of battery energy storage, coinciding with the launch of the Bisha…

Business The MoU was signed during the 2025 World Governments Summit (WGS). WAM

Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of The…

Asharq Al Awsat (Dubai)
Business 13 February 2025, US, Washington: US President Donald Trump speaks during a press conference with Indian Prime Minister Narendra Modi (not pictured) in the East Room of the White House. Photo: Michael Brochstein/ZUMA Press Wire/dpa

Trump Threatens New Tariffs in Bid to Reshape Trade

US President Donald Trump has tasked his economics team with devising plans for reciprocal tariffs on every country that taxes US imports, raising the risk of…

Asharq Al Awsat
Business Smoke rises from power plant smokestacks at dusk in Chisinau, Moldova, 12 February 2025. (EPA)

Global Electricity Demand to Grow by 4% through 2027, IEA Says

Global electricity demand is expected to grow by more than the total consumption of Japan each year through 2027, but the expansion of low-emissions energy…

Business SAP’s commitment to Saudi Arabia dates back to 2012, when the company invested $500 million to establish a robust enterprise technology ecosystem in the region. (SAP)

SAP to Asharq Al-Awsat: Saudi Arabia Is Now Home to One of Our Largest Global Investments

Saudi Arabia is accelerating AI adoption across various sectors, enabling businesses to harness data-driven insights, enhance efficiency, and scale operations…

Nassim Ramadan (Riyadh)

Business An engineer at Ceer (company website)

Saudi ‘Ceer’ to Unveil First Electric Car Models by End of 2025

Saudi electric vehicle maker Ceer, owned by the Public Investment Fund (PIF), plans to unveil its first two electric models—the Sedan and E-Class SUV—in late…

Ayat Nour (Riyadh)
Business A night view of Riyadh, Saudi Arabia. (SPA)

Royal Commission for Riyadh City Announces 'Riyadh Creative District'

The Board of Directors of the Royal Commission for Riyadh City (RCRC) announced the launch of the “Riyadh Creative District,” a transformative initiative that…

Business Saudi Minister of Economy and Planning Faisal Alibrahim - SPA

Saudi Arabia to Invest $1 Trillion in Infrastructure by 2030, Economy Minister Says

Saudi Minister of Economy and Planning Faisal Alibrahim stated that Saudi Arabia's non-oil sector is poised for substantial growth by 2026, driven by the…

Asharq Al Awsat
Business An Egyptian flag flutters in Cairo, Egypt, January 15, 2023. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt's Zohr Gas Field to Begin Production within Weeks after Drilling Resumed

Egypt's giant Zohr gas field will start production after resuming drilling within weeks, Prime Minister Mostafa Madbouly said on Thursday. He also said that…

Asharq Al Awsat
Business Saudi Minister of Finance Mohammed Al-Jadaan (SPA)

Saudi Finance Minister Participates in World Governments Summit, 9th Arab Fiscal Forum

Saudi Minister of Finance Mohammed Al-Jadaan has participated in the World Governments Summit and the Ninth Arab Fiscal Forum, held from February 10 to 13 in…

Asharq Al Awsat
Business Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold Rises on Trade War Jitters; Focus Now on US PPI Data

Gold rose on Thursday, supported by a weaker US dollar and growing worries over US President Donald Trump's tariff plans, which could heighten global trade…

Asharq Al Awsat
Business An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. REUTERS/Pascal Rossignol/File Photo

Oil Prices Fall on Potential Ukraine Peace Talks

Oil prices fell more than 1% on Thursday as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising crude…

Asharq Al Awsat
Business Model of natural gas pipeline and EU flag, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

EUROPE GAS-Prices Edge Lower for 3nd Session Ukraine Peace Prospects Dominate

Dutch and British wholesale gas prices on Thursday extended their decline from Tuesday's two-year high as the market watched for further developments on…

Asharq Al Awsat
Business This combination of pictures created on February 13, 2025 shows the logo of Honda Motor (L) taken on February 6, 2025 at the company's showroom in Tokyo and the logo of Nissan Motor (R) being displayed at the company's showroom in Tokyo on February 13, 2025. (Photo by Kazuhiro NOGI / AFP)

Honda, Nissan and Mitsubishi Drop Talks on Business Integration

Japanese automakers Honda, Nissan and Mitsubishi said Thursday they are ending talks on business integration. Nissan Chief Executive Makoto Uchida said the…

Asharq Al Awsat
Business Britain's Chancellor of the Exchequer Rachel Reeves speaks about her plans for Britain's economy in Eynsham, England, Wednesday Jan. 29, 2025. (Peter Cziborra/Pool Photo via AP)

UK Economy Ekes Out Modest Growth in Final Quarter of 2024

The British economy managed to eke out a quarterly growth of 0.1% in the final quarter of 2024 following a stronger than anticipated performance in December…

Asharq Al Awsat (London)
Business PIF Governor Yasir Al-Rumayyan in the opening remarks of the PIF Private Sector Forum 2025 (Asharq Al-Awsat)

Investments in Saudi Arabia Double Since Launch of Vision 2030

Saudi Arabia has successfully doubled its investment volume since the launch of Vision 2030 in 2016, reaching SAR1.2 trillion ($320 billion) by the end of last…

Asharq Al Awsat (Riyadh)
Business Pakistan's Prime Minister Shehbaz Sharif speaks during the World Governments Summit in Dubai, United Arab Emirates, Tuesday, Feb. 11, 2025. (AP Photo/Altaf Qadri)

Pakistan Sees Economy on Long-Term Recovery Path Under IMF Program

Pakistan's economy is on a path to long-term recovery, thanks to a stabilization program backed by the International Monetary Fund, Prime Minister Shehbaz…

Asharq Al Awsat (Islamabad)

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Business The fourth annual LEAP25 conference, the region's premier technology event, concluded in Riyadh on Wednesday. Asharq Al-Awsat

LEAP25 Concludes in Riyadh with Multibillion-Dollar Investments

The fourth annual LEAP25 conference, the region's premier technology event, concluded on Wednesday after it marked another success for Saudi Arabia as a global…

Asharq Al Awsat (Riyadh)
Business Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)

‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Airlines (Saudia) has announced the addition of more than ten new destinations to its flight network for 2025, including Vienna, Venice, Larnaca, Athens,…

Asharq Al Awsat
Business The employee of a currency exchange shop counts US dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. REUTERS/Jose Luis Gonzalez/File Photo

Dollar Jumps as Consumer Prices Rise More than Expected

The US dollar jumped on Wednesday after data showed that consumer prices rose more than economists expected in January, raising the likelihood that the Federal…

Asharq Al Awsat
Business A 3D-printed oil pump jack is seen in front of the OPEC logo (File Photo: Reuters)

OPEC Sticks to 2025, 2026 Global Oil Demand Growth Forecasts

OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and…

Asharq Al Awsat
Business OPEC Secretary-General Haitham Al-Ghais. (Reuters)

Al-Ghais: OPEC Assesses Market Independently of Political Considerations

OPEC Secretary-General Haitham Al-Ghais stressed that the organization’s decisions are guided by a long-term vision for global markets, aiming to achieve price…

Asharq Al Awsat (New Delhi)
Business In this photo from August 20, 2018, a man counts Lebanese pounds at an exchange shop in Beirut, Lebanon. (AP)

JP Morgan Proposes Restructuring Scenario for Lebanon's Sovereign Bonds

Global financial services firm JPMorgan said the recent positive developments in Lebanon raise hopes for the normalization of the political dynamics in the…

Ali Zeineddine (Beirut)
Business An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, US, April 6, 2023. (Reuters)

Oil Prices Retreat After Report of US Crude Stockpile Rise 

Oil prices edged down on Wednesday as an industry report showed an increase in US crude stockpiles and tariff worries weighed on sentiment, though stronger…

Business An employee cleans a container at a steel tank factory in Mexico City, Tuesday, Feb. 11, 2025. (AP)

Trump Administration Readies Reciprocal US Tariffs as Trade War Fears Mount 

Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the US president has vowed to impose on every country that charges…

Business Pakistan's Prime Minister Shehbaz Sharif speaks during the World Governments Summit in Dubai, United Arab Emirates, Tuesday, Feb. 11, 2025. (AP)

Pakistan Sees Economy on Long-Term Recovery Path Under IMF Program 

Pakistan's economy is on a path to long-term recovery, thanks to a stabilization program backed by the International Monetary Fund, Prime Minister Shehbaz…

Business Gatherers at the second edition of the PIF and Private Sector Forum. (PIF and Private Sector Forum)

Saudi Arabia Strengthens Private Sector Collaboration at PIF Forum

Saudi Arabia is intensifying efforts to boost private sector contributions to its economy and attract foreign investments, aligning with Vision 2030’s goal of…

Asharq Al Awsat (Riyadh)
Business A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil Climbs on Supply Worries, Trump Tariffs Check Gains

Oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats despite worries that escalating trade tariffs…

Asharq Al Awsat
Business FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold's Record Highs are More than Just Trump Froth

Gold's surge to a fresh record high is being fuelled by fears of an escalating global trade war instigated by US President Donald Trump. But behind the froth…

Asharq Al Awsat