World Bank Expects MENA GDP to Rise to 2.7% in 2024 Amid Heightened Uncertainty

Business MENA’s gross domestic product (GDP) is forecast to rise to 2.7% in 2024, which is a tepid increase from 1.9% in 2023.  (Reuters)

World Bank Expects MENA GDP to Rise to 2.7% in 2024 Amid Heightened Uncertainty

The World Bank’s new Middle East and North Africa Economic Update, entitled “Conflict and Debt in the Middle East and North Africa”, shows that lackluster…

Business Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh November 4, 2009. REUTERS/Ajay Verma/File Photo

Gold Rises After Iran Attacks Israel

Gold prices rose on Monday, attracting some safe haven bids, while oil prices were choppy after Iran's retaliatory attack on Israel over the weekend stoked…

Asharq Al Awsat
Business The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File photo Purchase Licensing Rights

Indian Shares Fall as Middle East Tensions Spook Investors

Indian shares fell on Monday as investors sold riskier assets after Iran's retaliatory attack on Israel over the weekend spurred fears of a wider regional…

Asharq Al Awsat
Business A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)

Europe Aviation Agency Urges Caution in Israeli, Iranian Airspace 

Europe's aviation regulator reaffirmed advice to airlines to use caution in Israeli and Iranian airspace though it said no civil overflights had been placed at…

Business The central bank effectively revised upwards the Turkish lira share in the banking system,- File photo

Türkiye Central Bank Posts $25 bln Loss for 2023

Türkiye's central bank posted a 2023 loss of 818.2 billion lira ($25.25 billion), showed its balance sheet published in the Official Gazette on Sunday, on the…

Asharq Al Awsat

Business FILED - 22 May 2023, Berlin: A Bitcoin coin lies on a screen showing the Bitcoin - US dollar exchange rate. Photo: Fernando Gutierrez-Juarez/dpa

Hong Kong Set to Approve its First Spot Bitcoin ETFs in April

Spot bitcoin exchange-traded funds could be launched in Hong Kong this month with the first approvals likely to be announced next week, two people familiar…

Asharq Al Awsat (London)
Business Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023. Asharq Al-Awsat

Bahrain's Economy Achieves Growth of 2.4%

Bahrain’s Gross Domestic Product (GDP) registered an annual increase of 2.4 percent in 2023 to hit 13.66 billion dinars ($36.24 billion), official data showed…

Asharq Al Awsat (Manama)
Business Morgan Stanley raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94. Reuters

Morgan Stanley Lifts Q3 Brent Crude Oil Forecast on Geopolitical Risk

Morgan Stanley has raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94, citing geopolitical risks. "That the…

Asharq Al Awsat (London)
Business People holding umbrellas walk past a gold advertisement on a rainy day in Beijing on April 10, 2024. (Photo by WANG Zhao / AFP)

Fitch Downgrades Outlook on China to Negative on Economic Growth Risks

Ratings agency Fitch revised its outlook on China's sovereign credit rating to negative on Tuesday, citing risks to public finances as the economy faced…

Asharq Al Awsat
Business A pump jack lifts oil out of a well during a sandstorm in Midland, Texas, US, April 13, 2018. Picture taken April 13, 2018. (Reuters)

Oil Steady as Middle East Worries Offset US Crude Stock Buildup

Oil prices were little changed on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security…

Business Pedestrians crossing under Ramadan decorations shaped like the Palestinian flag on one of the streets of Giza Governorate in Egypt (AFP)

Egypt Records $8.7 Bn Preliminary Surplus in Nine Months

Egypt’s budget initial surplus has jumped over 8.5 folds during the first nine months of the current fiscal year (FY) 2023/2024 to EGP 416 billion ($8.7…

Asharq Al Awsat
Business Destroyed buildings and rubble are seen as an ambulance passes by, amid the ongoing conflict between Israel and Palestinian group Hamas, in Khan Younis, Gaza April 7, 2024, as seen in this screen grab taken from a handout video. (Palestine Red Crescent Society/Handout via Reuters)

Türkiye, Israel Announce Trade Barriers on Each Other as Relations Deteriorate over Gaza

Türkiye and Israel announced trade barriers on each other Tuesday as relations deteriorated further amid the war in Gaza. Türkiye, a staunch critic of…

Business Saudi Arabia’s King Abdulaziz Port succeeded in handling 289,787 standard containers during March (Asharq Al-Awsat)

Saudi Arabia Asks Shipping Agents to Expedite Container Retrieval at Dammam Port

The Saudi Ports Authority (Mawani) has told shipping agents and storage lessees at King Abdulaziz Port in Dammam to quickly pick up imported containers after…

Bandar al-Mosalam (Riyadh)
Business A team from Saudi Arabia’s Ministry of Commerce inspects rice sales outlets, one of the main commodities for Zakat al-Fitr. (SPA)

Saudi Arabia Automates ‘Zakat al-Fitr’ to Maximize Economic, Social Impact

Saudi online platforms are making it easier for Muslims to pay Zakat al-Fitr as Islam’s holy month of fasting, Ramadan, wraps up. This mandatory…

Ayat Nur (Riyadh)
Business GACA to Operate Mauritania Airlines with 2 Regular Flights from Nouakchott to Madinah

GACA to Operate Mauritania Airlines with 2 Regular Flights from Nouakchott to Madinah

Saudi Arabia General Authority of Civil Aviation (GACA), represented by the Air Transport and International Cooperation Sector has announced the authorization…

Asharq Al Awsat
Business A logo of taiwanese chip giant TSMC is seen at southern Taiwan science park in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo Purchase Licensing Rights

TSMC Wins $6.6 billion US Subsidy for Arizona Chip Production

The US Commerce Department said Monday it would award Taiwan Semiconductor Manufacturing Co's (TSMC) (2330.TW), opens new tab US unit a $6.6 billion subsidy…

Asharq Al Awsat
Business A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023.  (Reuters)

Oil Prices Turn Higher as Middle East Ceasefire Hopes Wane 

Oil prices rose on Tuesday after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle…

Business Saudi Arabia's MODON Attracts SAR14.45 Bln in Industrial, Logistical Investment in 2023

Saudi Arabia's MODON Attracts SAR14.45 Bln in Industrial, Logistical Investment in 2023

The Saudi Authority for Industrial Cities and Technology Zones (MODON) released its annual report for 2023, highlighting significant progress in attracting…

Business Iraqi flag in front of an oil field (AFP)

Iraq Set to Reopen Own Pipeline as Kurdish Talks Stall

Baghdad is repairing a pipeline that could allow it to send 350,000 barrels per day (bpd) to Türkiye by the end of the month, an Iraqi deputy oil minister said…

Asharq Al Awsat
Business Iraq and Kuwait signed a strategic partnership contract to establish a telecommunications corridor. (Iraqi News Agency)

Iraq, Kuwait Sign Strategic Partnership to Build Telecom Corridor to Europe

Iraq and Kuwait signed a strategic partnership contract to establish a telecommunications corridor that links the Gulf to Europe. The new partnership aims…

Asharq Al Awsat (Baghdad)
Business The sun rises in Cairo, Egypt, April 6, 2024. REUTERS/Mohamed Abd El Ghany

Egypt's Inflation Slows to 33.3% in March

Egypt's annual urban consumer price inflation rate slowed to a lower-than-expected 33.3% in March from 35.7% in February, data from the country's statistics…

Asharq Al Awsat (Cairo)
Business US Treasury Secretary Janet Yellen attends a press conference at the US Ambassador's residence in Beijing on April 8, 2024. (Photo by Pedro Pardo / AFP)

Yellen: US Will Not Accept Chinese Imports Decimating New Industries

US Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports as she wrapped up…

Asharq Al Awsat (Beijing)
Business Innovation centers at Aramco play a crucial role in the company's digital transformation (Saudi Aramco)

Saudi Innovation Lab Expands with Two Centers in Riyadh

Saudi Aramco is expanding its Saudi Accelerated Innovation Laboratory (SAIL) with two new centers in Riyadh to provide tech solutions for government sectors…

Asharq Al Awsat (Riyadh)
Business China's foreign exchange reserves rises in March - Reuters

China Forex Reserves Rise to $3.246 trln in March

China's foreign exchange reserves rose in March, official data showed on Sunday, even as the US dollar climbed against other major currencies. The country's…

Asharq Al Awsat
Business Pennsylvania Governor Josh Shapiro - The AP

Pennsylvania Governor Says Biden's Gas Stance Could Hurt Election Hopes

Joe Biden’s ban on new US natural gas exports has become “critical” to Pennsylvania, the state’s governor said, as he urged the president to reverse the policy…

Asharq Al Awsat
Business FILE PHOTO: The Dos Bocas refinery from the Mexican state-run oil producer Petroleos Mexicanos (PEMEX) is pictured during its inauguration, in Paraiso, Tabasco state, Mexico, July 1, 2022. REUTERS/Edgard Garrido/File Photo

Mexico's Pemex Reports Fire at Offshore Platform, 9 Workers Injured

Mexico's state energy company Pemex has said a fire broke out at one of its platforms in the Gulf of Mexico, adding that it had activated emergency protocols…

Asharq Al Awsat (Mexico City)
Business Opposition Republican People's Party (CHP) supporters celebrate outside the main municipality building following municipal elections across Türkiye, in Istanbul on March 31, 2024. (Photo by OZAN KOSE / AFP)

Türkiye Eases Regulations Forcing Banks to Buy Government Bonds

Türkiye further eased regulations forcing banks to buy government bonds and reduced a security maintenance ratio again in its latest steps to end punitive…

Asharq Al Awsat (Ankara)
Business US Treasury Secretary Janet Yellen attends a meeting with Beijing Mayor Yin Yong (not pictured) in Beijing, China April 7, 2024. REUTERS/Florence Lo

Yellen: US-China Relationship on 'More Stable Footing' but More Can Be Done

US Treasury Secretary Janet Yellen met Sunday with Chinese Premier Li Qiang in Beijing and sent a message of mutual cooperation despite the nations’…

Asharq Al Awsat
Business A model of an oil rig with the “OPEC” logo in the background (Reuters)

Iraq: OPEC+ Aims for Oil Market Stability

The goal of OPEC+ meetings is to stabilize the oil market, Iraqi Oil Ministry Spokesperson Asim Jihad affirmed on Saturday, saying decisions are based on…

Asharq Al Awsat (Baghdad)