IMF Raises Growth Forecast for Saudi Economy to 6% in 2025

Business The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW

IMF Raises Growth Forecast for Saudi Economy to 6% in 2025

The International Monetary Fund has raised its expectations for Saudi Arabia’s economic growth in 2025 to 6 percent – up from 5.5 percent predicted in January…

Asharq Al Awsat (Washington)
Business  US Treasury Secretary Janet Yellen speaks during a press conference amid the IMF-World Bank Group spring meetings, at the Treasury Department in Washington, DC on April 16, 2024. (AFP)

Yellen Says Iran’s Actions Could Cause Global ‘Economic Spillovers’, Warns of More Sanctions

US Treasury Secretary Janet Yellen warned Tuesday of potential global economic damage from rising tensions in the Middle East and pledged that the US and its…

Business Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart Ishaq Dar chair the Saudi-Pakistani Special Investment Facilitation Council (SIFC)  in Islamabad on Tuesday. (SPA)

Saudi Arabia, Pakistan Seek to Boost Trade, Support Investors

Saudi Arabia and Pakistan are seeking to bolster economic cooperation, boost the trade exchange between them and support investors to expand their work in the…

Business Al-Fursan Suburb... One of the housing projects in the northeast of the Saudi capital, Riyadh (National Housing Company)

Saudi Real Estate Experts Forecast Surge in Residential Property Demand

Saudi Arabia’s property prices rose by 0.6% in the first quarter of this year, mainly due to a 1.2% increase in residential property prices. Government…

Asharq Al Awsat
Business A Saudi citizen buys sweets from one of the major stores in preparation for Eid al-Fitr (SPA)

Saudi Inflation Slows to Lowest Level Since 2021

In March, inflation in Saudi Arabia slowed down to its lowest level since 2021, hitting 1.6% annually compared to 1.8% in February. This drop was mainly…

Asharq Al Awsat

Business The General Authority of Civil Aviation (GACA)

GACA to Organize Future Aviation Forum in Riyadh Next Month

Saudi Arabia’s General Authority of Civil Aviation (GACA) is scheduled to organize the third edition of the Future Aviation Forum 2024 (FAF 2024) on May 20-22…

Asharq Al Awsat (Riyadh)
Business FILED - 16 June 2023, Luxembourg: Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva speaks during a press conference at the European Convention Center in Luxembourg. Photo: -/European Council/dpa

IMF Chief Sees Inflation Dropping Further in 2024

Inflation is easing faster than expected but has not been fully defeated, International Monetary Fund chief Kristalina Georgieva said on Thursday, urging…

Asharq Al Awsat
Business Workers wait for transport outside a construction site in Beijing, Tuesday, April 9, 2024. (AP Photo/Ng Han Guan)

EU Updates its Report on China’s Distortions in Economy

The European Commission has updated its report on state-led distortions in the Chinese economy, adding new sectors and potentially opening the door to anti…

Asharq Al Awsat (Brussels ) Asharq Al Awsat (Beijing)
Business A view of an advertising billboard for the upcoming annual meetings of the International Monetary Fund and the World Bank, in Marrakech, following last month's deadly earthquake, Morocco October 1, 2023. REUTERS

Shocks in G20 Emerging Economies Hit Rich-World Growth, IMF Says

Domestic shocks in emerging economies in the Group of Twenty (G20) are increasingly impacting growth in the rich world, said a report released by the…

Asharq Al Awsat (Washington)
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 Extends Gains on Escalation in Middle East Tensions

Oil prices extended gains on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis,…

Asharq Al Awsat
Business FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo

TSMC's Q1 Revenue Rise Beats Market Expectations on AI Boom

Taiwan chipmaker TSMC reported a 16.5% rise in first-quarter revenue on Wednesday, beating market expectations and at the high end of the company's own…

Asharq Al Awsat (Taipei)
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)