Business

World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

Business People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)

World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

The World Bank on Friday projected that Lebanon's economy would contract by 6.4 percent this year, as the latest Israel-Hezbollah war derailed the country's…

Business Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui

Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisia's olive oil exports surged 55.3% to a record 368,000 metric tons in the first nine months of the 2025/26 season, bringing in $1.6 billion in export…

Asharq Al Awsat
Business South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

South African Rand Hits Strongest Level since Start of Iran War

The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold…

Asharq Al Awsat
Business FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin Jumps Further on US Crypto Policy Hopes

Bitcoin surged Friday on optimism over US cryptocurrency legislation and the US Treasury's surprise move to buy back more of its own bonds, which fueled a…

Asharq Al Awsat
Business FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo

Gold Climbs to Near Three-month Peak after US Treasury Move

Gold prices hit a near three-month high on Friday, poised for a third straight weekly gain, supported by a softer dollar and the US Treasury's bond buyback…

Asharq Al Awsat

Business FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo

Sources: New Syria-Iraq Crude Pipeline Still Years Away

Iraq's plans to export oil via a pipeline through Syria to avert future disruptions in the Strait of Hormuz will likely require four years of construction and…

Asharq Al Awsat
Business Solar panels at the Dalad Banner Photovaltic Base in Kubuqi desert during organized media tour, in Ordos, Inner Mongolia Autonomous Region, China, June 12, 2026. (Reuters)

China Leads Wave of Clean Power Wastage as Grids Globally Hit Limits

China turned away enough clean energy to power Mexico for a year in the six months through June as its grids hit their limits, while networks in many other…

Business Residential neighborhoods in the Saudi capital, Riyadh (SPA) 

Riyadh Opens Second Real Estate Balance Program With Land Price Cap

Riyadh’s real estate market entered a new phase Sunday with applications opening for the second round of the Real Estate Balance Program. Overseen by the…

Bandar al-Mosalam (Riyadh)
Business An offshore rig operated by Arabian Drilling (Company) 

Restart of Offshore Rigs Revives Saudi Energy Supply Chains

Saudi Arabia is gradually restoring operational capacity in its offshore drilling sector after ADES Holding and Arabian Drilling announced on consecutive days…

Dana Aldrees (Riyadh)
Business Gold bracelets on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)

Gold Nears $4,400 on Weaker Dollar, Reduced Fed Rate-hike Bets

Gold drifted higher on Monday, supported by a weaker dollar and recent soft economic data that reduced expectations for a US interest rate hike next month…

Business WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP

Oil Rises as US-Iran Peace Talks Stall, Hormuz Shipping Slows

Oil prices rose on Monday as fading expectations of a US-Iran peace breakthrough and slower tanker traffic through the Strait of Hormuz reinforced geopolitical…

Asharq Al Awsat
Business S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating

Standard & Poor’s (S&P) has affirmed the Islamic Development Bank’s (IsDB) long-term issuer credit rating at “AAA,” with a stable outlook, and its short-term…

Business This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)

Chinese Ship Sets off for Europe Through Arctic, Halving Travel Time

A Chinese container vessel has set sail for Europe through the Arctic, part of new weekly service on a route that cuts shipment times in half but which…

Business Sonatrach stated that delivering the jet fuel shipment to Niger reflects its efforts to enhance direct cooperation with African oil and gas companies (X)

Algeria Begins Exporting First Jet Fuel Shipments to Niger

Algeria’s Sonatrach has started delivering its first shipments of Jet A1 aviation fuel to Niger from Adrar refinery (RA1D), Sonatrach group announced on…

Asharq Al Awsat (Algiers)
Business File photo of the Saudi capital Riyadh - File/AAWSAT

Saudi Arabia Reshapes the Future of the Digital Economy Through Advanced Digital Infrastructure, Global Partnerships

Saudi Arabia has leveraged its advanced digital infrastructure and partnerships with leading global technology companies to establish its position as a global…

Asharq Al Awsat
Business Saudi Arabia continues its initiatives to promote security and peace in the region... The Saudi flag is seen at a site in the city of Jazan (SPA).

Saudi Arabia Moves to Strengthen Stability and Development in the Region

At a time of growing uncertainty surrounding the global economy, amid the repercussions of the US-Iranian war, tensions related to the Strait of Hormuz, and…

Fatehelrahman Yousif (Riyadh)
Business The letters of the word "Alphabet" on a computer screen featuring a Google search page in an illustration (Reuters)

Alphabet's Investment in SpaceX Multiplies 100-Fold to $94 Billion

Alphabet's early bet on SpaceX has multiplied more than 100-fold, with the Google parent disclosing a stake worth about $94 billion at the end of June compared…

Asharq Al Awsat (New York)
Business A view across Shatt al-Arab of the 'Bin Omar' oil field north of Basra, Iraq (Reuters)

Iraqi Daily Oil Exports in August Highest since Start of War

Iraq's average daily oil exports since the beginning of August are the highest since the outbreak of the Middle East war between Iran and the United States,…

Asharq Al Awsat
Business The American flag flies in the National Mall near the Capitol building in Washington (Reuters)

Fitch Keeps US at 'AA+', Cites Economic Resilience amid Fiscal Risks

Fitch on Thursday affirmed the sovereign credit rating for the United States at "AA+" with a stable outlook, citing its large economy, high per-capita income…

Asharq Al Awsat (Washington)
Business An employee displays gold bars at the Korea Gold Exchange in Seoul (Reuters)

Gold Heads for Weekly Loss as Investors Unwind Inflation-fueled Rally

Gold prices slipped on Friday and were headed for a weekly loss as investors locked in profits a day after bullion was propelled to its highest level in more…

Asharq Al Awsat
Business A SABIC manufacturing site in Jubail (SABIC Media Center) 

Saudi Petrochemical Companies Cut Losses by More than 50% in First-Half

Net losses at nine petrochemical companies listed on the Saudi Exchange fell by more than 50% in the first half of 2026 to SAR 1.7 billion ($452.8 million),…

Mohammed al-Mutairi (Riyadh)
Business A grocery store in Saudi Arabia (SPA)

Saudi Inflation Holds Steady at 1.8% Despite Global Commodity Market Turmoil

Saudi Arabia’s inflation remained subdued in July at 1.8% year on year, reflecting continued overall price stability despite housing and rents remaining the…

Bandar al-Mosalam (Riyadh)
Business Gas prices are seen listed as motorists make their way durig the evening commute in Monterey Park, California, on August 13, 2026. (Photo by Frederic J. BROWN / AFP)

Oil Rises after US Threatens Indefinite Blockade of Iran

Oil prices gained on Friday after the United States threatened an indefinite naval blockade of Iran, reviving concerns about supply of crude after the previous…

Asharq Al Awsat
Business Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor

Diesel Prices Overtake Jet Fuel in Europe as Global Shortage Widens

Diesel cargoes are costing more than jet fuel in Europe for the first time in more than a year, LSEG data showed, as the continent replaces lower Middle East…

Business  Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)

Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Türkiye's central bank raised its inflation forecast for the end of 2026 to 28% from 26% but left its interim inflation target for the same period at 24%,…

Business A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)

UK Economy Slows Amid Political Unrest, Middle East War

Britain's economy slowed in the second quarter, the national statistics office reported Thursday, saying that output remained "robust" despite domestic…

Business Gold bars and 'sovereign pounds' coins at Bird & Co. in Hatton Garden, London (Reuters)

Gold Off Two-month Peak as Traders Seek Inflation Cues

Gold edged lower on Thursday, after touching a more than two-month high earlier in the session, as traders paused after a rally fueled by cooling US inflation,…

Asharq Al Awsat
Business Oil pumpjacks are pictured in an Ecopetrol oil field in Barrancabermeja, Colombia October 11, 2024. (Reuters)

Oil Eases as Weaker Demand Outlook Counters Mideast Supply Concerns

Oil prices eased on Thursday after gains in previous sessions, as attention turned to expectations of weaker global oil demand this year, while there was no…

Business A picture illustration shows US 100 dollar bank notes taken in Tokyo August 2, 2011. (Reuters)

Dollar Treads Water as Fed Hike Bets Pared on Benign US Inflation

The dollar's advance stalled on Thursday after an overall benign US inflation reading overnight spurred traders to pare back bets for a near-term Federal…