Business

Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Business Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and…

Asharq Al Awsat
Business Hong Kong stocks rallied more than three percent on a broadly healthy day for Asian markets. Leung Man Hei / AFP

Tech Hit by New AI Worries on Positive Day for Most Markets

Tech firms tumbled Thursday as investors contemplated the outlook for the AI boom after Democrats swept the US midterms, partly on the back of growing anger…

Asharq Al Awsat
Business Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP

Türkiye Showcases Renewables Surge, but Leaves Coal Intact

On a windy hillside about an hour's drive northwest of Istanbul, the Catalca power plant was one of Türkiye's first large-scale wind farms and has been feeding…

Asharq Al Awsat
Business Officials from the General Organization for Social Insurance at an earlier meeting with businessmen and businesswomen at the Riyadh Chamber (SPA)

Saudi Arabia Offers 100% Social Insurance Debt Waiver to Businesses That Have Exited Market

Saudi Arabia's General Organization for Social Insurance (GOSI) has made businesses that have ceased operations and exited the Saudi market eligible for a 100%…

Bandar al-Mosalam (Riyadh)
Business A general view shows Ras Tanura's oil production plant near Dammam in Saudi Arabia's Eastern Province (AFP)

From Aramco's Profits to State Budget Revenue: How Do Oil Proceeds Reach Government Coffers?

Saudi Aramco's financial results and Saudi Arabia's third-quarter budget performance report, released on the same day, revealed a divergence between the…

Hala Saghbini (Riyadh)

Business Secretary General of the World Energy Council Dr. Angela Wilkinson speaks to Asharq Al-Awsat in Riyadh. (Asharq Al-Awsat)

World Energy Council to Asharq Al-Awsat: Saudi Arabia Plays Major Diplomatic Role

Secretary General of the World Energy Council Dr. Angela Wilkinson said Saudi Arabia plays an influential diplomatic role on the global stage, noting that its…

Asharq Al Awsat (Riyadh)
Business Saudi Minister of Economy and Planning Faisal Alibrahim and Syrian Minister of Economy and Industry Mohammad Nidal Al-Shaar in Riyadh. (SPA)

Saudi Arabia, Syria Discuss Boosting Economic Cooperation

Saudi Minister of Economy and Planning Faisal Alibrahim held talks on Wednesday with Syrian Minister of Economy and Industry Mohammad Nidal Al-Shaar to explore…

Business CEO of Expo 2030 Riyadh Company highlighted Riyadh as the ideal host city for Expo 2030 - SPA

Expo 2030 Riyadh CEO Calls for Global Participation

CEO of Expo 2030 Riyadh Company Talal Al-Marri highlighted Riyadh as the ideal host city for Expo 2030, noting that 50 percent of the world’s population can…

Asharq Al Awsat
Business President Donald Trump poses for a photo with South Korean President Lee Jae Myung during a dinner event in Gyeongju, South Korea, Wednesday, Oct. 29, 2025. (AP Photo/Mark Schiefelbein)

Trump Says Trade Deal Reached with South Korea

US President Donald Trump said on Wednesday a trade deal had been struck with South Korea, in remarks that sent the won up against the dollar, as a compact…

Asharq Al Awsat
Business Guests attend the first day of the Future Investment Initiative, in Riyadh on October 28, 2025. (AFP)

FII Institute Unveils Findings of the 2025 FII PRIORITY Compass Global Survey 

The Future Investment Initiative (FII) Institute, in partnership with Ipsos, unveiled the results of the 2025 FII PRIORITY Compass, a landmark global survey…

Business A Saudi man looks at his mobile phone as he attends the opening ceremony of the Future Investment Initiative, in Riyadh on October 28, 2025. (AFP)

FII Institute, Expo 2030 Riyadh Join Forces to Build a More Prosperous Future for Humanity 

The Future Investment Initiative (FII) Institute and Expo 2030 Riyadh announced on Wednesday a long-term strategic partnership that unites two of the Kingdom's…

Business HSBC Group headquarters in the Saudi capital, Riyadh (Asharq Al-Awsat)

HSBC Chief: Saudi Arabia is the Center of Regional Growth

Georges Elhedery, Chief Executive Officer of HSBC Group, has outlined the bank’s strategic direction following a global restructuring launched in October last…

Mosaed al-Zayani (Riyadh)
Business A jack-up drilling rig, used by Kuwait Oil Company (KOC) in its offshore exploration operations stands in Kuwaiti territorial waters, Kuwait, in this undated handout photograph.Kuwait Oil Company/Handout via REUTERS

Kuwait Oil Company Says to Spend $3.9 Billion on Exploration by 2030

Kuwait Oil Company (KOC) plans to spend 1.2 billion dinars ($3.92 billion) on its exploration drilling program through 2030, its senior executive told Reuters…

Asharq Al Awsat
Business Daniel Hanna, Head of Sustainable and Transition Finance at Barclays, speaks to Asharq Al-Awsat. (Turky Al-Agili)

Barclays Completes €1.6 Billion Green Bond Issuance with Saudi Sovereign Fund

Barclays has completed the issuance of its first euro-denominated green bonds in partnership with Saudi Arabia's Public Investment Fund (PIF), raising €1.6…

Asharq Al Awsat (Riyadh)
Business A view of the Jeddah Islamic Port. (SPA)

Saudi Arabia’s Red Sea Gateway, CMA CGM Sign SAR1.7 Billion Agreement 

The Saudi Ports Authority (Mawani) announced on Tuesday the signing of a joint agreement between Red Sea Gateway Terminal (RSGT), the Kingdom’s leading…

Business Participants at the panel discussion “Is Humanity Heading in the Right Direction?” at the Future Investment Initiative in Riyadh on Tuesday. (SPA)

FII9 Panel in Riyadh Explores Humanity, Sustainable Development, Digital Economy 

The ninth annual Future Investment Initiative (FII9) addressed on Tuesday topics related to humanity, tax structures, spending efficiency, and the importance…

Business The deal aims to combine PIF and Aramco's AI assets and expertise under Humain. Photo: Aramco

Saudi Aramco to Take Minority Stake in PIF-owned Humain

Saudi Arabia's Public Investment Fund (PIF) and Aramco said on Tuesday that they signed a non-binding term sheet for the oil giant to acquire a minority stake…

Asharq Al Awsat (Riyadh)
Business Saudi Minister of Energy Prince Abdulaziz bin Salman speaks at the 9th Future Investment Initiative (FII9) in Riyadh on Tuesday. Asharq Al-Awsat

Abdulaziz bin Salman: Energy Sustainability is the Foundation of the New Economy

Saudi Minister of Energy Prince Abdulaziz bin Salman has said the new global economy is transforming how the world works and lives, and it runs on a lot of…

Bandar al-Mosalam (Riyadh)
Business Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, meets with Pakistani Prime Minister Muhammad Shehbaz Sharif in Riyadh on Monday. (SPA)

Saudi Arabia, Pakistan to Launch Economic Cooperation Framework 

Saudi Arabia and Pakistan agreed to launch an Economic Cooperation Framework based on their shared economic interests, underlining their mutual desire to…

Asharq Al Awsat (Riyadh)
Business Humain CEO speaks at a session during the Future Investment Initiative conference (Asharq Al-Awsat)

Humain CEO Targets Dual IPO Within Three to Four Years

Saudi artificial intelligence company Humain plans to go public within the next few years, its Chief Executive Officer Tarek Amin said, outlining ambitious…

Ayat Nour (Riyadh)
Business A robot hands “the Key to Prosperity,” the forum’s symbol, to a performer during the opening ceremony. (Asharq Al-Awsat)

FII: The Key to Unlocking a More Inclusive Global Economy

A humanoid robot carrying “The Key to Prosperity,” matching this year’s Future Investment Initiative (FII) theme, stole the spotlight as the ninth edition of…

Business The agreement will make it more attractive for companies within PIF’s ecosystem to procure goods and services from UK contractors. (SPA)

PIF, UK Export Finance Sign MoU to Promote UK Companies’ Engagement in Saudi Market

Saudi Arabia’s Public Investment Fund (PIF) and UK Export Finance (UKEF), the United Kingdom’s export credit agency, signed a memorandum of understanding (MoU)…

Business Saudi Aramco President and CEO says  Aramco is a cornerstone of the Saudi Vision 2030 - SPA

Aramco CEO: Company Serves as Cornerstone of Saudi Vision 2030

Saudi Aramco President and CEO Amin H. Nasser described Aramco as a cornerstone of the Saudi Vision 2030, highlighting the company's work across the…

Asharq Al Awsat
Business The sessions discussed the significance of globalization, trade, and AI - SPA

FII9 Session Highlights Need for Diversified Supply Chains and Economic Cooperation

Participants in "The Balance between Sovereignty and Globalization" session at the 9th Future Investment Initiative (FII) Conference emphasized the need for…

Asharq Al Awsat
Business A general view of one of three Atmospheric Residue Desulphurisation units (ARDS) at the Al Zour Refiner - File/Reuters

Kuwait's Al-Zour Refinery Partially Shut due to Fire, IIR Says

State-owned Kuwait Integrated Petroleum Industries Company on October 21 shut down parts of its 615,000 barrel-per-day Al-Zour refinery, industry monitor IIR…

Asharq Al Awsat
Business OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Oil Falls Nearly 2% as Investors Assess Russia Sanctions, OPEC+ Output Plans

Oil prices fell by nearly 2% on Tuesday in a third day of declines as investors assess the effect of US sanctions on Russia's two biggest oil companies along…

Asharq Al Awsat
Business This partnership embodies the convergence of global expertise and the Kingdom’s visionary leadership in building an advanced biopharmaceutical manufacturing ecosystem. - SPA

NEOM, WuXi AppTec Sign Strategic MoU in the Pharmaceutical Industry

NEOM has signed a strategic memorandum of understanding with WuXi AppTec, one of the world’s leading companies in contract research, development, and…

Asharq Al Awsat
Business AFP_A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold Falls over 2% to Three-week Low on Signs of Easing US-China Trade Woes

Gold fell more than 2% to a three-week low on Tuesday, as optimism over easing trade tensions lifted risk appetite and squeezed demand for safe-haven bullion,…

Asharq Al Awsat
Business Archive: Iraq spends approximately $25 billion annually on primary energy subsidies, with around $6 billion of that going towards importing Iranian gas (AFP)

Iraq Signs Agreement for Floating Natural Gas Platform with Excelerate Energy

Iraq has signed an agreement for a floating natural gas platform with US-based Excelerate Energy, the prime minister's office said in a statement on Tuesday,…

Asharq Al Awsat