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 FILE PHOTO: The Suez Canal connecting the Mediterranean Sea to the Red Sea is pictured from the window of a commercial plane flying over Egypt, December 18, 2019. REUTERS/Lucas Jackson/File Photo

Egypt Prepares for Return of Suez Canal Transit Early Next Year

Egypt is developing plans for the resumption of trade through the Suez Canal, encouraged by a ceasefire agreement between Israel and Hamas and hopes that the…

Asharq Al Awsat (Cairo)
Business Saudi Minister of Municipalities and Housing Majed Al-Hogail. (Saudi Ministry of Municipalities and Housing)

Saudi Municipalities Minister Visits South Korea to Boost Cooperation in Smart Cities and Housing

Saudi Minister of Municipalities and Housing Majed Al-Hogail is visiting South Korea as part of an ongoing strategic approach to enhancing international…

Business Director of the IMF’s Middle East and Central Asia Department Jihad Azour speaks during the press conference (Reuters). 

IMF: Middle East Economies Show Resilience Amid Global Tensions

The International Monetary Fund (IMF) has affirmed that economies in the Middle East and Central Asia continue to demonstrate strong resilience and…

Asharq Al Awsat (Washington)
Business Yemen’s Minister of Planning and International Cooperation Waed Badhib during his meeting with Saudi Assistant Minister of Finance Abdullah Bin Zaraah. (Saba)

World Bank Reaffirms Commitment to Yemen, Praises Reform Efforts

The World Bank has reaffirmed its determination to continue supporting Yemen’s development agenda, commending the government’s economic and financial reform…

Abdulhadi Habtor (Riyadh)
Business Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. REUTERS/Agustin Marcarian/Illustration/File Photo Purchase Licensing Rights

Argentine Peso Drops against Dollar Despite US Backing

Argentines scrambled Friday to buy dollars and household items as the peso depreciated against the greenback, despite multi-billion dollars of US support for…

Asharq Al Awsat
Business China and the United States have agreed to fresh trade negotiations. AFP/File

China and US Agree to Fresh Trade Talks

China and the United States agreed Saturday to conduct another round of trade negotiations in the coming week, as the world's two biggest economies seek to…

Asharq Al Awsat
Business Field research was conducted in 45 cities, with input from over 200 government officials and 100 international experts - SPA

Madinah Tops Public Sector Capabilities Index with Urban Innovation

The Public Sector Capabilities Index 2025, published by the University College London Institute for Innovation and Public Purpose in partnership with Bloomberg…

Asharq Al Awsat
Business A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil Set for Weekly Loss on Uncertainty over Global Supply Outlook

Oil prices edged lower on Friday, heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and US President Donald Trump and Russian…

Asharq Al Awsat
Business US President Donald Trump shakes hand with Russian President Vladimir Putin, as they meet to negotiate for an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska, US, August 15, 2025. (Reuters)

Kremlin Envoy Proposes a 'Putin-Trump Tunnel' to Link Russia and US 

Russia and the United States should build a "Putin-Trump" rail tunnel under the Bering Strait to link the two countries, unlock joint exploration of natural…

Business The meeting between the Egyptian Minister of Investment and officials from Fitch Ratings (Ministry) 

Egypt Targets Greater Competitiveness Through Digitalization, Institutional Reform

Egypt is pursuing an ambitious national economic program to boost investment competitiveness through digital transformation, structural reform, and more…

Heba El Koudsy (Washington)
Business Saudi Minister of Municipalities and Housing Majed Al-Hogail is on a two-day visit to China. (SPA)

Saudi Housing Minister Discusses Boosting Saudi-China Cooperation in Urban Projects 

Saudi Minister of Municipalities and Housing Majed Al-Hogail is in Beijing to deepen Saudi-Chinese partnerships in housing and urban development, aiming to…

Business A view of a traffic jam in central Cairo in January 2013. (Khaled Desouki/AFP/Getty Images)

Egypt Raises Domestic Fuel Prices, Freezes Them for at Least a Year 

Egypt raised prices on a wide range of fuel products on Friday, the country's official gazette said, marking the second increase this year, in line with…

Business FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo

Gold Rallies Beyond $4,300/oz, Set for Best Week in 17 Years

Gold notched a new high above $4,300 an ounce on Friday and was poised for its best week in over 17 years, as signs of weakness in US regional banks, global…

Asharq Al Awsat
Business Saudi Vice Minister for Mining Affairs Eng. Khalid Al-Mudaifer speaks at the event in London. (SPA)

Saudi Arabia Showcases Mining Investment Opportunities at LME Week in London 

Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM) underlined the Kingdom’s growing role as a global mining hub at London Metal Exchange (LME)…

Business Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef at K Show 2025 in Dusseldorf. (SPA)

Saudi Arabia Concludes Participation in K Show 2025 International Plastics Fair in Germany 

Saudi Arabia successfully concluded its participation in the "K Show 2025," the world’s leading trade fair for plastics and rubber, held in Dusseldorf,…

Business European Central Bank President Christine Lagarde said the effect of trade uncertainty had been less painful than feared. Brendan SMIALOWSKI / AFP

ECB's Lagarde: Europe Well Positioned for Future Shocks

Europe, under pressure from US tariffs and the war in Ukraine, is in a strong position to weather the next economic storm, ECB President Christine Lagarde said…

Asharq Al Awsat
Business Syria’s Finance Minister Mohammed Yisr Barniyeh  - Asharq Al-Awsat

Syrian Finance Minister to Asharq Al-Awsat: Salary Support to Start Next Month

Syria’s Finance Minister Mohammed Yisr Barniyeh told Asharq Al-Awsat that salary support provided by Saudi Arabia and Qatar “will start to be disbursed next…

Mosaed al-Zayani (Washington )
Business IMF Director of the Asia and Pacific Department Krishna Srinivasan and IMF Deputy Director of the Asia and Pacific Department Thomas Helbling attend an Asia Pacific Department press briefing at the IMF/World Bank 2025 Annual Meetings in Washington, D.C., US, October 16, 2025. REUTERS/Elizabeth Frantz

IMF Upgrades Asia's Growth Forecast, Warns of Risks from US-China Tension

The International Monetary Fund revised up Asia's economic growth forecast on Thursday, but warned that renewed escalation in US-China tensions could deal a…

Asharq Al Awsat
Business Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo

Algeria Buys about 400,000 Tons Durum Wheat in Tender

Algeria’s state grains agency OAIC is believed to have purchased about 400,000 metric tons of durum wheat in an international tender which closed on Wednesday…

Asharq Al Awsat Asharq Al Awsat
Business A drone view captures extracted coal as it is transported out of a beltline system during operations at the Black Eagle Mine in Packsville, West Virginia, US, April 12, 2025. REUTERS/Adrees Latif/File Photo

Fossil Fuels to Dominate Global Energy Use Past 2050, McKinsey Says

Oil, gas and coal will continue to dominate the world’s energy mix well beyond 2050, as soaring electricity demand outpaces the shift to renewables, according…

Asharq Al Awsat
Business A worker walks down the stairs of an oil tank at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo

Türkiye Keeps Russian Oil Imports Steady in October versus September, Data Shows

Türkiye is set to maintain its imports of Russian Urals crude oil in October at around 280,000 barrels per day (bpd), unchanged from September, according to…

Asharq Al Awsat
Business Prince Abdulaziz bin Salman and Novak prepare to attend a session titled “Global Energy Markets: Shifting Relations and Balancing Interests” at the Russian Energy Week (EPA). 

Saudi Energy Minister Announces Joint Business Forum with Russia

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, announced that the Kingdom and Russia are preparing to host a joint business forum, which will…

Asharq Al Awsat (Moscow)
Business Gold wafers are displayed at Galeri 24, a state-owned gold retailer, in Surabaya, East Java, on October 16, 2025. (Photo by Juni KRISWANTO / AFP)

Gold Continues Record Run on Safe-haven Rush, US Rate Cut Bets

Gold extended its rally to a new record high on Thursday, as investors turned to the safe-haven asset due to US-China trade tensions and the US government…

Asharq Al Awsat
Business Residential units in Saudi Arabia (SPA)

Government Measures Bring Down Inflation in Saudi Arabia to 2.2% in September

Saudi Arabia’s annual inflation rate slowed to 2.2% in September, down from 2.3% in August, reflecting the impact of recent government measures aimed at easing…

Bandar al-Mosalam (Riyadh)