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 Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during his meeting with Vietnamese officials in Hanoi. (SPA)

Saudi Industry Minister Discusses Investment Opportunities with Top Vietnamese Companies 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held on Tuesday bilateral meetings with leaders of industrial and mining companies in Hanoi…

Business Saudi Aramco Downstream President Mohammed Al Qahtani. Photo: Aramco

Aramco’s Al Qahtani Highlights Downstream’s Strategic Expansion

Saudi Aramco Downstream President Mohammed Al Qahtani has highlighted the company’s strategic Downstream expansion, which is contributing to help meet the…

Asharq Al Awsat (Riyadh)
Business One of the Saudi National Housing Company's projects (NHC)

NHC Entry Sparks Competition in Riyadh Rental Projects

Saudi Arabia’s National Housing Company (NHC), the kingdom’s state-backed real estate developer, will launch a build-to-rent program as part of government…

Bandar al-Mosalam (Riyadh)
Business Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef at the Saudi-Vietnamese Business Forum held in Hanoi. (SPA)

Saudi Industry Minister Witnesses Signing of Agreements at Saudi-Vietnamese Business Forum in Hanoi

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef witnessed on Tuesday the signing of five investment agreements between Saudi and…

Business File photo of the Saudi capital (Reuters)

‏Saudi Arabia Announces Pre-Budget Statement for FY 2026: Expenditures Estimated at SAR1,313B, Revenues at SAR1,147B

The Saudi Ministry of Finance announced on Tuesday the Pre-Budget Statement for Fiscal Year 2026, which estimates total expenditures will reach about SAR1,313…

Asharq Al Awsat (Riyadh)
Business A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)

Iraq Aims to Double KRG Oil Flows Next Year

Iraq aims to more than double crude oil flows through the newly reopened Kirkuk-Ceyhan pipeline by next year, said an official at Iraqi state oil marketer SOMO…

Asharq Al Awsat
Business Wind turbines used to generate electricity are seen near the town of Susurluk in Balikesir province, Türkiye, August 31, 2017. REUTERS/Murad Sezer

Türkiye Mulls $250 mln Plan by China's Dongfang to Build 2GW Wind Turbine Facility

Turkish Energy Minister Alparslan Bayraktar said on Tuesday he had discussed a plan by China's Dongfang Electric Corporation to build a wind turbine facility…

Asharq Al Awsat
Business A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas/File Photo P

1st Tanker Set to Load Iraqi Kurdistan Oil on October 2 at Ceyhan

The oil tanker, Vallesina, has been booked to load 700,000 barrels of Iraqi Kurdistan crude oil at Türkiye's Ceyhan port on October 2, two industry sources…

Asharq Al Awsat
Business The logo of Turkish Airlines (THY) is pictured at Ataturk airport in Istanbul, Türkiye, June 29, 2016. REUTERS/Murad Sezer

Turkish Air, Gulf Air Boost Cooperation, See Potential Joint Ventures

Turkish Airlines and Bahrain's flag-carrier Gulf Air have signed a memorandum of understanding to boost cooperation, Türkiye's flag-carrier said on Tuesday,…

Asharq Al Awsat
Business An employee gestures next to Labubu toys on display at Pop Mart's booth at China International Fair for Trade in Services (CIFTIS) in Beijing, China, September 10, 2025. (Reuters)

Labubu-Maker Pop Mart Learns from Disney to Capitalize on Toy’s Viral Success 

China's Pop Mart is borrowing from Disney's playbook to turn toothy monster Labubu's blockbuster sales into long-term success, Executive Director and co-COO Si…

Business Minister of Transport and Logistic Services and Board Chairman of General Authority of Civil Aviation (GACA) Saleh Al-Jasser signed the agreements with Antigua and Barbuda and South Africa. (SPA)

Saudi Arabia Signs Air Transport Agreements with 17 Countries at ICAO 

Saudi Arabia signed on Monday a series of bilateral agreements and memoranda of understanding (MoUs) with 17 countries during the 42nd General Assembly of the…

Business Officials are seen at Monday's inauguration. (SPA)

Intersec Saudi Arabia Kicks off Under Patronage of Interior Minister 

Saudi Acting Vice Minister of Interior Prince Dr. Abdulaziz bin Mohammed bin Ayyaf inaugurated on Monday the 7th edition of Intersec Saudi Arabia at the Riyadh…

Business A general view of oil tanks at Turkish Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas/File Photo

Oil Dips as OPEC+ Plan Stokes Supply-surplus Concerns

Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq's Kurdistan region via Türkiye…

Asharq Al Awsat
Business Canada’s Ambassador to Saudi Arabia, Oman, Bahrain, and Yemen participating in the Saudi-Canadian Innovation Day at King Abdulaziz City for Science and Technology (X).

Canadian Ambassador to Saudi Arabia: Efforts Underway to Link G7 Presidency with Vision 2030 Agenda

A high-level Canadian delegation, backed by the government, kicked off a three-day visit to Saudi Arabia on Monday. The visit aims at linking Canada’s G7…

Fatehelrahman Yousif (Riyadh)
Business A general view of oil tanks at Turkish Mediterranean port of Ceyhan, February 19, 2014. REUTERS/Umit Bektas/File Photo

Iraq's Kurdistan Oil Flows to Türkiye Running at 150,000-160,000 bpd

Oil flows from Iraq’s Kurdistan region to Türkiye's Ceyhan port are running at 150,000-160,000 barrels per day after their resumption on September 27, two…

Asharq Al Awsat
Business Riyadh to Host 2025 Biban Forum in November

Riyadh to Host 2025 Biban Forum in November

Riyadh will host Biban Forum 2025, the Kingdom’s flagship event for startups, small and medium enterprises (SMEs), and innovators, organized by the Small and…

Asharq Al Awsat
Business QatarEnergy Signs Long-term Helium Supply Deal with Germany's Messer

QatarEnergy Signs Long-term Helium Supply Deal with Germany's Messer

QatarEnergy has signed a long-term agreement with German industrial gases company Messer to supply high-purity helium, which is used in a wide variety of…

Asharq Al Awsat
Business A flame rises from a chimney of an oil field in Iraq's Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari/File Photo

Oil Prices Drop 1% on Expected Global Supply Growth

Oil prices fell by more than 1% on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq's Kurdistan…

Asharq Al Awsat
Business People walk by office towers in the Lujiazui financial district of Shanghai, China October 17, 2022. (Reuters)

China Unveils $70 Billion Financing Tools to Bolster Investment 

China will deploy policy-based financial tools to the value of 500 billion yuan ($70.25 billion) to accelerate investment projects, the state's planner said on…

Business Britain's Chancellor of the Exchequer Rachel Reeves undertakes the morning media round on the second day of the annual Labour Party conference in Liverpool, northwest England, on September 29, 2025. (AFP)

Treasury Chief Says Wars and Tariffs Are Harming the UK’s Economic Outlook 

Britain’s Treasury chief warned Monday that wars in Ukraine and the Middle East and economic headwinds sparked by US President Donald Trump’s tariffs have…

Business FILE PHOTO: Swift logo is seen in this illustration taken, Bosnia and Herzegovina, February 25, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

SWIFT and Top Global Banks Working on blockchain-based Overhaul

Global financial messaging network SWIFT and more than 30 global banks announced on Monday they were now working "at pace" on making cross-border payments…

Asharq Al Awsat (London)
Business FILE PHOTO: The Iraqi-Turkish pipeline is seen in Zakho district of the Dohuk Governorate of the Iraqi Kurdistan province, Iraq, August 28, 2016. REUTERS/Ari Jalal/File Photo/File Photo

Iraq's Oil Exports for August Total 104.8 Mln Barrels

Iraq's total oil exports for August amounted to 104.8 million barrels, the country's state oil marketer SOMO said on Sunday. SOMO also announced that the…

Asharq Al Awsat (Baghdad)
Business Gold samples are displayed at Brazil's Federal Police gold-tracing program 'Ouroteca' in Brasilia, Brazil, September 4, 2025. REUTERS/Diego Herculano

Gold Races Past $3,800/oz Level as Softer Dollar, Rate-cut Bets Lift Appeal

Gold surged above the key $3,800-per-ounce level for the first time ever on Monday, supported by a weaker dollar and growing expectations that the Federal…

Asharq Al Awsat
Business Saudi Energy Ministry Launches Prequalification for Natural Gas Distribution Tenders in 5 Industrial Cities

Saudi Energy Ministry Launches Prequalification for Natural Gas Distribution Tenders in 5 Industrial Cities

The Saudi Ministry of Energy announced on Sunday the commencement of the Prequalification Process for tenders related to the licensing, development, ownership,…