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 and other officials at the meeting in Riyadh on Wednesday. (SPA)

Saudi Industry Minister Discusses Boosting Economic Cooperation with South Africa

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held in Riyadh on Wednesday a meeting with South Africa’s Minister of Trade, Industry and…

Business CEO Homam Hashem (Photo: Turki al-Oqaili)

Saudi ‘Kafalah’ Program Pumps $23.8 Billion into SME Financing

Saudi Arabia’s SME Financing Guarantee Program (Kafalah) has injected $23.8 billion to support small and medium-sized enterprises (SMEs), a sector considered…

Ayat Nour (Riyadh)
Business A discussion session with the Governor of Saudi Arabia’s Public Investment Fund at the Economic Club in Washington (X)

Al-Rumayyan: Saudi PIF Targets $1 Trillion Assets by Year-End

Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), has said the sovereign wealth fund is preparing to unveil a new long-term strategy…

Asharq Al Awsat (Washington )
Business The results indicated a 7.8% increase in the oil activities index in July 2025

GASTAT: Saudi Industrial Production Index Increased 6.5% in July 2025

The Saudi Industrial Production Index for July 2025 rose by 6.5% compared to the same month last year. According to the July 2025 bulletin issued by the…

Asharq Al Awsat (Riyadh)
Business FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo 

Cuts to US Oil Jobs and Spending Threaten Output Growth

The US oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation in…

Asharq Al Awsat (Houston)
Business European Commission President Ursula von der Leyen will look to defend her trade deal with US President Donald Trump when she makes her 'State of the Union' address. ANDREW CABALLERO-REYNOLDS / AFP

EU Chief to Defend Trump Trade Deal in Parliament

EU chief Ursula von der Leyen will seek to defend her trade deal with Donald Trump in an address to the bloc's lawmakers Wednesday -- with many seething over…

Asharq Al Awsat
Business Rowers ride their skiffs in the Nile river waters off of central Cairo's Manial al-Roda island at sunrise early on September 8, 2025. (Photo by MOHAMMED ABED / AFP)

Egypt's Annual Urban Consumer Price Inflation Slows to 12% in August from 13.9% in July

Egypt's annual urban consumer price inflation slowed to 12% in August from 13.9% in July, data from statistics agency CAPMAS showed on Wednesday, coming in…

Asharq Al Awsat (Cairo)
Business  Group photo after the signing of the memorandum of understanding between the Saudi and French companies (Asharq Al-Awsat). 

France Expands Role in Saudi Water Infrastructure Projects

Saudi construction giant Nesma & Partners has signed a memorandum of understanding with France’s Saur Group, a global leader in sustainable water and…

Asma al Ghabri (Jeddah)
Business The King Abdullah Port, Saudi Arabia. (Asharq Al-Awsat)

Non-Oil Activity Powers Saudi Economic Expansion  

Saudi Arabia’s non-oil economy continued to power growth in the second quarter of 2025, cementing its role as the main engine of expansion as the Kingdom…

Bandar al-Mosalam (Riyadh)
Business (FILES) A refiner stacks gold bullion after being removed from casts at the ABC Refinery smelter in Sydney on April 29, 2025. (Photo by DAVID GRAY / AFP)

Gold Heads for Fresh Record High, Propelled by Fed Rate Cut Bets

Gold was set for another record high on Tuesday, holding well above the $3,600-mark crossed in the previous session, as growing bets of a US rate cut weakened…

Asharq Al Awsat
Business Saudi Irrigation Organization President Mohammed Abu Haid speaks at Monday's forum. (SPA)

Saudi Irrigation Organization Shares Water Efficiency Efforts at World Irrigation Forum in Malaysia

The Saudi Irrigation Organization (SIO) participated in the 4th World Irrigation Forum (WIF4), which kicked off in the Malaysian capital, Kuala Lumpur, on…

Business Rowers ride their skiffs in the Nile river waters off of central Cairo's Manial al-Roda island at sunrise early on September 8, 2025. (AFP)

Egypt's EGAS Signs Preliminary Deal with BP to Drill Five Mediterranean Gas Wells

The Egyptian Natural Gas Holding Company (EGAS) has signed a preliminary agreement with BP to drill five new gas wells in the Mediterranean Sea, Egypt's…

Business SEREDO 2025 Kicks Off Tuesday in Jeddah

SEREDO 2025 Kicks Off Tuesday in Jeddah

The Saudi Expo Real Estate Development and Ownership (SEREDO 2025) will kick off Tuesday at Jeddah Superdome under the patronage of the Ministry of…

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

Algeria, Russia Affirm Commitment to Energy Market Stability within OPEC+ Framework, Algeria Says

Algeria and Russia have reaffirmed their commitment to contribute to oil and gas market stability within the OPEC+ framework, Algeria's energy ministry said on…

Asharq Al Awsat
Business Inside the headquarters of the Arab Energy Fund (Fund’s account on X) 

Arab Energy Fund Raises $600 Million in Dollar Bond Issue

The Arab Energy Fund, formerly known as Apicorp and a leading financial institution in the Middle East and North Africa’s energy sector, has successfully…

Asharq Al Awsat
Business FILE PHOTO: Cyprus President Nikos Christodoulides attends a European Union leaders summit to discuss Ukraine and European defense, in Brussels, Belgium March 6, 2025. REUTERS/Stephanie Lecocq/File Photo

Cyprus Talks to UAE over European Subsea Cable Project

Cyprus has approached the United Arab Emirates for possible cooperation on an EU-financed subsea power cable linking Europe to the eastern Mediterranean region…

Asharq Al Awsat
Business The logo of the International Motor Show IAA is seen on September 8, 2025, in Munich, southern Germany. (AFP)

European Automakers Confront Tariffs, Chinese Rivalry at Munich Car Show 

Major automakers will showcase their latest models at Munich's car show on Monday as Europe's automotive sector faces crises ranging from US tariff hikes to…

Business A pedestrian walks past a stock market indicator board in Tokyo, Japan, 08 September 2025. (EPA)

Japan PM Hopefuls Prepare Leadership Bids, Markets Recoil 

Ruling party lawmakers in Japan prepared their bids to replace outgoing premier Shigeru Ishiba on Monday, as financial markets recoiled on the political…

Business A woman shops in a supermarket in Beijing, China, 08 September 2025. (EPA)

China’s Export Growth Slows in August as US Tariffs and Trade Tensions Bite 

China's exports grew last month but at a slower pace than in recent months, the country's customs agency said Monday. Exports reached $321.8 billion in…

Business Panoramic view of the city of Riyadh in early evening, May 28, 2025. (Reuters)

Saudi Arabia’s Second Quarter GDP Rises 3.9% 

Saudi Arabia's gross domestic product (GDP) grew 3.9% in the second quarter of 2025 driven by the non-oil sectors, according to government data estimates…

Business FILED - 16 August 2019, Emlichheim: Pump jacks operate at Wintershall Dea premises. Photo: Mohssen Assanimoghaddam/dpa

Oil Gains on Prospect of More Sanctions on Russia; OPEC+ Output Hike Seen Modest

Oil prices climbed more than $1 on Monday, regaining some of last week's losses, helped by the prospect of more sanctions on Russian crude after an overnight…

Asharq Al Awsat
Business AFP_Gold bullion can be seen after being removed from casts at the ABC Refinery smelter in Sydney

Gold Hovers near Record High on US Rate-cut Prospects

Gold held firm near an all-time high on Monday, inching closer to a key $3,600 level, bolstered by mounting expectations of a US Federal Reserve rate cut this…

Asharq Al Awsat
Business A tourist destination on the Red Sea (X) 

Egypt Signs $18.5 Billion Tourism Investment Deal with Saudi Arabia and UAE

Egypt has signed a major $18.5 billion investment agreement with Saudi and Emirati partners to develop a vast integrated tourism project along the Red Sea…

Sabri Najeh (Cairo)
Business Türkiye's Vice President Cevdet Yilmaz speaks during a press conference in Ankara, May 13, 2024. REUTERS/Umit Bektas/File Photo

Türkiye to Unveil Medium-term Economic Program on Monday

Türkiye will unveil an updated medium-term economic program on Monday, setting out the government's economic roadmap for the next three years with a focus on…

Asharq Al Awsat