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 The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday

Iran's Rial Currency Falls to Near-record Lows on European 'Snapback' Sanctions Threat

Iran's rial currency fell to near-record lows Thursday as concerns grew in Tehran that European nations will start a process to reimpose United Nations…

Asharq Al Awsat
Business Fireworks following the announcement of the opening of the 62nd Damascus International Fair (Asharq Al-Awsat)

Syrian President Opens 62nd Damascus International Fair with Saudi Delegation Leading Ceremony

Syrian President Ahmad Al-Sharaa officially opened the 62nd Damascus International Fair on Wednesday, marking the first edition of the event since the fall of…

Asharq Al Awsat (Damascus)
Business Abdullah Al-Ruwais speaking to the audience during a panel session at the Franchise Forum (Asharq Al-Awsat) 

Financing Services Target Promising Sectors in Saudi Arabia’s Franchise Market

Franchising has emerged as one of the most dynamic engines of modern economies, playing a key role in diversifying income sources, creating jobs, and…

Bandar al-Mosalam (Riyadh)
Business The Saudi capital, Riyadh (Asharq Al-Awsat)

Saudi Arabia Launches Geographical Zones for White Land Fees to Regulate Riyadh’s Real Estate Market

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail has launched the geographical zones for the application of the White Land Fees…

Asharq Al Awsat (Riyadh)
Business A technician at the port of Tartus welcomes the first shipment of agricultural products after the lifting of western sanctions (X). 

First Shipment Arrives at Syria’s Tartus Port After Western Sanctions Relief

The General Authority for Land and Sea Ports announced on Wednesday the arrival of the first direct shipment of agricultural products from South America and…

Asharq Al Awsat (Damascus)
Business A previous meeting of the Council of Economic and Development Affairs, chaired by Saudi Crown Prince and Prime Minister Mohammed bin Salman (Asharq Al-Awsat)

Saudi Economic Affairs Council Reviews State Budget Performance

The Council of Economic and Development Affairs held a virtual meeting to review the periodic report presented by the Ministry of Economy and Planning, which…

Asharq Al Awsat (Jeddah)
Business People walk outside Red Square, with St. Basil's Cathedral and the Kremlin's Spasskaya Tower seen in the background, in central Moscow, Russia, August 7, 2025. REUTERS/Evgenia Novozhenina

Russia Slashes 2025 Economic Growth Forecast to 1.5%

Russia sees 2025 economic growth at 1.5%, one percentage point lower than the earlier official forecast, Finance Minister Anton Siluanov said at a Kremlin…

Asharq Al Awsat (Moscow)
Business Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with US Secretary of Energy Chris Wright. SPA

Saudi Industry Minister, US Energy Secretary Discuss Cooperation in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has held talks in the United States with US Secretary of Energy Chris Wright to discuss…

Asharq Al Awsat (Washington)
Business The Saudi capital, Riyadh (SPA)

Insurance Mergers Accelerate in Saudi Arabia, Redrawing the Competitive Landscape

Saudi Arabia’s insurance sector is witnessing a surge in mergers and restructuring, driven by rising operating costs, capital adequacy challenges, and…

Asharq Al Awsat (Riyadh)
Business Workers look for fabrics for dresses inside a store at a garment manufacturing unit in Noida, India, August 27, 2025. (Reuters)

Trump’s Doubling of Tariffs on Indian Imports Takes Effect, Hiking Tensions 

US President Donald Trump's doubling of tariffs on goods from India to as much as 50% took effect as scheduled on Wednesday, escalating tensions between the…

Business Lands in Saudi Arabia (SPA)

Saudi Arabia Approves New Expropriation Law Ensuring Fair Compensation, Supporting Vision 2030

In a significant step toward enhancing transparency and governance in the real estate sector, Saudi Arabia’s Cabinet has approved a new law regulating the…

Mohammed al-Mutairi (Riyadh)
Business Citizens ride past fallen trees in Sanya, south China's Hainan Province, 25 August 2025. EPA/XINHUA / ZHAO YINGQUAN

Transport Ministry: Extreme Rain in China Caused $2.2 Billion in Road Damage

Extreme rainfall across swathes of China caused over 16 billion yuan ($2.24 billion) in road damage, the transport ministry said on Wednesday, highlighting how…

Asharq Al Awsat
Business Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during one of his meetings. (SPA)

Saudi Industry Minister Advances Strategic Partnerships with US Industrial and Mining Leaders 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held on Tuesday a series of meetings with leaders of major American industrial and mining…

Business Russian President Vladimir Putin meets with Kherson Region Governor Vladimir Saldo (not pictured) at the Kremlin in Moscow, Russia, 26 August 2025. EPA/VYACHESLAV PROKOFYEV / SPUTNIK / KREMLIN POOL

Washington and Moscow: Secret Discussions on US Investments in Russian Energy Sector in Exchange for Peace

US and Russian government officials discussed several energy deals on the sidelines of negotiations this month that sought to achieve peace in Ukraine,…

Asharq Al Awsat (Moscow) Asharq Al Awsat (Washington)
Business Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/ File Photo

Gold Hits Two-week Peak after Trump Says He is Firing Fed Governor

Gold prices hit a more than two-week high on Tuesday after US President Donald Trump said he was removing Federal Reserve Governor Lisa Cook, a move seen by…

Asharq Al Awsat
Business Amaia Arranz-Otaegui, a University of Copenhagen postdoctoral researcher in archaeobotany, and Ali Shakaiteer, a local assistant to researchers working at an archeological site in the Black Desert in northeastern Jordan, are seen collecting wheat in this image provided July 16, 2018. - Reuters

Jordan Buys Estimated 60,000 Tons of Wheat in Tender, Traders Say

Jordan's state grains buyer purchased about 60,000 metric tons of hard milling wheat to be sourced from optional origins in an international tender on Tuesday,…

Asharq Al Awsat
Business Federal Reserve Governor Lisa Cook attends the Federal Reserve Bank of Kansas City's 2025 Jackson Hole economic symposium, "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy" in Jackson Hole, Wyoming, US, August 23, 2025. (Reuters)

World Shares Sink After Trump Escalates Feud with the Federal Reserve 

Shares sank Tuesday in Europe and Asia after President Donald Trump announced he was firing Federal Reserve Governor Lisa Cook. The announcement came after…

Business Prince Faisal bin Bandar bin Sultan, President of the Saudi Esports Federation. (SPA) 

Savvy Commits Major Investments to Boost Gaming Industry in Saudi Arabia  

Saudi Arabia is placing the gaming and esports sector at the heart of its economic transformation, allocating billions of dollars to build the Kingdom into a…

Abeer Hommadi (Riyadh)
Business Humain CEO Tareq Amin speaks during the launch event. (Turki Al-Aqaili) 

‘Humain Chat’ Powered by ‘Allam B34’: A Bridge for 400 Million Arabic Speakers  

In a technology landscape long dominated by Western models, Saudi Arabia has entered the global artificial intelligence (AI) race on its own terms. The launch…

Asharq Al Awsat (Riyadh)
Business FILED - 09 February 2023, Bavaria, Munich: Siemens logo can be seen in front of the company headquarters. Photo: Sven Hoppe/dpa

Syria's Energy Minister Discusses Investment Opportunities with Germany's Siemens

Syria's Energy Minister Mohamed al-Bashir on Monday discussed investment opportunities with a delegation from Germany's Siemens to improve energy…

Asharq Al Awsat
Business An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/ File Photo

Gold Inches Down from Two-week High on Dollar Strength

Gold ticked down on Monday as the dollar firmed, easing from a two-week high hit in the previous session after comments from US Federal Reserve Chair Jerome…

Asharq Al Awsat
Business US dollar, Euro, Chinese Yuan, Canadian dollar, Turkish Lira and Pound banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration

Dollar Edges Higher after Slump on Powell's Dovish Surprise

The dollar nudged higher against major currencies on Monday, stabilising after a steep fall last week that followed remarks from Federal Reserve Chair Jerome…

Asharq Al Awsat
Business A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/ File Photo

Oil Prices Edge up as Traders Weigh Supply Risks

Oil prices climbed on Monday as traders weighed concerns that Russian supply could be disrupted by more US sanctions and Ukrainian attacks targeting energy…

Asharq Al Awsat
Business In June 2025, non-oil exports, including re-exports, grew by 22.1% compared to the same month of the previous year. (SPA)

Saudi Arabia Reports Growth in Non-Oil Exports 

The General Authority for Statistics (GASTAT) released on Monday its International Merchandise Trade Statistics Bulletins for June and the second quarter of…