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 Egypt’s Zohr platform. (Egyptian Presidency)

Egypt Adds 4,100 Barrels of Oil per Day to Its Production Capacity

Egypt’s Petroleum Ministry on Monday announced it will add an estimated 4,100 barrels of oil equivalent per day (boe/d) to its production capacity. …

Asharq Al Awsat (Cairo)
Business Saudi Arabia’s PIF Tops Global Sovereign Wealth Funds in Brand Value for 2nd Consecutive Year

Saudi Arabia’s PIF Tops Global Sovereign Wealth Funds in Brand Value for 2nd Consecutive Year

Brand Finance, a leading global brand valuation consultancy, announced on Monday that Saudi Arabia’s Public Investment Fund (PIF) has once again topped the…

Business France's Prime Minister Francois Bayrou looks on at the Angers' castle during a visit in Angers, western France, on July 24, 2025. (AFP)

French PM Says EU-US Trade Deal an Act of ‘Submission’ and a Dark Day for Europe 

France called a framework trade deal between the United States and European Union a "dark day" for Europe, saying the bloc had caved in to US President Donald…

Business A US delegation including Treasury Secretary Scott Bessent (C) is set to meet a Chinese team led by Vice Premier He Lifeng in Stockholm, to pursue tariff talks. MARTIAL TREZZINI / FDFA/AFP/File

US-China Set to Meet with Extension of Tariff Pause on the Cards

Top economic officials from the United States and China are set to renew negotiations Monday -- with an extension of lower tariff levels on the cards -- as…

Asharq Al Awsat
Business stc pavilion at the LEAP 24 International Conference in Riyadh (Asharq Al-Awsat) 

Saudi stc Group Records Highest Six-Month Net Profit

Saudi Arabia’s telecom company, stc Group, announced on Sunday its highest-ever six-month revenues, reaching 38.66 billion Saudi riyals ($10.3 billion). Net…

Asharq Al Awsat (Riyadh)
Business Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Syrian Minister of Energy Mohammad al-Bashir meet in Riyadh on Sunday. (SPA)

Saudi Arabia, Syria Sign MoU on Energy Cooperation 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz received in Riyadh on Sunday Syrian Minister of Energy Mohammad al-Bashir. They explored…

Business The ACWA Power headquarters in Riyadh. (Asharq Al-Awsat)

ACWA Power Completes $1.9 Billion Rights Issue

Saudi Arabia's ACWA Power, the world’s largest private water desalination company, announced on Sunday the successful completion of its 7.125 billion Saudi…

Asharq Al Awsat (Riyadh)
Business 13 January 2023, Berlin: Mohammed Shia al-Sudani, prime minister of Iraq, makes remarks at a press conference after his talks with Chancellor Scholz at the Federal Chancellery. (dpa)

Iraq PM Inaugurates Gas Projects that Aid Plan to Stop Flaring

Iraqi Prime Minister Mohammed Shia al-Sudani has inaugurated two natural gas projects in Basra that will support Iraq's targets to eliminate gas flaring and…

Asharq Al Awsat
Business People look at models of residential projects at the Cityscape exhibition held in Riyadh. (SPA) 

Saudi Real Estate Development Sector Expands as Al Majdiah Prepares for IPO

Saudi Arabia’s booming real estate development sector continues to cement its role as a cornerstone of the national economy, driven by Vision 2030 reforms and…

Asharq Al Awsat (Riyadh)
Business People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya 

Moody’s Raises Türkiye’s Rating, Cites Improved Monetary Policy, Lower Inflation

Moody’s Investors Service on Friday raised Türkiye’s long-term debt rating one notch, from B1 to Ba3, citing an improved track record in monetary policy,…

Asharq Al Awsat (Ankara)
Business An LNG tanker passes boats along the coast of Singapore February 3, 2017. Picture taken February 3, 2017. REUTERS/Gloystein Henning/File Photo 

Qatar Threatened to Cut Gas Supplies to Europe

Qatar has threatened to cut gas supplies to the European Union in response to the bloc's due diligence law on forced labor and environmental damage, a letter…

Asharq Al Awsat (Brussels )
Business Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)

UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems

The United Arab Emirates and the Palestinian Authority signed on Friday a cooperation agreement aimed at strengthening joint efforts to combat money laundering…

Business  President of the European Commission Ursula von der Leyen speaks during a joint press conference with President of European Council Antonio Costa after the 25th EU-China summit in Beijing on July 24, 2025. (AFP)

Trump, EU Chief to Meet Sunday in Push for Trade Deal

EU chief Ursula von der Leyen and US President Donald Trump said Friday they would meet in Scotland this weekend in a decisive push to resolve a months-long…

Business The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)

Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

Fitch Ratings affirmed on Friday Saudi Arabia’s credit rating at "A+" with a Stable Outlook, according to a recent report. The agency stated that the rating…

Business  25 July 2025, US, Washington: US President Donald Trump speaks to the media before heading to Scotland this weekend for meetings and to play golf. (dpa)

Trump Says US May Not Have a Negotiated Trade Deal with Canada

The United States may not reach a negotiated trade deal with Canada, US President Donald Trump said on Friday, suggesting his administration could set a tariff…

Business US President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, DC, US, July 24, 2025. (Reuters)

Trump Suggests Fed May Be Ready to Lower Interest Rates

President Donald Trump said on Friday he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the US central…

Business The Syria-Saudi Investment Forum in Damascus (SANA) 

Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi…

Asharq Al Awsat (Damascus)
Business Miners works in the Al Amar gold mine, 200km (124 miles) southwest of Riyadh, May 28, 2008. (Reuters)

Saudi Industry Ministry: Record 144% Surge in New Mining Exploitation Licenses in H1 2025 

The Ministry of Industry and Mineral Resources announced on Thursday a significant rise in new mining exploitation licenses during the first half of 2025,…

Business The Syrian-Saudi Investment Forum kicked off in Damascus - SPA

Al-Falih: Syrian-Saudi Investment Forum Reflects Kingdom’s Strong Support for Syria’s Economic Growth

Under the patronage of Syrian President Ahmed al-Sharaa, the Syrian-Saudi Investment Forum kicked off on Thursday in Damascus, attended by various ministers…

Asharq Al Awsat
Business US dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Dollar Holds Steady after ECB Leaves Rates Alone, Tariffs and Fed in Focus

The dollar traded sideways against the euro on Thursday after the European Central Bank held rates steady, and was wedged between prospects for higher Japanese…

Asharq Al Awsat
Business European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo

EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach

The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs…

Asharq Al Awsat
Business Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)

Saudi Investment Delegation Concludes Visit to Syria with Deals Worth Nearly $6.4 Billion

Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the Kingdom's deepening ties with interim President Ahmed al-Sharaa's…

Business Investment Minister Khalid Al-Falih laid the foundation stone for the “'Fayhaa'” white cement factory in Adra Industrial City, northeast of Damascus (SANA)

Saudi-Syrian Investment Forum 2025 Aims for Lasting Economic Partnership

Saudi Arabia’s growing role in Syria’s post-war reconstruction took a major step on Thursday with the launch of the 2025 Saudi-Syrian Investment Forum in…

Muwafaq Mohammed
Business Iraqi Prime Minister Mohammed Shia al-Sudani attends a ceremony to launch the construction of a major seawater desalination plant, a project carried out by China's PowerChina in partnership with an Iraqi company, in Basra, Iraq, July 24, 2025. (Reuters)

Report: PowerChina Wins $4 Billion Contract for Iraqi Water Desalination Plant 

PowerChina has won a contract worth around $4 billion to build Iraq's first large-scale seawater desalination plant in the southern city of Basra, in…