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 A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)

Lebanon Central Bank Signs Deal with US Risk Management Advisory Firm to Combat Illegal Activity

Lebanon's central bank signed an agreement on Monday with US risk management advisory firm K2 Integrity aimed at combating illegal activities and fraud,…

Asharq Al Awsat
Business Traders work at their desks on the floor of the Borsa Istanbul Stock Exchange, Istanbul, Türkiye, May 22, 2018. (AFP Photo)

Türkiye Orders Detention of Eight Suspects over Alleged Stock Market Manipulation

Turkish authorities have issued detention orders for eight suspects accused of manipulating stock prices on the Borsa Istanbul and causing financial losses to…

Asharq Al Awsat
Business European Commission President Ursula von der Leyen gives a speech during a plenary session at the European Parliament, in Strasbourg on July 9, 2025. (Photo by Jean-Christophe VERHAEGEN / AFP)

European Trade Ministers Meet to Forge Strategy after Surprise 30% Tariffs from Trump

European trade ministers are meeting in Brussels on Monday, following US President Donald Trump’s surprise announcement of 30% tariffs on the European Union. …

Asharq Al Awsat
Business A glimpse of Fintech 24 conference in Riyadh (SPA) 

Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

Saudi Arabia is rapidly establishing itself as a global center for billion-dollar startups, known as “unicorns,” by cultivating an innovation-driven…

Asharq Al Awsat (Riyadh)
Business A container ship arrives at the port in Lianyungang, in China's eastern Jiangsu province on July 14, 2025. (Photo by AFP)

China Exports Beat Forecasts in June after US Tariff Truce

China's exports rose more than expected in June, official data showed Monday, after Washington and Beijing agreed a tentative deal to lower swingeing tariffs…

Asharq Al Awsat
Business Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA

Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies, including ACWA Power and a subsidiary of oil giant Aramco, signed power purchase agreements on Sunday for clean energy projects with a…

Asharq Al Awsat (Riyadh)
Business European Commission President Ursula von der Leyen speaks during a joint press conference with Indonesian President Prabowo Subianto (not pictured) at the European Commission in Brussels, Belgium, 13 July 2025. EPA/OLIVIER MATTHYS

EU to Keep US Trade Countermeasures on Hold Until August

The EU will extend its suspension of countermeasures to US tariffs until early August as it aims for a negotiated solution on trade with the United States,…

Asharq Al Awsat
Business An aerial view shows solar panels installed on building rooftops in Damascus, Syria, Monday, June 30, 2025. (AP Photo/Ghaith Alsayed)

Syria Signs $800 Million Agreement with DP World to Bolster Ports Infrastructure

Syria's General Authority for Land and Sea Ports on Sunday signed a $800 million agreement with UAE's DP World to bolster Syrian ports infrastructure and…

Asharq Al Awsat
Business President Donald J. Trump speaks at a roundtable discussion at the Community Emergency Operations Center in Kerrville, Texas, Friday, July 11, 2025. (Ricardo B. Brazziell/Austin American-Statesman via AP)

Trump Announces 30% Tariffs Against EU, Mexico to begin August 1

President Donald Trump on Saturday announced he's levying tariffs of 30% against the European Union and Mexico. Trump announced the tariffs on two of the…

Asharq Al Awsat
Business A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Gazprom, CNPC Discuss Future Russian Gas Supplies to China

The heads of Russia's Gazprom and China's energy company CNPC discussed future Russian gas supplies to China during talks in Beijing, Gazprom said on Friday,…

Asharq Al Awsat
Business President Donald Trump speaks during a cabinet meeting at the White House, Tuesday, July 8, 2025, in Washington. (AP Photo/Evan Vucci)

White House Escalates Pressure Campaign on Federal Reserve by Targeting Its Headquarters Renovation

The White House is trying to turn the Federal Reserve into a poster child for wasteful spending, criticizing an expensive renovation at the central bank’s…

Asharq Al Awsat
Business A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

Oil prices rose by around 1% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while US…

Asharq Al Awsat
Business FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold Gains on Safe-haven Demand as Trump Expands Trade War

Gold prices rose for a third straight session on Friday, as US President Donald Trump's announcement of new tariffs on Canada and broader tariff threats…

Asharq Al Awsat
Business The Elizabeth Tower commonly known by the name of the clock's bell "Big Ben" is pictured before race boats from the E1 World Championship race across the River Thames, in central London on July 2, 2025. (Photo by Justin TALLIS / AFP)

UK Economy Shrinks 0.1% in May

Britain's economic output shrank by 0.1% in May, official data showed on Friday. Economists polled by Reuters had mostly forecast that gross domestic product…

Asharq Al Awsat (London)
Business US President Donald J Trump participates in a cabinet meeting in the Cabinet Room of the White House in Washington, DC, USA, 08 July 2025.  EPA/AARON SCHWARTZ / POOL

Trump Threatens Canada with 35 Percent Tariff Rate Starting Aug 1

Canada will face a 35 percent tariff on exports to the United States starting August 1, President Donald Trump said Thursday in a letter to Prime Minister Mark…

Asharq Al Awsat
Business FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo

Bitcoin Jumps to Record on Institutional Investor Demand

Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump's…

Asharq Al Awsat
Business Visitors and locals gather at the Mutrah Corniche in Muscat, Oman, April 11, 2025. (AP)

Moody’s Lifts Oman to Investment Grade, Citing Stronger Debt Metrics

Credit ratings agency Moody's upgraded Oman's long-term issuer and senior unsecured ratings to "Baa3" from "Ba1" on Thursday, citing expectations of continued…

Business An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)

Saudi-GCC Non-Oil Trade Surplus Achieves 203% Annual Growth

The non-oil trade surplus of Saudi Arabia with the Gulf Cooperation Council (GCC) countries recorded an annual growth rate of 203.2% to more than SAR2 billion…

Business A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo

Oil Edges Down amid Bearish Trump Tariff Outlook

Oil prices declined moderately on Thursday as investors weighed the potential impact of US President Donald Trump's tariffs on global economic growth. Brent…

Asharq Al Awsat
Business Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 

Saudi Energy Minister: Two Billion People Worldwide Suffer from Energy Shortages

Saudi Energy Minister Prince Abdulaziz bin Salman has warned that the global energy transition must not come at the expense of economic growth and the cost of…

Asharq Al Awsat (Vienna)
Business Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)

From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech

Saudi Arabia is leading a sweeping industrial transformation aimed at reshaping the national economy and securing a leading position in advanced sectors, the…

Asharq Al Awsat
Business Residential and commercial properties in Riyadh – Asharq Al-Awsat

New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed

Saudi Arabia has approved a new law allowing non-Saudis to own real estate across the Kingdom, a move officials say will stimulate foreign investment, increase…

Bandar al-Mosalam (Riyadh)
Business A Tawakkalna app events in Saudi Arabia (Asharq Al-Awsat)

Gulf States Accelerate Adoption of Unified Digital Government Platforms

Gulf governments are moving swiftly to leverage modern technology in reshaping citizen-government relations, with a strong push toward digital transformation…

Mosaed al-Zayani (Riyadh)
Business The headquarters of the Ministry of Industry and Mineral Resources (SPA)

Saudi Arabia Establishes Non-Profit Association of Medical Device Manufacturers

Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Tuesday the establishment of the Non-Profit Association of Medical Device Manufacturers,…

Asharq Al Awsat (Riyadh)