Business

50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

Business A neighborhood in the Saudi capital, Riyadh (SPA)

50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

Long-term real estate investment models are opening new opportunities for Saudi Arabia's private sector, as the Kingdom seeks to expand partnerships with…

Bandar al-Mosalam (Riyadh)
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 People fish on the Galata Bridge backdropped by the Suleymaniye Mosque during sunset in Istanbul, Türkiye, 28 May 2025. EPA/ERDEM SAHIN

Turkish Economy Grew 2.0% in Q1, Below Forecasts

Türkiye's economy expanded 2.0% in the first quarter of the year, below expectations, official data showed on Friday. First-quarter gross domestic product …

Asharq Al Awsat
Business People monitoring the performance of the Saudi stock market (Bloomberg) 

Saudi Banks Post Record-Breaking Profits in Q1 2025

Saudi banks achieved historic profits in the first quarter of 2025, recording their highest-ever quarterly earnings at $5.94 billion (SAR 22.26 billion). This…

Mohammed al-Mutairi (Riyadh)
Business A farmer stands in a wheat field, burned by fire, in Jendouba, Tunisia June 2, 2022. Picture taken June 2, 2022. REUTERS/Jihed Abidellaoui

Tunisian Minister Expects Grain Harvest Rising 64% to 1.8 million Metric Tons this Season

Tunisia’s grain harvest to rise to 1.8 million metric tons this season, Agriculture Minister Ezzedine Ben Cheikh said on Wednesday, up more than 64% from last…

Asharq Al Awsat
Business A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. Picture taken September 8, 2021. REUTERS/Yamam al Shaar/File Photo

Syria Signs $7 billion Power Deal with Qatar's UCC Holding-led Consortium

Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation…

Asharq Al Awsat
Business FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil Prices Advance as US Court Blocks Trump Tariffs

Oil prices rose on Thursday after a US court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new US sanctions…

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 Rebounds on Dip-buying, Focus Turns to US PCE Data

Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a US trade court blocked most of President…

Asharq Al Awsat
Business Logo of Saudi Arabia's ACWA Power

Saudi Arabia's ACWA Power Signs MoU to Develop Renewables Capacity in Malaysia

Saudi Arabia's ACWA Power said on Thursday it had signed a preliminary agreement to develop up to 12.5 gigawatts of renewable energy generating capacity in…

Asharq Al Awsat
Business Damascus Stock Exchange Headquarters (X) 

Damascus Stock Exchange to Reopen on June 2

Syrian Finance Minister Mohammad Yasar Barnieh announced that the Damascus Stock Exchange will reopen on Monday, June 2, following the completion of necessary…

Asharq Al Awsat (Damascus)
Business Damascus International Airport (SANA)

Saudi Arabia to Resume Direct Flights to Damascus Through National Airlines

Saudi Arabia is preparing to resume direct flights to Damascus through its national carriers Flynas and Flyadeal, signaling a renewed connection with the…

Bandar al-Mosalam (Riyadh)
Business Rowers get ready for a dragon boat race in Beijing, China, 29 May 2025. EPA/ANDRES MARTINEZ CASARES

China Grants Visa-Free Entry to All Gulf Nations

China will grant ordinary passport holders from Saudi Arabia, Oman, Kuwait and Bahrain visa-free entry into China up to 30 days from June 9, 2025. China has…

Asharq Al Awsat (Beijing) Asharq Al Awsat (Riyadh)
Business Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, launched HUMAIN earlier this month (SPA) 

HUMAIN’s CEO: We Will Launch $10 Billion Venture Capital Fund

HUMAIN, Saudi Arabia’s new AI start-up backed by the Public Investment Fund (PIF), will launch a $10 billion venture capital fund as part of the kingdom's…

Asharq Al Awsat (Riyadh)
Business FILE PHOTO: A 3D-printed miniature model depicting US President Donald Trump, US flag and word "Tariffs" in this illustration taken,  April 17, 2025. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

What Happens to Trump’s Tariffs Now that a Court Has Knocked them Down?

A federal court in New York handed President Donald Trump a big setback Wednesday, blocking his audacious plan to impose massive taxes on imports from almost…

Asharq Al Awsat
Business The Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee convened its fourth meeting today via video conference. (SPA)

Saudi-Chinese Joint Committee Meets to Advance Economic Cooperation

Saudi Minister of Finance Mohammed Al-Jadaan and his Chinese counterpart, Lan Fo’an, co-chaired the fourth meeting of the Financial Sub-Committee of the High…

Asharq Al Awsat
Business People walk by the building headquarters of OPEC (Organization of the Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria on May 28, 2025. (AFP)

OPEC+ Adopts Plan for 2027 Baselines

OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production. The 39th OPEC and non-OPEC Ministerial Meeting was…

Business Maldivian Minister of Fisheries and Marine Resources participates in a session at the Islamic Development Bank Group meetings in Algiers (Asharq Al-Awsat)

Saudi-Funded Fisheries Project Set to Boost Maldives’ Global Market Reach

The Maldives is preparing to launch a major fisheries development project focused on cold storage and export infrastructure with funding from the Saudi Fund…

Fatehelrahman Yousif (Algiers)
Business Prince Turki bin Talal, Governor of Aseer and Chairman of the Aseer Development Authority, speaks at the forum. (Asharq Al-Awsat)

Multi-Billion-Riyal Investments Position Aseer as a Rising Economic Power in Saudi Arabia

Southern Saudi Arabia’s Aseer region is fast emerging as a new economic powerhouse, fueled by multi-billion-riyal investments across diverse sectors. This…

Ayat Nour (Abha)
Business European Chamber president Jens Eskelund gives a presentation during a press conference in Beijing, China, 28 May 2025. EPA/JESSICA LEE

European Companies Cut Costs, Scale Back Investments in China as its Economy Slows

European companies are cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices, according to an…

Asharq Al Awsat
Business A view of Kuwait City. (Reuters file)

S&P Global Affirms Kuwait’s Rating at ‘A+’ with Stable Outlook

S&P Global affirmed on Tuesday Kuwait’s long-term credit rating at “A+” with a stable outlook, forecasting the country’s economy to grow 2% in 2025-2026. In…

Asharq Al Awsat (London)
Business The new community is a key milestone in ARDARA’s mission to develop integrated residential and tourism destinations that boosts the Aseer Region’s prominence on the national development landscape. (SPA)

ARDARA Unveils Details of First Lifestyle Community at AlWadi in Saudi Arabia 

Aseer Region Governor and ARDARA Chairman Prince Turki bin Talal bin Abdulaziz officially announced on Tuesday the launch of the first modern lifestyle…

Business General view of old Muscat, Oman. REUTERS/Christopher Pike/File Photo

Oman's First Quarter Budget Revenue Down Falls as Oil Income Drops

Oman's overall budget revenue fell 7% year-on-year to 2.635 billion Omani rials ($6.85 billion) in the first quarter of 2025 as oil revenue dropped, Oman's…

Asharq Al Awsat
Business One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File Photo

Gold Falls as Firmer Dollar Adds to Pressure of Softened US Trade Stance

Gold prices declined more than 1% on Tuesday as the dollar's reversal to trade higher added to the pressure on the safe-haven asset following US President…

Asharq Al Awsat
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 Prices Edge Lower Ahead of OPEC+ Meeting

Oil prices eased on Tuesday, on expectations OPEC+ will decide to increase output at a meeting later this week, while a decrease in trade tensions provided…

Asharq Al Awsat
Business Jafurah Gas Field in Saudi Arabia. (Saudi Aramco)

Wafra Oil Find Boosts Saudi, Kuwait Reserves and Global Energy Security

Saudi Arabia and Kuwait announced a new oil discovery on Tuesday in the divided zone between the two countries, marking the first such find since production…

Bandar al-Mosalam (Riyadh)
Business A man casts his line into the Bosphorus on a rainy day in Istanbul, Türkiye, Monday, May 26, 2025. (AP)

Turkish Cenbank Gross Reserves Rose $7.5 Bln Last Week, Traders and Data Say 

Türkiye's central bank continued to buy foreign currency last week, lifting its total reserves by $7.5 billion, bankers' calculations from data show on Tuesday…