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 File photo of a police officer standing near a Moroccan national flag near the main stadium during preparations for the FIFA Club World Cup in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh

Moroccan Utility ONEE Granted $340 Million in Loans for Energy Transition

Moroccan water and power utility ONEE said it has been granted 300 million euros ($340 million) in loans from the European Investment Bank (EIB) and German…

Asharq Al Awsat
Business FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold Rises, Set for Weekly Gain as US Fiscal Woes Boost Appeal

Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States' worsening fiscal…

Asharq Al Awsat
Business FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil Slides Nearly 2% as Trump Recommends 50% EU Tariff

Oil prices dropped by nearly 2% on Friday and were set for their first weekly decline in three weeks after US President Donald Trump recommended a 50% tariff…

Asharq Al Awsat
Business A woman takes a photo near an “I Love Beirut” sign in downtown Beirut, Lebanon (Reuters)

Moody’s Affirms Lebanon’s “C” Rating Amid Deep Crisis, Fragile Reform Prospects

Moody’s Investors Service has reaffirmed Lebanon’s sovereign credit rating at “C,” underscoring the country’s entrenched economic, financial, and social crisis…

Asharq Al Awsat (Beirut)
Business A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)

Iraq Oil Ministry: US Firms’ Direct Deals with Kurdistan Violate Constitution 

Iraq’s Oil Ministry reaffirmed on Friday its commitment to working with US energy companies, but emphasized that cooperation must occur through the federal…

Business Minister of Economy and Planning Faisal Alibrahim speaks to attendees at the Saudi-Spanish Business Forum (Asharq Al-Awsat). 

Saudi Arabia, Spain Sign Business Deals to Boost Bilateral Investment

Saudi Arabia and Spain have signed four new private-sector agreements aimed at expanding bilateral investment and economic cooperation, as more than 300…

Asharq Al Awsat (Riyadh)
Business Canada's Finance Minister Francois-Philippe Champagne, center right, and Governor of the Bank of Canada Tiff Macklem, center left, pose for a family photo with their colleagues at the G7 Finance Ministers meeting in Banff, Alta., Wednesday, May 21, 2025. (Jeff McIntosh /The Canadian Press via AP)

G7 Glosses over Tariffs, Pledges to Cut Global Economic Imbalances 

Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to tackle "excessive…

Business US President Donald Trump speaks during a swearing-in ceremony for Paul Atkins as Chairman of the Securities and Exchange Commission in the Oval Office of the White House in Washington, DC, USA, on 22 April 2025. (EPA)

Trump Pushes EU to Cut Tariffs or Face Extra Duties

US President Donald Trump's trade negotiators are pushing the EU to make unilateral tariff reductions on US goods, saying without concessions the bloc will not…

Asharq Al Awsat
Business FILE - Saudi Aramco engineers walk in front of a gas turbine generator at Khurais oil field during a tour for journalists, outside of Riyadh, Saudi Arabia on June 28, 2021. (AP Photo/Amr Nabil, File)

Aramco Becomes 1st in the World to Operate Advanced Renewable Energy Storage System for Gas Operations

Saudi Aramco has achieved a world-first milestone by successfully operating a megawatt-scale renewable energy storage system to support gas production…

Asharq Al Awsat (Dhahran)
Business A woman picks a gold earring at a jewellery shop in the old quarters of Delhi, India, May 24, 2023. REUTERS/Anushree Fadnavis/ File Photo

Gold Prices Ease from Two-week High as Dollar Edges Higher

Gold slipped on Thursday after hitting a nearly two-week high earlier in the session, hurt by an uptick in the dollar, although worries over the US government…

Asharq Al Awsat
Business The crop is seen in a barley field at a farm near Moree, an inland town in New South Wales, Australia October 27, 2020. Picture taken October 27, 2020. REUTERS/Jonathan Barrett/File Photo

Jordan Tenders to Buy up to 120,000 Tons of Feed Barley, Traders Say

Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. …

Asharq Al Awsat
Business Turkish Central Bank Governor Fatih Karahan speaks during a press conference in Istanbul, Türkiye, May 22, 2025. REUTERS/Dilara Senkaya

Turkish Cenbank Keeps Inflation Forecast at 24%

Türkiye's central bank left its year-end inflation forecast unchanged at 24% on Thursday but Governor Fatih Karahan said it is ready to tighten policy if…

Asharq Al Awsat
Business An electrical appliance factory in Saudi Arabia (Asharq Al-Awsat)

Saudi Private Sector Employment of Nationals Rises 93% in Q1

Saudi Arabia’s Human Resources Development Fund (HRDF) announced a significant increase in the employment of Saudi nationals in the private sector, with 143…

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

South Korea to Prepare Support for Food Exporters to Weather US Tariffs

South Korea will prepare support measures for agricultural and food exporters, while closely monitoring the impact of US tariffs on the sector, the finance…

Asharq Al Awsat
Business FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil Extends Decline on Surprise US Inventory Builds

Oil prices fell for a third straight session on Thursday as unexpected increases in US crude and fuel inventories raised concerns about demand from the world's…

Asharq Al Awsat
Business King Khalid International Airport in Riyadh (Asharq Al-Awsat) 

Saudi Arabia Grants Civil Aviation Authority Financial Independence

The Saudi government has approved a new regulatory framework for the General Authority of Civil Aviation (GACA), granting it expanded powers to achieve…

Bandar al-Mosalam (Riyadh)
Business Gita Gopinath, IMF’s first deputy managing director (X) 

IMF Urges US to Curb Deficit, Tackle its ‘Ever-Increasing’ Debt Burden

A top IMF official has called on the US to reduce its fiscal deficit and tackle its “ever-increasing” debt burden at a time of rising concerns about President…

Asharq Al Awsat (Washington) Asharq Al Awsat
Business The MoU was signed on Wednesday by Saudi Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero in Riyadh. SPA

Saudi Arabia, Spain to Strengthen Cooperation and Diversify Economic Relations

The Saudi Ministry of Economy and Planning and the Spanish Ministry of Economy, Trade, and Business have signed a memorandum of understanding (MoU) to exchange…

Asharq Al Awsat (Riyadh)
Business The Saudi flag. Asharq Al-Awsat

Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

Saudi Arabia has secured second place among G20 countries in the UN International Telecommunication Union’s 2024 ICT Regulatory Tracker, marking a significant…

Asharq Al Awsat (Riyadh)
Business Qatar’s Prime Minister speaks at the opening of the Qatar Economic Forum. (AFP)

QEF Explores Gulf States’ Impact in Coming Decade

Qatar’s Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, has said US President Donald Trump’s recent visit to the Gulf…

Asharq Al Awsat (Doha)
Business Saudi Minister of Economy and Planning Faisal Alibrahim speaks at the Qatar Economic Forum. (Asharq Al-Awsat) 

Alibrahim: Saudi Arabia Adopting New Spending Approach that Balances Discipline, Boldness 

Saudi Arabia has adopted a more strategic spending approach that blends fiscal discipline with bold investment in key Vision 2030 initiatives, according to…

Asharq Al Awsat (Doha)
Business A shopper looks for items at the dairy section as she shops at a Checkers outlet in Johannesburg, South Africa, May 20, 2025. REUTERS/Siphiwe Sibeko

UK Inflation Hits 15-month High as Utility Bills Soar

Britain's annual inflation rate surged more than expected in April as energy and water bills rose sharply, official data showed on Wednesday. The Consumer…

Asharq Al Awsat (London)
Business The 31st regular session of the first year of the Shura Council’s ninth term (Asharq Al-Awsat)

Saudi Shura Council Calls for Metro Projects in Major Cities

The Saudi Shura Council has called on the Public Transport Authority to coordinate with relevant agencies to study the establishment of metro systems in the…

Asharq Al Awsat (Riyadh)
Business This file photo taken on October 17, 2017 shows excess flammable gasses burning from gas flares at the Havana oil field, west of the northern Iraqi city of Kirkuk. (AFP) 

US Energy Firms’ Deals with Iraqi Kurdistan ‘Null and Void’, Baghdad Says 

Iraqi Kurdistan announced deals worth $110 billion over their lifetime with US firms HKN Energy and WesternZagros on Tuesday, drawing swift opposition from…