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 KACST and Caltech have signed a new addendum to their existing Joint Center of Excellence in Earth and Space Science agreement

KACST, Caltech Sign Agreement to Strengthen Cooperation in Earth and Space Sciences

King Abdulaziz City for Science and Technology (KACST) and the California Institute of Technology (Caltech) have signed a new addendum to their existing Joint…

Asharq Al Awsat (Riyadh)
Business Syrian pounds are pictured inside an exchange currency shop in Azaz, Syria February 3, 2020. (Reuters)

Report: Syria Plans to Print Currency in UAE and Germany, Ending Russian Role

Syria plans to print a newly-designed currency in the UAE and Germany instead of Russia, three sources told Reuters, reflecting rapidly improving ties with…

Business FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo

World Bank Says Syria Arrears Cleared, Making Country Eligible for New Loans

The World Bank on Friday said it had cleared Syria's $15.5 million in outstanding debt after receiving payments from Saudi Arabia and Qatar, making the country…

Asharq Al Awsat
Business File photo of ADNOC logo - WAM

ADNOC Says UAE, US to Invest $440 billion in Energy Sector through 2035

The United States and the United Arab Emirates plan to spend a total of $440 billion in the energy sector over the next decade, Sultan al-Jaber, the UAE oil…

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 Heads for Weekly Gain but Remains under Supply Hike Pressure

Oil prices edged up on Friday, heading for a second consecutive weekly gain on easing US-China trade tensions, although the optimism was somewhat offset by…

Asharq Al Awsat
Business A 12.441 kg gold bar sits amongst one kilogram gold cast bars with 99.99% purity ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)

Gold Slips, Heads for Worst Week in Six Months on Easing Trade Tensions

Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary US-China trade…

Asharq Al Awsat
Business An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)

UN Forecasts Slower Global Economic Growth Following Trump’s Tariffs and Trade Tensions 

The United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in US tariffs and increasing…

Business The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)

Japan’s Economy Shrinks as US Tariff Hit Looms 

Japan's economy shrank for the first time in a year in the March quarter, data showed on Friday, underscoring the fragile nature of its recovery now under…

Business  Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 

Saudi Arabia’s PIF Announces New Leadership Appointments

Saudi Arabia’s Public Investment Fund (PIF) announced on Thursday a series of new leadership moves, including the appointment of Saad Alkroud as Head of the…

Asharq Al Awsat (Riyadh)
Business This rate positions the Kingdom among the G20 nations with the lowest inflation

GASTAT: Saudi Inflation Rate 2.3% in April

The annual inflation rate in Saudi Arabia reached 2.3% in April 2025, the General Authority for Statistics (GASTAT) said Thursday. This rate positions the…

Asharq Al Awsat (Riyadh)
Business Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo

Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Tech and investment heavyweights from Silicon Valley descended on the Saudi capital this week on a historic visit alongside US President Donald Trump, marking…

Abeer Hommadi (Riyadh)
Business Heads of companies investing in the energy fund (Asharq Al-Awsat)

Energy Fund to Boost Saudi-US Strategic Investments

A $5 billion energy investment fund was unveiled in Riyadh on Tuesday during the Saudi-US Investment Forum, held in conjunction with US President Donald Trump…

Fatehelrahman Yousif (Riyadh)
Business Photo shows President Trump and the Saudi Crown Prince with companies signing investment deals at the Saudi-US Investment Forum (Asharq Al-Awsat)

Experts Say US Partnership to Boost Saudi Economy to $2.6 Trillion

Saudi Arabia’s signing of a strategic economic partnership with the United States marks a major shift in the Kingdom’s economic trajectory and reinforces its…

Mohammed al-Mutairi (Riyadh)
Business FILE PHOTO: An EU flag flutters. Reuters

EU and US Have Agreed to Intensify Contact on Trade Talks

The EU and US have agreed to intensify talks on a possible trade agreement, EU Commissioner Maros Sefvocic said on Thursday. "Yesterday I had another…

Asharq Al Awsat
Business Alkhorayef spoke on Wednesday at the groundbreaking ceremony for the Hyundai plant at King Salman Automotive Cluster in King Abdullah Economic City in Jeddah. SPA

Alkhorayef: Saudi Arabia Making Confident Strides Toward Localizing Automotive Industry

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has said the Kingdom is making “confident strides” at an accelerated pace to localize the…

Asharq Al Awsat (Jeddah)
Business Under Monday's deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points. STR / AFP

China, US Slash Sweeping Tariffs in Trade War Climbdown

The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war…

Asharq Al Awsat
Business Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP

Stocks Drop as Fresh Trade News Awaited, Oil Down on Iran Hopes

Equities stuttered Thursday as investors await fresh developments in trade talks, with US partners looking to reach deals to avoid Donald Trump's tariff blitz,…

Asharq Al Awsat
Business (FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)

Aramco Signs 34 Deals with Major US Companies

Saudi Aramco said on Wednesday it had signed 34 preliminary deals with major US companies, potentially worth up to $90 billion in a push to deepen commercial…

Asharq Al Awsat (Riyadh)
Business People walk as simit, a traditional Turkish bagel, are displayed at a stall for sale at Eminonu district in Istanbul, Türkiye, April 23, 2025. (Reuters)

Türkiye Sees ‘Genuine’ Disinflation Prospects, Says Central Bank Deputy Governor 

Türkiye is facing genuine disinflation prospects, its deputy central bank governor said on Wednesday, adding that it was replenishing reserves following the…

Business Chinese President Xi Jinping meets with Colombian President Gustavo Petro at the Great Hall of the People in Beijing, China, 14 May 2025. (EPA /Xinhua / Huang Jingwen)

Colombia Joins Belt and Road Initiative as China Courts Latin America 

Colombia formally agreed on Wednesday to join China's vast Belt and Road infrastructure initiative, as Beijing draws Latin America closer in a bid to counter…

Business Saudi Investment Minister addresses audience in opening remarks at the Saudi-US Investment Forum 2025 (Asharq Al-Awsat)

Saudi Arabia, US Unveil Plans to Deepen Economic and Strategic Ties

Saudi Arabia and the United States announced efforts to strengthen economic relations and expand their growing strategic alliance through private-sector-led…

Abeer Hommadi (Riyadh)
Business Amin Hassan Nasser, CEO of oil giant Aramco speaks during the Saudi-US investment forum in Riyadh on May 13, 2025. (Photo by Fayez NURELDINE / AFP)

Aramco CEO: We Will Invest $3.4 Billion to Expand Refinery in US

Saudi Aramco CEO Amin Nasser said the company will invest $3.4 billion to expand its refinery in the US, a move that reflects Aramco’s commitment to…

Asharq Al Awsat (Riyadh)
Business F-15EX fighter jets. (Asharq Al-Awsat)

Boeing Aims to Help Build Advanced Saudi Military Industrial Base

Boeing has positioned its F-15EX fighter jet as a cornerstone of its strategy to support Saudi Arabia’s growing defense sector and ambitions for self-reliance…

Mosaed al-Zayani (Riyadh)
Business Crown Prince Mohammed bin Salman, Crown Prince and Prime Minister, and US President Donald Trump speak during a meeting at the Royal Palace in Riyadh, Saudi Arabia, Tuesday, May 13, 2025. (AP)

Saudi Arabia, US Commit to Deeper Economic Ties with Energy, Industry Deals as Trump Visits Riyadh

Saudi Arabia and the United States signed on Tuesday energy and industry agreements as President Donald Trump visited Riyadh where he was welcomed by Crown…