Business

World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

Business People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)

World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

The World Bank on Friday projected that Lebanon's economy would contract by 6.4 percent this year, as the latest Israel-Hezbollah war derailed the country's…

Business Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui

Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisia's olive oil exports surged 55.3% to a record 368,000 metric tons in the first nine months of the 2025/26 season, bringing in $1.6 billion in export…

Asharq Al Awsat
Business South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

South African Rand Hits Strongest Level since Start of Iran War

The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold…

Asharq Al Awsat
Business FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin Jumps Further on US Crypto Policy Hopes

Bitcoin surged Friday on optimism over US cryptocurrency legislation and the US Treasury's surprise move to buy back more of its own bonds, which fueled a…

Asharq Al Awsat
Business FILE PHOTO: A salesman arranges gold bangles inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo

Gold Climbs to Near Three-month Peak after US Treasury Move

Gold prices hit a near three-month high on Friday, poised for a third straight weekly gain, supported by a softer dollar and the US Treasury's bond buyback…

Asharq Al Awsat

Business People are seen at an edition of the Digital Government Forum. (SPA)

Saudi Digital Government Authority Announces Rise in Digital Experience Maturity Index to 87.06% in 2026

Saudi Arabia’s Digital Government Authority (DGA) announced on Wednesday the results of the Digital Experience Maturity Index for 2026, which reached 87.06%,…

Asharq Al Awsat (Riyadh)
Business Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi announces the round of bidding on Wednesday. (Ministry of Petroleum and Mineral Resources)

Egypt Opens Bid for 14 Oil and Gas Concessions

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi announced on Wednesday the launch of the 2026 international bid round for crude oil and gas…

Asharq Al Awsat (Cairo)
Business File photo of the Saudi flag/AAWSAT

World Bank: Saudi Arabia Ranks Among Top 10 Global AI Investors

The World Bank has highlighted the role of the Kingdom of Saudi Arabia, represented by the Saudi Data and Artificial Intelligence Authority (SDAIA), in…

Asharq Al Awsat
Business  Riyadh, Saudi Arabia (SPA)

UN Convention Boosts Confidence in Saudi Arabia’s Cross-Border E-Commerce Transactions

Saudi Arabia’s Cabinet, chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz, has approved the Kingdom’s accession to the United Nations…

Bandar al-Mosalam (Riyadh)
Business FILE PHOTO: People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC)  in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo

OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

OPEC on Wednesday lowered its forecast for world oil demand growth in 2026 to 580,000 barrels per day, a copy of its monthly report showed, marking the fourth…

Asharq Al Awsat
Business Signage is seen at the Bank of America Tower in Manhattan, New York City, New York, US, November 2, 2022. (Reuters)

Bank of America Pledges $250 Billion for US Infrastructure Financing

Bank of America said on Wednesday it plans to deploy $250 billion by July 2027 to support US digital and infrastructure projects, a move it says will boost the…

Business Boats and a vessel in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026. (Reuters)

IEA Cuts 2026 Oil Demand Forecast Again as Hormuz Remains Shut

The International Energy Agency on Wednesday sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the…

Business A drone view of drilling rigs in Midland, Texas, US, June 11, 2025. (Reuters)

Oil Rises After Attacks on Ships in Hormuz, Bab el-Mandeb

Oil prices rose on Wednesday after attacks on two ships reinforced worries about disruptions to Middle East supplies, while industry data showing swelling…

Business A woman shops for food items from a wholesale retailer in Alhambra, California on August 11, 2026. (AFP)

US Consumer Prices Likely Increased Moderately in July as Gasoline Prices Eased

US consumer prices likely increased moderately in July, which could further reduce financial market expectations for the Federal Reserve to raise interest…

Business Residential units in Riyadh developed by Saudi Arabia’s Ministry of Municipalities and Housing. (SPA)

Riyadh Presses ahead with Housing Market Stabilization Through Real Estate Balance Measures

Riyadh’s housing market is entering a new phase with the opening of applications for the second year of the Real Estate Balance Program, reflecting the Saudi…

Bandar al-Mosalam (Riyadh)
Business An ADES offshore rig. (ADES)

ADES Resumes All Saudi Suspended Offshore Rigs

ADES Holding Company (ADES) said on Tuesday it has received resumption notices covering all of its temporarily suspended offshore drilling rigs in Saudi Arabia…

Asharq Al Awsat (Riyadh)
Business A view of Riyadh, Saudi Arabia. (SPA)

Riyadh to Host Global Logistics, Supply Chain Forums in November

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Saudi Arabia will host the second editions of the Global Logistics…

Business People are seen at the Riyadh Motor Show. (Riyadh Season)

Saudi Arabia Tightens Auto Dealer Obligations to Protect Consumers, Improve Ownership Experience

Saudi Arabia’s auto market is moving toward greater discipline and competition as the Ministry of Commerce steps up oversight of dealers, seeking to strengthen…

Asharq Al Awsat (Riyadh)
Business A group photo of Bank of Jordan officials following the inauguration ceremony for the bank’s first branch in Riyadh. (Asharq Al-Awsat)

Mega-Projects, Investment Flows Draw Bank of Jordan to Saudi Arabia

Saudi Arabia’s appeal extends beyond rising foreign investment and expanding mega-projects to the banking sector, where institutions see the economic…

Bandar al-Mosalam (Riyadh)
Business Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. (Reuters)

Gold Eases from Over Two-Month Peak, Inflation Reports in Focus

Gold ticked lower on Tuesday after hitting its highest level in more than two months, while investors focused on upcoming inflation data for clues on the U.S…

Business A truck carrying rare earth travels towards Lynas Corp's Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. REUTERS/Melanie Burton

Australia Ups Scrutiny of Chinese-Linked Rare Earths Investors

Australia's economy minister increased scrutiny on Monday of China-linked investors in a critical minerals project that are refusing orders to sell,…

Asharq Al Awsat (Sydney)
Business  The ACWA headquarters in the Saudi capital, Riyadh (Asharq Al-Awsat) 

Acwa Field Services Acquires EthosEnergy's Steam Turbine Business

Acwa Field Services, the field maintenance and technical services subsidiary of Saudi-listed Acwa, has acquired the steam turbine services business of…

Asharq Al Awsat (Riyadh)
Business Trump Media & Technology Company owns the Truth Social platform (Reuters)

As Trump Media Scraps Some Businesses, It's Doubling Down on Truth Social

The president's media company has tried its hand at a half-dozen new lines of business to lift its stock, but nothing has worked. Now it's getting back to…

Asharq Al Awsat
Business An oil vessel is visible in the Caribbean Sea at sunset during a nearby conference aimed at transitioning away from fossil fuels April 28, 2026, in Santa Marta, Colombia. (AP)

Oil Prices Rise Further as Hopes for Hormuz Deal Fade

Oil prices extended hefty gains Tuesday as hopes for a reopening of the Strait of Hormuz fade, fanning fresh inflation fears and ramping up bets on at least…

Asharq Al Awsat
Business Participants during a previous edition of the conference. (SPA)

Riyadh to Host 10th Future Investment Initiative Conference in October

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the tenth edition of the Future Investment Initiative (FII)…

Asharq Al Awsat (Riyadh)
Business Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq Raises September Basrah Medium Crude OSP to Asia

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes…

Asharq Al Awsat
Business Central Bank of Türkiye - File Photo/Reuters

Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday,…

Business FILE PHOTO: Workers move shipping containers at the Port Authority of New York and New Jersey in, Newark, New Jersey, US, September 30, 2024. REUTERS/Caitlin Ochs/File Photo

July US Container Imports Hit Fourth-highest on Record, Descartes Says

US imports of containerized goods in July hit the fourth-highest level for the month, as shippers rushed in goods ahead of unknown US tariff changes, supply…

Asharq Al Awsat
Business A fisherman travels on a boat with his family during low water levels on the River Nile with crowded residential buildings in the capital city of Cairo, Egypt, August 3, 2026. REUTERS/Amr Abdallah Dalsh

Egypt's Annual Urban Consumer Price Inflation Quickens to 14.9% in July

Egypt's annual urban consumer inflation accelerated to 14.9% in July from 14.3% in June, state statistics agency CAPMAS said on Monday. Nationwide annual…

Asharq Al Awsat (Cairo )