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  Vehicles cross the Rhine bridge on the A48 highway with a view of the low water levels on the Rhine, near Bendorf, Germany, Sunday, Aug. 9, 2026, (Thomas Frey/dpa via AP)

Europe’s Extreme Heat Could Wipe Out EU Growth in 2026, Triodos Bank Says

The extreme ‌heat and drought affecting large parts of Europe this summer could erase much of the economic growth expected across the region, Dutch bank…

Business Prices hit their highest since June 17 on ‌Friday after weaker-than-expected US ‌jobs data. (Reuters)

Gold Drifts Lower from Seven-Week Peak, US Inflation Data Looms

Gold slipped on Monday as investors took profits after prices hit a seven-week high in the previous session, while markets looked to US inflation data for…

Business Hundred dollar bills are seen in Dallas on Jan. 22, 2020. (AP)

Dollar Climbs from Two-Month Trough as Oil Gains, Inflation Data Eyed

The US dollar inched higher from a two-month low against major currencies on Monday, as oil prices climbed due to a muddled Middle East outlook while investors…

Business FILE PHOTO: A drone view of drilling rigs in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo

Oil Rises as Iran Tempers Hopes for Swift Hormuz Reopening

Oil prices rose on Monday as uncertainty persisted over the reopening of the Strait of Hormuz, with Iran saying the United States must meet several conditions…

Asharq Al Awsat
Business Reception staff serving business owners at the Saudi Competitiveness and Business Center under its former name (Asharq Al-Awsat).

Saudi Business Sector Surges with 46,900 New Companies

The Saudi business environment has thrived during the first half of this year, with the establishment of 46,900 new companies, in a reflection of continued…

Asharq Al Awsat (Riyadh)
Business  Cyprus' Energy Minister Michael Damianos looks on during an interview with The Associated Press in Nicosia, Cyprus, on Aug. 7, 2026. (AP)

Cyprus Natural Gas to Supply Europe via Egypt by First Half of 2028

European consumers can expect natural gas from an undersea deposit off Cyprus to help meet their energy needs as early as March 2028, the island nation's…

Business Saudi Arabia's SAL Aims to Become an Integrated Logistics Platform with a Global Presence (Asharq Al-Awsat)

SAL Bets on International Expansion to Cement Saudi Arabia’s Position as a Global Logistics Hub

Omar Hariri, CEO of SAL Saudi Logistics Services, said the company is moving ahead with an expansion strategy aimed at transforming it into an integrated…

Mosaed al-Zayani (Riyadh)
Business Iraq's Oil Minister, Basim Mohammed Khudair speaks during a press conference in Baghdad, Iraq, Augaust 8, 2026. REUTERS/Thaier Al-Sudani

Iraq Oil Exports Fall to 1.75 Million Barrels Per Day

Iraq’s crude oil production currently stands at 2.75 million barrels per day (bpd), while crude exports this month have fallen to 1.75 million bpd, Oil…

Asharq Al Awsat (Baghdad)
Business King Abdullah Financial District (KAFD) in Riyadh (Company handout)

Saudi Arabia: Northeast Riyadh Plan Charts New Development, Investment Hub

The Royal Commission for Riyadh City has completed the initial master plan for northeast Riyadh, covering about 456 square kilometers and setting out a…

Dana Aldrees (Riyadh)
Business A drone view shows the Bahamas flagged LNG tanker Nohshu Maru sailing through the Panama Canal as it operates at top capacity, with the war in Iran boosting demand from owners and operators of liquefied natural gas vessels, in Gamboa City, Panama, March 24, 2026. REUTERS/Enea Lebrun/File Photo

Middle East Buyers Interested in LNG Cargoes from Canada, Pacific Energy Says

Buyers in the Middle East are looking to secure liquefied natural gas from Canada as a hedge against geopolitical turmoil, the president of the company that…

Asharq Al Awsat (London)
Business Night view of Kuwait City (Reuters)

Fitch Affirms Kuwait at 'Aa-', Outlook 'Stable'

Fitch Ratings has affirmed Kuwait's Long-Term Issuer Default Ratings (IDRs) at 'AA-' with a Stable Outlook. Kuwait's 'AA-' rating is supported by its…

Asharq Al Awsat (Kuwait)
Business New South Wales has some of the highest concentrations of scandium globally, the state government said. (EPA)

Pentagon to Invest $400Mln in Australian Rare Earth Mine

A remote Australian town will become a "cornerstone" of the Western supply of scandium, a rare earth needed for defense, planes and data centers, miner Sunrise…

Business  President Donald Trump speaks during a roundtable on the American mining industry, Friday, Aug. 7, 2026, at the State Department in Washington. (AP)

Trump Administration to Invest $3 Billion in Minerals Projects to Boost US Defense Supply Chains

The US government will invest $3 billion in critical minerals and battery projects as part of a push to increase domestic production and boost national…

Business A Saudia aircraft (Saudi Arabian Airlines Media Center)

Saudia Tops Global Airline Punctuality Rankings for Third Consecutive Time

Saudia has achieved a new milestone by ranking first among global airlines for on-time flight arrivals in July 2026, according to the monthly report by Cirium,…

Asharq Al Awsat
Business People walk on the sidewalk in midtown Manhattan in New York, New York, US, 06 August 2026. (EPA)

US Unexpectedly Loses Jobs in Blow to Trump Ahead of Midterms

The United States unexpectedly lost thousands of jobs in July, government data showed Friday, a blow to US President Donald Trump's claims of leading an…

Business People shop for fruits and vegetables at a street market in East London, Britain, 05 August 2026. EPA/TOLGA AKMEN

FAO: World Food Prices Hit 3-year High in July as Weather and War Weigh

World food prices rose in July to their highest in more than three years as adverse weather and war escalation in the Gulf and Black Sea supported crop markets…

Asharq Al Awsat
Business Gold necklaces are on display inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India April 18, 2018. (Reuters)

Gold Heads for Best Week Since January, US Jobs Data in Focus

Gold rose more than 1% on Friday and was set for its biggest weekly gain since January, helped by weaker oil prices, while investors awaited key US nonfarm…

Business  An AI-focused event in Saudi Arabia. (SPA)

Saudi Arabia Looks to Expand AI Base, Lead Data and Space Economy

Saudi Arabia is poised for a new phase of rapid expansion in artificial intelligence, driven by major investments in data centers and digital infrastructure…

Fatehelrahman Yousif (Riyadh)
Business A cyclist rides shortly after sunrise as an amber heat health alert comes into effect and after Britain’s Environment Agency declared seven areas of England to be in drought, in Richmond Park, London, Britain, August 3, 2026. REUTERS/Toby Melville

Prices in UK Housing Market Flat in July as Iran War Weighs

Britain's housing market slowed in July in both monthly and annual price rise terms as higher borrowing costs and uncertainty caused by the Iran war…

Asharq Al Awsat (London)
Business The scale of selling in oil markets appears somewhat excessive given the persistent high uncertainty in the Middle East (Reuters)

Oil Rises on Concerns over Strait of Hormuz Reopening Plans

Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz as Iran, working with Oman, suggested banning vessels deemed…

Asharq Al Awsat
Business Standard Chartered's headquarters in London (Reuters)

Standard Chartered: Saudi Arabia Poised to Become a Global Hub for Islamic Capital Flows

Standard Chartered has said that Saudi Arabia has the fundamentals needed to strengthen its position as a global hub for Islamic capital flows, driven by the…

Asharq Al Awsat (London)
Business A view of the skyline in Saudi Arabia’s capital, Riyadh (Digital Government Authority)

Saudi Arabia Uses New Tools to Rebalance Property Market

Saudi Arabia is adding a new regulatory tool to its real estate reform program as it moves to rebalance supply and demand, expand housing stock and draw more…

Asharq Al Awsat (Riyadh)
Business FILE PHOTO: Oil pumpjacks are pictured in an Ecopetrol oil field in Barrancabermeja, Colombia October 11, 2024. REUTERS/Nelson Bocanegra/File Photo

Oil Jumps $3 as Iran Reviews Bill to Ban US, Israeli Vessels from Hormuz

Oil prices rose by more than $3 a barrel on Thursday on news that an Iranian parliament committee is reviewing a bill that would ban US and Israeli vessels…

Asharq Al Awsat
Business SAMA Licenses Manasat Wasl for Finance Aggregation Services

SAMA Licenses Manasat Wasl for Finance Aggregation Services

The Saudi Central Bank (SAMA) licensed Manasat Wasl Company for Communications and Information Technology to provide finance aggregation services in Saudi…

Asharq Al Awsat