Business

Iraq Oil Output Exceeds 5 million bpd

Business Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq Oil Output Exceeds 5 million bpd

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday. According to Reuters, Iraq…

Asharq Al Awsat
Business IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International…

Asharq Al Awsat
Business A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World Food Prices Dip in October, but Remain Higher Than a Year Ago

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6%…

Business Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper Falls, Set for Worst Week Since March on AI Rout

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets. Benchmark three…

Asharq Al Awsat
Business Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over…


Business Air balloons carrying tourists over Madain Saleh in AlUla, Saudi Arabia (Getty Images)

Saudi Arabia, Egypt, UAE Among Top Ten Destinations for Travelers

Domestic and international destinations are rising as travel recovered over the past two years, fueled by global leisure travel, changing global economic…

Asharq Al Awsat (Cairo)
Business Riyadh International Industry Week (Asharq Al-Awsat)

Int’l Companies Speed Opening Regional Headquarters in Riyadh

Several international companies intend to form alliances with their Saudi counterparts to expand investments and localize the production of goods for…

Bandar al-Mosalam (Riyadh)
Business Riyadh, Saudi Arabia (Asharq Al-Awsat)

SAMA: Financial System a Key Contributor to Saudi Economic Growth

The Saudi Central Bank (SAMA) has announced that the Kingdom’s economy experienced growth in 2022, despite global economic challenges. SAMA emphasized the…

Asharq Al Awsat ( Riyadh)
Business Yanbu Industrial Port - SPA

Saudi Port Authority to Establish $533 Million Fuel Center at Yanbu Port

The Saudi Port Authority (MAWANI) has announced plans to establish a 2 billion riyals ($533 million) center to supply ships with fuel at Yanbu Industrial Port …

Asharq Al Awsat
Business This achievement contributes to promoting economic growth, by reducing the time required for import and export. (Asharq Al-Awsat) 

Saudi Arabia Jumps to 16th Spot on UNCTAD Maritime Connectivity Index

Saudi Arabia jumped to rank 16 on the maritime connectivity index issued by the United Nations Conference on Trade and Development (UNCTAD) for the second…

Asharq Al Awsat (Riyadh)
Business Saudi Minister of Industry and Secretary General of the Gulf Cooperation Council attend one of the sessions of the Vision Golfe forum in Paris, on Tuesday. (Asharq Al-Awsat)

‘Vision Golfe’ Forum in Paris Calls for Comprehensive Partnerships

The first edition of the Vision Golfe forum – a two-day business event that highlights opportunities for commercial partnerships between the Gulf States and…

Michel Abou Najm (Paris)
Business Saudi Arabia’s progress in international indicators reflects the level of ambition and dedication it places on innovation (SPA)

Innovation: Saudi Arabia’s Choice for the Journey of the Future

Adopting science, technology, and innovation is no longer merely an option for governments and societies. It has become a developmental priority and a security…

Omar al-Badwi (Riyadh)
Business Significant participation at the recent Arab-Chinese Business Conference in Riyadh (Asharq Al-Awsat)

‘Riyadh Declaration’ Enriches Cooperation between China, Arab Countries

At the end of the 10th edition of the Arab-Chinese Business Conference, which took place in Riyadh on June 11-12, Saudi Arabia was effectively able to shift…

Bandar al-Mosalam (Riyadh)
Business GCC extraordinary ministerial meeting held virtually to support UAE’s hosting of COP28 (Asharq Al-Awsat)

GCC Nations Reaffirm Full Support for UAE’s Hosting of COP28

Gulf Cooperation Council (GCC) nations on Monday reaffirmed their full support for the United Arab Emirates’ hosting of COP28 at the end of this year. …

Asharq Al Awsat
Business Global oil demand this year will rise by 2.35 million barrels per day (bpd), or 2.4%, OPEC said. Reuters

OPEC Holds Oil Demand View Steady

OPEC left its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, though the producer group warned that the world economy faced…

Asharq Al Awsat (London)
Business Scheduled for completion by 2027, the wind and battery storage project will play a crucial role in decarbonizing Kazakhstan’s power generation. Photo: ACWA Power

Saudi Arabia’s ACWA Power Signs Wind Energy Project Deal in Kazakhstan

Saudi Arabia’s ACWA Power has signed a roadmap agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the country’s Investment Development Fund…

Asharq Al Awsat (Riyadh)
Business Saudi Arabia’s exports to the United States increased last year. SPA

Value of Saudi-US Trade Totals $34.7 Billion

Saudi Arabia’s exports to the United States increased last year, with the value of trade between the two countries totaling SAR130 billion ($34.7 billion),…

Heba El Koudsy (Washington)
Business Egypt’s Minister of International Cooperation, Dr. Rania Al-Mashat

Egyptian Minister: Electrical Interconnection with Saudi Arabia Enhances Energy Integration

Egypt’s Minister of International Cooperation, Dr. Rania Al-Mashat, announced the start of the electrical interconnection project between Egypt and Saudi…

Fatehelrahman Yousif (Riyadh)
Business  CEO of the Hong Kong Stock Exchange speaking to the audience during the panel discussion (Asharq Al-Awsat)

Saudi Arabia Identifies 3 Tracks to Achieve Arab-Chinese Industrial Integration

The Saudi government is working on three tracks to achieve the integration of the industrial economy between the Arab countries and China. Those include…

Bandar al-Mosalam (Riyadh)
Business Saudi Energy Minister Prince Abdulaziz bin Salman is interviewed by Dan Murphy at the Arab-Chinese Conference on Sunday. (Reuters)

In Riyadh, China Takes the Lead by Presenting Itself as an Alternative to the US

In front of a giant screen, with the 10th Arab and Chinese Businessmen Conference on display, Dan Murphy, the American CNBC anchor, interviewed Saudi Minister…

Abdulhadi Habtur (Riyadh)
Business One of the tourism projects planned in AlUla, Saudi Arabia. (SPA)

Tourism Sector Contributes to 4.45% of Saudi Arabia's GDP

Saudi Minister of Tourism Ahmed al-Khateeb announced that the tourism sector's contribution to Saudi Arabia's gross domestic product (GDP) reached 4.45 percent…

Asharq Al Awsat (Riyadh)
Business  Saudi Minister of Foreign Affairs Prince Faisal bin Farhan (Asharq Al-Awsat)

Saudi Arabia Launches Modern Silk Road to Promote Arab-Chinese Investments

Based on the Kingdom’s endeavor to exploit its geographical location to link the Arab world with China, Riyadh announced the launching a modern Silk Road to…

Bandar al-Mosalam (Riyadh)
Business Egyptian Minister of International Cooperation Rania al-Mashat speaks at a panel discussion at the 10th Arab-China Business Conference in Riyadh. (Asharq Al-Awsat)

Egyptian Minister of Cooperation: Govt Proposals are Open to All, Including China

Egyptian Minister of International Cooperation Rania al-Mashat said on Sunday government proposals are open to all countries, including China. Speaking at…

Asharq Al Awsat (Riyadh)
Business The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, US, April 27, 2020. (Reuters)

Oil Falls More Than 1% Ahead of US Federal Reserve Rate Decision 

Oil prices declined on Monday ahead of a US Federal Reserve meeting as investors tried to gauge the central bank's appetite for further rate hikes, while…

Business Saudi Energy Minister Prince Abdulaziz bin Salman during the 10th Arab-China Business Conference. (AFP)

Saudi Energy Minister Says Kingdom Working with All Countries

Saudi Energy Minister Prince Abdulaziz bin Salman said joint Saudi Chinese investments would be announced soon, noting that the Kingdom is open to working with…

Business Workshops on the sidelines of the Arab-China Business Conference (Asharq Al-Awsat)

$10 Bn Investment Deals Signed on Day 1 of Arab-China Business Conference

The 10th Arab-China Business Conference witnessed the signing of investment agreements worth more than $10 billion, including 30 deals in various sectors. …

Bandar al-Mosalam (Riyadh)
Business Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)

Saudi Energy Minister: I Don’t Have Crystal Ball to Predict Future of Oil Markets

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Sunday that he does not know what the future of the oil markets holds. “I don’t have a…

Business Saudi Minister of Investment Khaled Al-Falih (Asharq Al-Awsat)

Saudi Minister: One-Third of Arab World’s $3.5 Trillion GDP is in Saudi Arabia

Saudi Minister of Investment Khaled Al-Falih on Sunday said that the Kingdom is committed to linking the Arab world with China and expanding investments in the…

Bandar al-Mosalam (Riyadh)
Business Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah speaks during a news conference with Secretary of State Antony Blinken, not pictured, at the Intercontinental Hotel in Riyadh, Saudi Arabia, Thursday, June 8, 2023. (AP)

Saudi FM: Arab-China Business Conference Opportunity for Private Sector to Boost Investments

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah stressed on Sunday that the 10th Arab-China Business Conference is an opportunity for the private…