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 The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Tasnee and Boeing to explore the potential investment. (Asharq Al-Awsat)

Saudi Arabia Signs Agreement to Develop Aviation-Grade Titanium Alloy Value Chains

The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Saudi Arabia’s Tasnee and Boeing to explore the potential investment…

Bandar al-Mosalam (Riyadh)
Business 
A man who sells souvenirs waits for customers in a market in commercial Eminonu, Istanbul. (AP)

Türkiye’s Trade Deficit Rises, Confidence Index Declines

Türkiye’s trade deficit continued to rise in January while the economic confidence index witnessed a sharp decline. Türkiye’s foreign trade deficit widened…

Saeed Abdulrazek (Ankara)
Business UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)

UAE Initiative on Sustainable Agricultural Practices Launched

An initiative on sustainable agricultural practices was launched in the UAE on Monday, following the success of the inaugural edition of the Greenhouse…

Asharq Al Awsat (Dubai)
Business Sudanese Customs Headquarters (Sudanese Customs Authority)

Sudan to Raise Import Duties on 130 Items

The Sudanese authorities have raised customs duties on 130 commodities, including gasoline and wheat, to cover the expected deficit in this year's budget. …

Mohammed Amin Yassin (Khartoum)
Business Saudi Minister of Environment, Water, and Agriculture Abdurrahman al-Fadhli at the inauguration of the Investment Forum in the Waste Management Sector (Asharq Al-Awsat)

Saudi Arabia Mobilizes Local, Int'l Investors to Convert Waste into Economic Value

Saudi Arabia hosted an “Investment Forum in the Waste Management Sector” with the participation of over 300 local international investors from 25 countries…

Asharq Al Awsat (Riyadh)
Business The World Bank said the initial rapid damage assessment for Türkiye of $34.2 billion was equivalent to about 4% of its economic output in 2021. Reuters

World Bank: Feb. 6 Quakes Caused $34.2 Bln in Damage in Türkiye

The two major earthquakes which hit Türkiye on Feb. 6 caused about $34.2 billion in direct physical damage, but total reconstruction and recovery costs facing…

Asharq Al Awsat (Washington)
Business The investments are distributed over 125 industrial contracts in 19 industrial cities

CEO of MODON: Textile Industry Investments Exceed SR4 Billion

The CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON), Eng. Majed Al-Argoubi, has revealed that the volume of industrial…

Business Commissioner of the New York City Mayor's Office for International Affairs Edward Mermelstein (Asharq Al-Awsat)

New York Looks Forward to Sharing Financial Expertise with Saudi PIF

Edward Mermelstein, the Commissioner of the New York City Mayor’s Office for International Affairs, revealed a common desire to maximize the financial…

Fatehelrahman Yousif (Riyadh)
Business Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce officials signing the agreement (Asharq Al-Awsat)

Saudi Arabia Develops a Global Integrated Logistics Park

Saudi Arabia aims to develop a global integrated logistics park in the al-Khumrah region, west of the Kingdom. The Saudi Ports Authority (Mawani) and Jeddah…

Business Jordan's Prime Minister Bishr al-Khasawneh, surrounded by ministers of Egypt, UAE, Jordan, and Bahrain at the signing ceremony in Amman (Asharq Al-Awsat)

UAE, Egypt, Jordan, Bahrain Sign $2 Bn Industrial Agreements

Egypt, the UAE, Jordan, and Bahrain signed 12 agreements and partnerships in nine integrated industrial projects with an investment value of more than $2…

Business Saudi Arabia aims to make entertainment a vital sector in diversifying sources of income (Asharq Al-Awsat)

Saudi Entertainment Authority Announces 1st Entertainment Business Accelerator

The Saudi General Entertainment Authority launched the Entertainment Business Accelerator program to encourage entrepreneurs interested in the rapidly growing…

Bandar al-Mosalam (Riyadh)
Business Douala port is one of the largest ports of Cameroon, which has excellent investment opportunities in infrastructure (Getty Images)

Saudi Arabia Supports Companies to Enter Cameroon, Togo Markets

The Saudi Ministry of Investment is currently working on listing all national companies interested in investing in Cameroon and Togo as part of its support for…

Bandar al-Mosalam (Riyadh)
Business G20 meeting of finance ministers and central bank governors in Bangalore, India (Reuters)

G20 Warns War Repercussions Exacerbate Global Economy Fragility

Finance ministers of the world's largest economies on Saturday strongly condemned Moscow's war on Ukraine, with only China and Russia refusing to sign a joint…

Business The deal will see Abraj build three drilling platforms in the Wafra oilfield in Kuwait. (Abraj)

Oman’s Abraj Signs Oil Drilling and Extraction Deal with Chevron, Kuwait Gulf Oil Company

Oman's Abraj Energy Services said on Saturday it had signed a five-year "strategic partnership deal" with Kuwait Gulf Oil Company and Saudi Arabian Chevron to…

Asharq Al Awsat
Business Saudi Arabia continues to attract investments in the food industry. (Asharq Al-Awsat)

MODON Signs Food and Beverage Agreements Worth $285 Million

The Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a number of agreements to localize the food and beverage industry in the Kingdom,…

Asharq Al Awsat (Riyadh)
Business World Bank President David Malpass speaks during an event about trade at the headquarters of the World Bank February 14, 2023, in Washington, DC. (AFP)

World Bank Promises ‘Concessionality’ in Debt Restructuring

The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the…

Asharq Al Awsat
Business A logo of Türkiye’s Central Bank (TCMB) is pictured at the entrance of the bank's headquarters in Ankara, Turkey April 19, 2015. REUTERS/Umit Bektas/File Photo

Türkiye’s Central Bank Cuts Interest Rate

Türkiye’s Central Bank (TCMB) decided on Thursday to reduce the policy rate (one-week repo auction rate) from 9 percent to 8.5 percent, after keeping it…

Saeed Abdulrazek (Ankara)
Business A general view of the 2023 International Defense Exhibition and Conference (IDEX), at Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, United Arab Emirates, February 22, 2023. (UAE Presidential Court/Handout via Reuters)

UAE Signs $599 Mln in Defense Contracts

The United Arab Emirates signed defense deals worth 2.2 billion dirhams ($599.00 million) on Friday, the fifth day of the International Defense Exhibition …

Asharq Al Awsat
Business Chief Economic Adviser at the Ministry of Economy and Planning Raja al-Marzoqi during the lecture (Asharq Al-Awsat)

Saudi Expert Calls to Face Int’l Threats with Economic Security Policies

Cybersecurity, which emerged with the industrial revolution and the transformation of the digital economy, has become the most dangerous threat to economic…

Business GKI ranked Saudi Arabia first in the percentage of the population using the internet and the rate of individuals with standard information and communications technology (ICT) skills (Asharq Al-Awsat)

Saudi Arabia Ranks 1st Internationally in Internet Usage

The Global Knowledge Index (GKI) 2022 ranked Saudi Arabia first in the population using the internet and in the percentage of individuals with standard…

Asharq Al Awsat (Dubai)
Business Part of the meeting between Saudi-based Tanmiah Food Company and US-based Tyson Foods, Inc. Asharq Al-Awsat

Tanmiah Food Company, Tyson Foods Strengthen Strategic Partnership at Saudi Event

Saudi-based Tanmiah Food Company and US-based Tyson Foods, Inc. met this week in Jeddah to recognize their strategic partnership made in 2022 including the…

Asharq Al Awsat
Business Lebanon's Central Bank Governor Riad Salameh. Reuters

Lebanon's Central Bank Governor Charged with Corruption in Final Months of Term

Beirut’s public prosecutor on Thursday charged the governor of Lebanon's Central Bank, Riad Salameh, his brother and an associate with corruption, Lebanese…

Asharq Al Awsat
Business Pump jacks operate at sunset in Midland, Texas, US, February 11, 2019. REUTERS/Nick Oxford

Oil Edges Up as Market Weighs Economy, Awaits Inventory Data

Oil prices edged up on Thursday, after Brent crude posted its biggest single-day loss in seven weeks the day before, as market players reassessed prospects for…

Business The Central Bank of Iraq has announced the launch of the electronic collection project for the Housing Fund.

Iraq to Allow Trade with China in Yuan

Iraq's central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access…

Asharq Al Awsat (Baghdad)