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 Minister of Industry and Advanced Technology, Sultan Al Jaber, speaks at the World Government Summit (Asharq Al-Awsat)

UAE Urges Major Course Correction in Climate Change

The UAE asserted the need to move from gradual steps to substantial progress and a quantum leap through partnerships, political will, and unified climate…

Asharq Al Awsat (Dubai)
Business The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)

Saudi: SEC Secures $2.6 Billion in Local Syndicated Facility Agreement

The Saudi Electricity Company signed with nine local banks a syndicated facility agreement valued at SAR 10 billion ($2.6 billion). The seven-year facility…

Asharq Al Awsat (Riyadh)
Business Global oil demand will rise this year by 2.32 million barrels per day, OPEC said. Reuters

OPEC Raises 2023 Oil Demand Growth View

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China's relaxation of COVID-19 restrictions. …

Asharq Al Awsat (London)
Business General view of Riyadh city in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri

GCC, South Korea Launch 7th Round of Trade Negotiations

The Seventh Round of the Free Trade Agreement negotiations between the Gulf Cooperation Council and South Korea was launched at the headquarters of the GCC in…

Business Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms.

Saudi Arabia's PIF Invests $1.3 Billion in 4 Local Construction Firms

Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms to support the sector tasked with spearheading…

Asharq Al Awsat
Business The opening session of the World Government Summit (WGS) in Dubai (Asharq Al-Awsat)

World Government Summit Discusses AI

The governments' adoption of Artificial Intelligence (AI) technologies has become inevitable, which is no longer an option, according to the UAE Minister of…

Mosaed al-Zayani (Dubai)
Business Saudi Investment Minister Khaled Al-Falih (Asharq Al-Awsat)

Saudi Invites Kuwaitis to Seize Giant Qualitative Investment Opportunities

Encouraging Kuwaiti investors to take advantage of investment opportunities and major qualitative projects in Saudi Arabia, Investment Minister Khaled Al-Falih…

Merza al-Khuwaldi (Riyadh)
Business EU commissioner for energy, Kadri Simson, speaks on Monday at the 6th edition of the Egypt Petroleum Show “EGYPS 2023” in Cairo (EPA)

Egypt Ships 80% of its Gas to Europe

Egypt shipped 80% of its liquefied natural gas (LNG) exports to Europe last year, the country’s petroleum minister, Tarek Al-Molla, said on Monday. Al-Molla…

Business Saudi Minister of Municipal, Rural Affairs and Housing Majed Al Hogail (Asharq Al-Awsat)

Saudi Arabia Allocates 100 Mln Sqm of Land to Reduce Real Estate Prices

Saudi Minister of Municipal, Rural Affairs and Housing Majed Al Hogail said that Crown Prince Mohammed bin Salman ordered allocating the residential sector…

Omar al-Badwi (Riyadh)
Business United Arab Emirates Energy Minister Suhail al-Mazrouei. (dpa)

UAE Energy Minister: Oil Market Is Balanced

There is no need for the OPEC+ group of oil-producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday,…

Asharq Al Awsat (Dubai)
Business The logo of CNPC (China National Petroleum Corporation) is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo

China's CNPC Set to Seal Mega Qatari LNG Deal

China National Petroleum Corp (CNPC) is close to finalizing a deal to buy liquefied natural gas (LNG) from QatarEnergy over nearly 30 years from the Middle…

Asharq Al Awsat (London)
Business Saudi Arabia continues to advance exploration of the mining sector and grant licenses to compete for exploration in the regions of the country. (SPA)

Pre-qualification Stage of Licensing for Five Exploration Sites Kicks off in Saudi Arabia

The Saudi Ministry of Industry and Mineral Resources announced on Sunday the launch of the pre-qualification stage for the tender of five metals exploration…

Asharq Al Awsat (Riyadh)
Business Ever Given, one of the world's largest container ships, sets sail to leave through Suez Canal after the canal authority reached a settlement with the vessel's owner and insurers, in Ismailia, Egypt, July 7, 2021. (Reuters)

Maersk Sues Evergreen over Suez Canal Blockage in Danish Court

Shipping group Maersk said on Monday it had filed a lawsuit against the owner and operator of container ship Ever Given, which blocked the Suez Canal for six…

Asharq Al Awsat
Business Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)

Saudi Forum to Attract Kuwaiti Investments

''Invest in Saudi Arabia Forum'' will kick off Monday in Kuwait within the framework of Saudi Investment Minister Khaled al-Falih's visit to the country. …

Asharq Al Awsat (Riyadh)
Business A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

OPEC Expects Demand to Reach Pre-pandemic Levels

OPEC Secretary General Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million…

Asharq Al Awsat (Cairo)
Business Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Egypt Says Plans 3 Tenders for Oil and Gas Exploration, Production in 2023

Egypt plans to offer three international tenders for oil and gas exploration and production in 2023, Petroleum Minister Tarek El Molla said on Sunday. …

Asharq Al Awsat
Business A Saudi farmer inspects the crops of his farm in the south of Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia Promotes 500 tons of Premium Coffee Beans

Saudi Arabia opened the 10th Saudi Coffee Festival, one of the major marketing outlets for premium coffee beans, referred to as Khawlani, in the Jazan region. …

Asharq Al Awsat (Jazan)
Business General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)

Dubai: World Government Summit Organizes ‘Shaping Future Governments: Global Universities Challenge’

The World Government Summit will be held in Dubai during the 13th -15th of February 2023 and is set to organize the ‘Shaping Future Governments: Global…

Asharq Al Awsat
Business Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE) (Asharq Al-Awsat)

CEO of SPIRE: Saudi Competencies to Meet Renewable Energy Company Needs

Eng. Majed Refae, the CEO of the Saudi Polytechnic Institute of Renewable Energy (SPIRE), said that work was underway with strategic partners to provide…

Bandar al-Mosalam (Riyadh)
Business The NHC has developed the new service using latest technologies and keeping pace with global trends. (Asharq Al-Awsat)

Saudi Housing Ministry Launches Kingdom’s First Metaverse Platform

The Ministry of Municipal, Rural Affairs and Housing announced the launching of Sakani Metaverse, the first platform of its kind in the Kingdom, in a step that…

Asharq Al Awsat (Riyadh)
Business The General Authority for Survey and Geospatial Information (GASGI) announced the launching of the National Geospatial Centre, at the LEAP 2023 conference, in Riyadh. (SPA)

LEAP 2023 Witnesses Launching of National Geospatial Center

Experts at the LEAP 2023 conference, which concluded on Thursday in Riyadh, stressed that the future of smart cities depended on technical solutions, modern…

Fatehelrahman Yousif (Riyadh)
Business Two Egyptian women shopping in a supermarket in Cairo, Egypt, December 1, 2019. REUTERS/Shokry Hussien/Files

Egypt’s Headline Inflation Surges to 25.8% In January amid Imports Delay

Egypt's annual urban consumer price inflation jumped to a higher-than-expected 25.8% in January, data from statistics agency CAPMAS showed on Thursday. …

Asharq Al Awsat
Business GASTAT issues a number of Industry-related statistical products, including the industrial production index (IPI). Asharq Al-Awsat

GASTAT: Industrial Production Index in Saudi Arabia Increased by 7.3% in December

The General Authority for Statistics (GASTAT) has issued the results of the industrial production index for December 2022, showing that IPI increased by 7.3%…

Business Moroccan prime minister with his Spanish counterpart (DPA)

Spain, Morocco Discuss Submarine Tunnel Project

The submarine tunnel project linking Morocco and Spain across the Strait of Gibraltar is back on the table of discussions between the two countries on the…

Asharq Al Awsat (Rabat)