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 LEAP 23 Announces $580 Million Investment, Data Center, Two Tech Skills Academies

LEAP 23 Announces $580 Million Investment, Data Center, Two Tech Skills Academies

The LEAP23 Tech Conference, organized by the Saudi Ministry of Communications and Information Technology (MCIT), in cooperation with the Saudi Federation for…

Fatehelrahman Yousif (Riyadh)
Business Indian Prime Minister Narendra Modi during the India Energy Week 2023 in Bangalore (AFP)

India Says Gulf Countries Remain Major Oil Suppliers

India is the third largest oil consumer in the world and accounts for 30 percent of global consumption, announced Indian Energy Minister Hardeep Singh Puri. …

Asharq Al Awsat (London)
Business  Zakat, Tax and Customs Conference in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Shadow Economy in Saudi Arabia Touches 15%

Saudi Finance Minister and Chairman of the Zakat, Tax and Customs Authority (ZATCA) Mohammed Al-Jadaan – during a panel discussion held under the theme …

Omar al-Badwi (Riyadh)
Business Session on innovation and entrepreneurship during LEAP23 (SPA)

20 Omani Startups Present Projects in Leap23

Over 20 Omani startups presented their projects for a group of venture capital funds, Saudi investors, and crowdfunding platforms aiming to conclude investment…

Fatehelrahman Yousif (Riyadh)
Business Egyptians pass in front of an exchange office with a banner of foreign currencies (AP)

Moody's Drops Egypt's Rating to B3

Egypt's dollar-denominated government bonds fell after Moody's cut the country's credit rating from B2 to B3 late Tuesday. The agency changed its outlook…

Asharq Al Awsat (Cairo)
Business The government recorded the highest percentage of expenditure on research and development (SPA)

Saudi Arabia Spends $3.8 Billion on Research, Development

The total expenditure on research and development in Saudi Arabia reached SR14.5 billion ($3.8 billion) in 2021, the General Authority for Statistics (GASTAT)…

Asharq Al Awsat
Business The Gulf Cooperation Council Interconnection Authority (GCCIA) signs contract in Dammam to provide Iraq with electricity (Asharq Al-Awsat)

GCCIA Signs Contracts for Iraq Interconnection Project

The Gulf Cooperation Council Interconnection Authority (GCCIA) signed five contracts worth $220 million with the companies implementing the electricity…

Asharq Al Awsat (Dammam)
Business Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)

Saudi FDI Inflows Grow by 10.7% in 3rd Quarter 2022

The Saudi Ministry of Investment said on Tuesday that the foreign direct investment (FDI) inflows into Saudi Arabia rose 10.7% in the third quarter of 2022…

Asharq Al Awsat (Riyadh)
Business The second day of LEAP 2023 saw the launching of funds and programs to support the IT sector. (Asharq Al-Awsat)

Funds, Financing Portfolios Allocate $1 Billion for Saudi Emerging Technologies

Eight investment funds and programs allocated 3.7 billion riyals ($1 billion) to support Saudi Arabia’s IT sector. On the sidelines of the LEAP 2023…

Fatehelrahman Yousif (Riyadh)
Business Officials sign a tripartite agreement to form an advisory council for sustainable economic transformations, during the LEAP conference on Tuesday. (SPA)

Saudi Arabia Establishes 1st Council for Sustainable Economies Transformation

The King Abdulaziz City for Science and Technology (KACST), the Saudi Research, Development and Innovation Development Authority, and Microsoft Corporation…

Omar al-Badwi (Riyadh)
Business Laborers work next to electricity pylons in Mumbai, India, October 13, 2021. REUTERS/Francis Mascarenhas

IEA: Asia Set to Use Half of World's Electricity by 2025

Asia will for the first time use half of the world’s electricity by 2025, even as Africa continues to consume far less than its share of the global population,…

Asharq Al Awsat
Business Illustration shows Qatar flag and natural gas pipeline. Reuters

India Seeks More LNG Under Qatar Deal

Petronet LNG, India's top gas importer, will seek up to 1 million tons per annum (mtpa) of liquefied natural gas (LNG) when it renews its long-term deal with…

Asharq Al Awsat (London)
Business Prince Mohammed bin Salman, Crown Prince an Prime Minister, during a cabinet meeting in Riyadh on Tuesday. (SPA)

Saudi Crown Prince Chairs Meeting of Council of Economic and Development Affairs

Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, chaired a meeting for the council on…

Asharq Al Awsat
Business The LEAP 2023 conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)

Saudi Arabia Seeks to Promote 4th Industrial Revolution Technologies to Raise Productivity

Saudi ministers have revealed the Kingdom’s determination to harness technology in diversifying the economy, with the launching of new investments and…

Omar al-Badwi (Riyadh)
Business An MoU was signed on Monday between the Ministries of Energy and Communications and Information Technology, and Dawiyat Integrated Communications and Information Technology Company. (SPA)

Saudi Govt Agencies Reveal Products, Programs for Digital Transformation

The first day of the LEAP 2023 conference in Riyadh on Monday witnessed a number of agreements and the launch of a package of platforms and digital products to…

Asharq Al Awsat (Riyadh)
Business Eng. Abdullah Alsawaha, Saudi Minister of Communications and Information Technology, delivers a keynote speech at the event. (Asharq Al-Awsat)

Saudi Arabia Unveils Investments Exceeding $9 Billion with Launch of LEAP 2023

With the launch of the LEAP Tech 2023 conference - the largest global gathering for technology and digitization developments – on Monday in Riyadh, Saudi…

Fatehelrahman Yousif (Riyadh)
Business The signing ceremony of 22 performance agreements (WAM)

UAE's Foreign Trade Reaches $599 Bn in 2022

The UAE's foreign trade reached $599 billion in 2022, a growth of 17 percent, announced Vice President, Prime Minister and Dubai Ruler Sheikh Mohammed bin…

Business A view shows branded oil tanks at the Saudi Aramco oil facility in Saudi Arabia (File photo: Reuters)

Saudi Arabia Increases Price for Arab Light Crude to Asia

Saudi Arabia, the world's top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid an expectation of oil…

Asharq Al Awsat (London)
Business An oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann/File Photo

Oil Rises on China Outlook, Supply Worries after Türkiye Quake

Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the…

Asharq Al Awsat
Business Aramco President and CEO, Amin Nasser, addresses the second edition of LEAP in Riyadh, Saudi Arabia. (Aramco)

Aramco Announces Strategic Partnership with Zoom, Increase in Funding for Wa’ed Ventures

Saudi Aramco announced on Monday a strategic partnership with Zoom and an increase in funding for Wa’ed Ventures. The announcements were made at the second…

Asharq Al Awsat
Business UAE’s Minister of Cabinet Affairs Mohammad bin Abdullah Al Gergawi (WAM)

World Government Summit 2023 to Kick Off Next Week in Dubai

The World Government Summit (WGS) 2023 will be held in Dubai from 13 to 15 February, under the slogan “Shaping Future Governments.” The 10th edition of the WGS…

Asharq Al Awsat (Dubai)
Business Riyadh hosts the largest global gathering to review technology developments (Asharq Al-Awsat)

Riyadh Hosts Major Int’l Tech Gathering to Predict Future of Global Technology

Saudi Arabia’s capital Riyadh is hosting the second edition of a major technology conference known as LEAP. From Feb. 6 to 9, tech innovators and leading…

Fatehelrahman Yousif (Riyadh)
Business  Saudi Arabia is increasing exploration of mining sites as part of the mineral wealth exploitation project across the Kingdom. (Asharq Al-Awsat)

Saudi Corporate Confidence at Highest Rate in Two Years

The level of confidence among companies in the non-oil-producing private sector in Saudi Arabia rose to its highest rate in two years during January, according…

Asharq Al Awsat (Riyadh)
Business The Saudi Energy Minister presenting the Energy Excellence Awards (Asharq Al-Awsat)

IAEE Conference Discusses Opportunities for Advancing ‘Hydrogen Economy’

Hosted for the first time in the MENA region, the 44th International Association for Energy Economics (IAEE) Conference in Riyadh reviewed the risks of…

Fatehelrahman Yousif (Riyadh)