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 13 January 2023, Berlin: German Chancellor Olaf Scholz (R) and Prime minister of Iraq Mohammed Shia al-Sudani arrive for a press conference after their talks at the Chancellor's Office. (dpa)

Germany in Talks with Iraq over Possible Gas Imports 

Germany is in talks with Iraq over the possibility of importing natural gas from the oil-rich country, Chancellor Olaf Scholz said on Friday, as Berlin…

Asharq Al Awsat
Business The Future Minerals Forum witnessed the signing of major agreements to promote the mining industry. (Asharq Al-Awsat)

Jubail, Yanbu Sign $11.4-Billion-Worth Investment Agreements in Mining

The Royal Commission for Jubail and Yanbu (RCJY) - the two largest industrial cities in the Kingdom – have announced five agreements worth more than 43 billion…

Asharq Al Awsat (Riyadh)
Business The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)

Int'l Conference in Riyadh Upholds Roadmap to Support Smart Mining

The Future Minerals Forum, which concluded in Riyadh on Thursday, stressed the importance of adopting a road map to support smart mining, while reducing the…

Business International Monetary Fund headquarters in Washington D.C. (AFP)

IMF: Full Brunt of Financial Tightening Yet to Materialize

Countries have yet to see the full impact of tightening financial conditions, IMF chief Kristalina Georgieva said Thursday, warning that central banks have…

Asharq Al Awsat
Business The International Mining Conference is currently being held in Riyadh, with the participation of stakeholders from around the world and major international companies. (Asharq Al-Awsat) 

Int’l Mining Community Highlights Importance of Saudi Minerals in Meeting Global Demand

Officials and investors emphasized on Wednesday the importance to uncover the Kingdom’s mining wealth, given the gap the world faces in the need for minerals…

Bandar al-Mosalam (Riyadh)
Business Minister of Industry and Mineral Resources Bandar al-Khorayef speaking at the Future Minerals Forum in Riyadh (SPA)

Saudi Arabia Accelerates Transition to Clean Energy

The second edition of the Future Minerals Forum kicked off in Saudi Arabia under the patronage of the Custodian of the Two Holy Mosques, King Salman bin…

Fatehelrahman Yousif (Riyadh)
Business Egyptians buying fruits in Cairo market (EPA)

Egyptian Inflation Reaches Highest Level in 5Y, IMF Expects a Decline After 2Y

Egypt's annual urban consumer inflation rose sharply in December to 21.3 percent, its highest level in five years, according to Central Agency for Public…

Asharq Al Awsat (Cairo)
Business Energy Minister Prince Abdulaziz bin Salman speaks at the mining industry conference in Riyadh. (SPA)

Saudi Energy Minister: Kingdom Intends to Utilize its National Uranium Resources 

Saudi Arabia plans to use domestically-sourced uranium to build up its nuclear power industry, Energy Minister Prince Abdulaziz bin Salman said on Wednesday.  …

Asharq Al Awsat
Business People buy fruits and vegetables in Cairo, Egypt, 10 January 2023. (EPA)

Egypt's Pound Weakens to New Low of 30/USD 

Egypt's pound weakened on Wednesday to a new low of 30 against the US dollar after fluctuating in morning trading, Refinitiv data showed.  Egypt committed…

Asharq Al Awsat
Business More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial Roundtable hosted by Saudi Arabia's Ministry of Industry and Mineral Resources. (Asharq Al-Awsat)

60 States Agree to Transform Region into Major Bridge for Int’l Transition to Renewable Energy 

More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial…

Bandar al-Mosalam (Riyadh)
Business Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 

Saudi Arabia's Ma'aden Forms JV to Invest in Mining Assets Abroad 

Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, said on Wednesday it agreed to form a joint venture with the Kingdom's sovereign wealth fund to…

Asharq Al Awsat
Business Container cranes at a port in New Jersey appear behind the Statue of Liberty, Sunday, Nov. 20, 2022, in New York. (AP)

World Bank: Recession a Looming Threat for Global Economy 

The global economy will come “perilously close" to a recession this year, led by weaker growth in all the world's top economies — the United States, Europe and…

Asharq Al Awsat
Business Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)

Egypt to Benefit from Mining in the Golden Triangle

Egyptian Minister of Petroleum Tarek El-Molla has said that the development of the Golden Triangle region requires the participation of all sectors to attract…

Asharq Al Awsat (Cairo)
Business The cleaning tools that are made from feathers are displayed at a shop in the Toulon Quarter of Cairo, Egypt, November 30, 2021. REUTERS/Hayam Adel

Egypt's December Inflation Accelerates to Annual 21.3%

Egyptian annual urban consumer inflation in December rose to 21.3% from 18.7% in November, exceeding analyst expectations, data from the statistics agency…

Asharq Al Awsat
Business The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)

Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

Saudi Crown Prince and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday designating Diriyah as the fifth giga-project owned…

Bandar al-Mosalam (Riyadh)
Business Workers walk as oil pumps are seen in the background in the Uzen oil and gas field in the Mangistau Region of Kazakhstan November 13, 2021. REUTERS/Pavel Mikheyev

Oil Slips on Concerns Higher Interest Rates to Crimp Demand

Oil edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world's biggest oil user, will slow economic growth and…

Asharq Al Awsat
Business The Saudi economy is witnessing rapid growth, according to reports issued by international agencies (Asharq Al-Awsat)

Saudi Arabia Set to Become World’s Fastest-Growing Major Economy in 2023

Saudi Arabia is set to overtake India as the fastest-growing major economy in 2023 after the latter lost growth due to weak demand at home and abroad. The…

Asharq Al Awsat (Riyadh)
Business Qatar's traders look at share prices on an electronic display at the Doha Stock Exchange in Doha, Qatar January 8, 2020. REUTERS/Naseem Zeitoon

Qatar to Build Biggest Ethane Cracker Worth $6 Bln

QatarEnergy announced on Sunday the final investment decision on the $6 billion Ras Laffan Petrochemicals Complex with partner Chevron Pillips Chemical which…

Asharq Al Awsat (Doha)
Business Saudi Arabia is exerting international efforts to align the global mining sector with developments in energy, sustainability and development. (Asharq Al-Awsat) 

Riyadh to Host Int’l Conference on Future of Strategic Minerals 

Saudi Arabia will host on Tuesday a round-table meeting of ministers concerned with mining affairs, to discuss the means to build a conscious global mineral…

Asharq Al Awsat (Riyadh)
Business Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)

Kenya’s Trade Minister: Nairobi to Witness Qualitative Cooperation with Saudi Arabia

Kenya’s Minister of Trade and Industry Moses Kuria said that Africa, and his country in particular, would not allow its resources to be exploited in the US…

Fatehelrahman Yousif (Riyadh)
Business Saudi Arabia defines customs rules, conditions and procedures for establishing duty-free markets (Asharq Al-Awsat)

Saudi Sets Requirements for Establishment of Duty-Free Markets in Customs Ports

The Zakat, Tax and Customs Authority (ZATCA) set the customs measures and requirements for the establishment of duty-free markets, when necessary, at air, sea…

Asharq Al Awsat (Riyadh)
Business A Lebanese citizen searches in the garbage for what can be collected to sell and provide a source of livelihood for his family (EPA)

Int’l Report Ranks Beirut’s Quality of Life Among the ‘Worst’ in the World

Lebanon’s catastrophic decline has considerably impacted the quality of life in the Mediterranean nation. The capital, Beirut, ranked 240 from among 242…

Ali Zeineddine (Beirut)
Business The Saudi government issued several decisions and legislation to enable women to participate in all economic sectors (Asharq Al-Awsat)

Saudi Database to Boost Women Participation in Economic Sectors

Asharq Al-Awsat learned that the Council of Saudi Chambers intends to involve businesswomen in various economic sectors, issues, training and qualification…

Bandar al-Mosalam (Riyadh)
Business The ADNOC headquarters in Abu Dhabi. (WAM)

ADNOC Allocates $15 Bn to Low-Carbon Solutions

ADNOC allocated $15 billion for landmark decarbonization projects by 2030, including carbon capture, electrification, new CO2 absorption technology, and…

Asharq Al Awsat (Abu Dhabi)