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 Pump Jacks are seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson

Oil Rebounds on Optimism over China's Revamp of COVID Protocols

Oil prices rebounded on Thursday amid optimism over China's easing of anti-COVID measures, recouping losses after slumping to the lowest levels so far this…

Asharq Al Awsat
Business The agreements were signed on Wednesday in the presence of the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and representatives of government agencies. SPA

Saudi and Chinese Companies Sign 34 Investment Agreements

Saudi and Chinese companies have signed 34 investment agreements within the framework of the visit of Chinese President Xi Jinping to the Kingdom. The…

Asharq Al Awsat
Business Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)

Officials Call for Exploiting Petrochemical Sector to Achieve Circular Energy Goals

Saudi Minister of Energy Prince Abdulaziz bin Salman described the Arab Gulf countries as a land of opportunities and ambitions, stressing the role of young…

Asharq Al Awsat (Riyadh)
Business The surplus from the country’s general budget would be directed to boost government reserves and support national funds. (SPA)

Saudi Budget Expected to Reveal Shift from Deficit to Surplus for First Time in 8 Years

The Saudi cabinet is expected to approve the news state budget on Wednesday.  Experts told Asharq Al-Awsat the budget would reflect the start of a new…

Bandar al-Mosalam (Riyadh)
Business A pedestrian walks past a stock indicator displaying the Nikkei 225 of the Tokyo Stock Exchange (C, top) and other world stock markets in Tokyo on 16 August 2021. AFP

Asian Equities, Oil Prices Dragged by Recession Fears

Asian investors extended a sell-off across global markets Wednesday while oil held losses on growing fears Federal Reserve monetary tightening will tip the US…

Asharq Al Awsat
Business Construction workers in an industrial area near the Suez Canal (Reuters)

Egypt Private Sector Shrinks after Currency Devaluation

Egypt's purchasing managers' index (PMI) declined significantly, from 47.7 points in October to 45.4 points last November, to record the second-lowest reading…

Asharq Al Awsat (Cairo)
Business Aramco's Ras Tanura oil refinery and station (Reuters) 

Saudi Aramco Drops January's Arab Light Prices for Asia 

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low.  …

Asharq Al Awsat (London)
Business Shun Tai crude oil tanker is seen anchored at the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. (Reuters)

Oil Prices Climb after Russian Crude Sanctions Kick in

Oil rebounded on Tuesday after plunging by more than 3% in the previous session, as the implementation of sanctions on Russian seaborne crude oil eased…

Asharq Al Awsat
Business Saudi banks for the need to provide new financing liquidity to meet the needs of the lending market in the Saudi economy (AFP)

Interest Rates Put Pressure on Lending, Limit the Liquidity of the Saudi Financial Market

Financial specialists attributed features of liquidity scarcity in the Saudi financial and banking sector to the effects of raising interest rates and…

Asharq Al Awsat (Riyadh)
Business Saudi Arabia is seeking to localize various industries, which will reflect positively on the country’s gross domestic product. (Asharq Al-Awsat)

176 Industries Localized in Saudi Arabia with Investments Exceeding $34 Billion

The Saudi Local Content Coordination Council revealed that the value of opportunities that were developed and launched in the Kingdom during the past year,…

Asharq Al Awsat (Riyadh)
Business Officials at the signing ceremony of the new Jindal Shaheed manufacturing facility. (ONA)

Oman's Jindal Shadeed to Invest $3 Bn to Produce Green Steel at Duqm Port

Jindal Shadeed Group announced that it selected Oman's Special Economic Zone at Duqm (SEZAD) to establish a manufacturing facility, slated to be the largest of…

Asharq Al Awsat (Muscat)
Business The Sindalah Island. The Crown Prince announced the development of the island. (SPA)

Saudi Crown Prince Announces Development of Sindalah Island, First Sea Destination in NEOM

Saudi Crown Prince and Prime Minister Mohammed bin Salman, the Chairman of the NEOM Company Board of Directors, has announced the development of Sindalah, the…

Asharq Al Awsat (Neom)
Business King Mohammed VI presides over the presentation of the green investment program of the Cherif Phosphate Office. (MAP)

Morocco Launches $13 Bn Green Investment for Phosphate Complex

The Moroccan government signed a Memorandum of Understanding with the Cherif Phosphate Office (OCP) related to the new "green investment program." King…

Asharq Al Awsat (Rabat)
Business A night view of Riyadh, Saudi Arabia. (AFP)

Saudi Exchange Launches Market-Making Framework

Saudi Arabia's stock exchange said on Sunday it was launching a market-making framework for its stock and derivatives markets to help ensure liquidity and…

Asharq Al Awsat
Business The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, on March 3, 2022. (AP)

OPEC+ Keeps Steady Policy

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday.  The Participating Countries reiterated their readiness to meet at any time and take…

Asharq Al Awsat
Business An OPEC flag is seen on the day of OPEC+ meeting in Vienna in Vienna, Austria October 5, 2022. (Reuters)

Iraq: OPEC Members Committed to Agreed Production Rates

Iraqi oil minister Hayan Abdel-Ghani stressed OPEC members are committed to the agreed production rates until the end of 2023, a ministry statement said on…

Asharq Al Awsat (London)
Business The Emir of the Aseer region speaks during the launch of the Aseer Investment Forum in southern Saudi Arabia. (Asharq Al-Awsat)

Saudi Arabia Launches Largest Forum to Promote Development Investment

The Aseer Investment Forum kicked off on Saturday in southern Saudi Arabia, to promote investments and highlight the opportunities available in this particular…

Business The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. (Reuters)

Saudi Aramco’s Luberef Expects to Raise up to $1.32 Bln from IPO 

Saudi oil giant Aramco's base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if…

Asharq Al Awsat
Business World Food Price Index Remains Stable in November

World Food Price Index Remains Stable in November

The United Nations food agency's global price index remained stable in November amid decline in international prices of cereals, meat and dairy products driven…

Asharq Al Awsat (Rome)
Business European Union flags fly outside the European Commission headquarters in Brussels (Reuters)

EU Agrees to Cap Russian Oil at $60 per Barrel

European countries agreed to cap Russian oil price at $60 per barrel to further weaken Moscow's ability to finance its war in Ukraine. With this…

Asharq Al Awsat (Brussels)
Business A huge ministerial presence of leaders of the global tourism sector during the World Travel & Tourism Council (WTTC) Global Summit in Riyadh (Asharq Al-Awsat)

Lisbon, Riyadh to Promote Integrated Tourism Sector Partnership

Rita Marques, secretary of state for Tourism of Portugal, revealed that her country is eyeing the conclusion of an agreement with Saudi Arabia in the field of…

Fatehelrahman Yousif (Riyadh)
Business Meeting with the French companies at the Federation of Saudi Chambers (SPA)

French Companies Eye Investment Opportunities in Saudi Security, Defense

Federation of Saudi Chambers hosted a delegation of 18 French companies specialized in security and defense-related fields to discuss cooperation, partnership,…

Business Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors. (Public Investment Fund)

Saudi Arabia’s PIF Establishes Aseer Investment Company

The Saudi Public Investment Fund announced on Thursday the establishment of Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region…

Asharq Al Awsat (Riyadh)
Business Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Saleh Al-Mudaifer (Asharq Al-Awsat)

7.3 Billion Tons of Potential Phosphate Reserves in Saudi Arabia

The world will need to increase the production of some types of minerals by 500% to meet the future demand for clean energy, according to Saudi Vice Minister…

Asharq Al Awsat (London)