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 Egyptian Prime Minister Mostafa Madbouly with a group of tourist investors in Sharm El-Sheikh (Asharq Al-Awsat)

Egypt Targets $30 Bln Revenues from Tourism Sector

Egyptian Prime Minister Mostafa Madbouly has asked the private sector and investors to develop a detailed executive plan for the state to increase tourism…

Asharq Al Awsat (Cairo)
Business The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth

EBRD to Help Fund Transition from Gas to Wind Power in Egypt

The European Bank for Reconstruction and Development (EBRD) will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from…

Asharq Al Awsat
Business Pumpjacks are seen in Germany. Reuters file photo

Oil Prices Drop amid China COVID Curbs, Possible Rate Hikes

Oil prices fell on Monday with the global fuel demand outlook overshadowed by COVID-19 restrictions in China and the potential for further interest rate hikes…

Asharq Al Awsat
Business More than 75 million hotel nights were booked in all the seven United Arab Emirates in 2021. (Asharq Al-Awsat)

UAE H1 Tourism Revenues Top $5 bln, Says Vice President

The United Arab Emirates' tourism revenues were 19 billion dirhams ($5.17 billion) in the first half of 2022, its vice president said on Sunday in a tweet. …

Asharq Al Awsat
Business Steve Harper, Executive Director of International Business at Invest Northern Ireland. (Asharq Al-Awsat)

Northern Ireland to Cooperate with Saudi Arabia in Raising Rates of Landfill Diversion, Recycling

Ireland underlined its commitment to support the growing technological innovation in Saudi Arabia. Steve Harper, Executive Director of International Business…

Fatehelrahman Yousif (Riyadh)
Business US Commerce Secretary Gina Raimondo speaks during the Welcome Breakfast at the Indo-Pacific Economic Ministerial in Los Angeles, California, on September 8, 2022. (AFP)

US, Asian Alliance Agree on 4 Economic Sectors to Counter China

The United States and a group of Asian allies on Friday agreed on a set of negotiating targets, as Washington looks to offer an alternative to the economic…

Asharq Al Awsat (London)
Business The Saudi industrial sector is witnessing an increase in the number of licenses and investments (Asharq Al-Awsat)

Saudi Industry, Construction Sectors Conclude Contracts Worth at Least $2b

Saudi Arabia's industrial and construction sectors are concluding agreements and contracts worth over $2 billion, according to the Ministry of Industry and…

Asharq Al Awsat (Riyadh)
Business Egypt's Forum for International Cooperation and Development Finance (Asharq Al-Awsat)

Egypt Opens Door to Local, Foreign Investments

Egypt's robust infrastructure and supportive political will that supports the private sector has opened its doors to local and foreign investments to achieve…

Asharq Al Awsat (Cairo)
Business The new line extends from the borders of Saudi Arabia to the port of Fujairah, on the eastern coast, passing through key manufacturing hubs and urban centers. (WAM)

UAE's Etihad Rail Connects Vital Freight Terminal to Network’s Main Line

UAE's Etihad Rail said it successfully completed the connection process between the railway freight terminal at the Industrial City of Abu Dhabi (ICAD), the…

Asharq Al Awsat
Business The agreement showcases the UAE’s commitment to progressive and pragmatic climate action

Landmark UAE Gas Sales Agreement Signed between ADNOC, DUSUP

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, have witnessed…

Asharq Al Awsat (Abu Dhabi)
Business File photo of a police officer standing near a Moroccan national flag. REUTERS/Amr Abdallah Dalsh

Morocco Plans $213 Million Farming Project in Western Sahara

Morocco is seeking investors for a $213 million agriculture project in the disputed territory of Western Sahara irrigated by a wind-powered desalination plant…

Asharq Al Awsat
Business Annual inflation in Egypt is at its highest level in nearly four years (AFP)

Egypt Sets Customs Exchange Rate of 19.32 Pounds/US Dollar

Egypt has set a customs exchange rate of 19.318 Egyptian pounds to the US dollar from Sept., a change from 18.64 pounds in June, state newspaper Akhbar al-Youm…

Asharq Al Awsat
Business Residents walk near a bazaar closed due to the rain in Beijing, Sunday, Aug. 14, 2022. (AP)

Asian Markets Rally, Dollar Dips as Traders Price in Policy Tightening

Asian markets rallied Friday following a healthy performance on Wall Street, with investors largely pricing in more interest rate hikes aimed at taming runaway…

Asharq Al Awsat
Business A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

Saudi Minister of Transport and Logistics Engineer Saleh bin Nasser Al-Jasser has signed a cooperation agreement on maritime transport with Oman, the Saudi…

Asharq Al Awsat
Business The Saudi Energy minister said OPEC+ sought to support market stability and balance supply and demand (Asharq Al-Awsat)

Saudi Energy Minister: OPEC+ Does Not Target Specific Price Range

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that OPEC+ did not target specific prices or price ranges, but rather sought to support market…

Asharq Al Awsat (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 Prices Climb on Tight Supply Worries

Oil prices rose by as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session, as an energy standoff…

Asharq Al Awsat
Business Saudi Arabia supports the development of an integrated e-commerce environment by finding solutions to the current challenges. (Asharq Al-Awsat)

Saudi Arabia Unveils 10 Initiatives to Develop Online Stores

The Saudi Ministry of Commerce announced on Wednesday 10 initiatives to develop the sector of electronic stores, based on the results of a survey that measured…

Asharq Al Awsat (Riyadh)
Business Saudi Arabia will host a conference to discuss the future of water desalination and the latest industrial developments. (Asharq Al-Awsat)

Saudi Arabia to Host Conference on Water Desalination in Space

Saudi Arabia’s capital Riyadh will host the Future of Desalination International Conference (FDIConf 2022). It is the first global gathering of its kind…

Asharq Al Awsat (Riyadh)
Business The report stressed that the specialized vocational academies and future upskilling and innovation labs are investment opportunities in the Human Capital and Innovation sector in Sharjah. (WAM)

Sharjah Identifies 7 High-Potential Sectors

A new economic report has identified seven high-potential sectors in Sharjah that are powering qualitative and sustainable strategic investments into the…

Asharq Al Awsat (Sharjah)
Business Session at the Local Content Forum in Riyadh (Asharq Al-Awsat)

Saudi Arabia Seeks Promising Local Content Opportunities

Saudi Arabia is pushing towards activating local content in the national industry, specifically in promising sectors. The Minister of Industry and Mineral…

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

Saudi GDP up 12.2% in Second Quarter, Exceeding Initial Estimate

Saudi Arabia's real gross domestic product expanded by 12.2% in the second quarter compared with the same period of 2021, data showed on Wednesday, as the…

Asharq Al Awsat
Business Saudi Arabia agrees to establish free markets at land, sea and air ports (Asharq Al-Awsat)

Saudi Arabia Establishes Duty-Free Markets in Airports, Ports

Saudi Arabia has opened a new trade path by approving the establishment of duty-free markets in airports, seaports, and land ports. This supports the Kingdom’s…

Bandar al-Mosalam (Riyadh)
Business A billboard welcoming tourists is seen along the airport road in Beirut on June 22, 2022. ANWAR AMRO/AFP via Getty Images

Lebanon’s Tourism Season Attracts $5 Billion

Lebanon’s summer season constituted a lifeline for the country that has been stricken by an unprecedented economic and financial collapse since 2019. While…

Paula Astih (Beirut)
Business A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Non-oil Economy Reaches Highest Level since October 2021

Saudi Arabia’s non-oil economic growth reached a 10-month high in August, according to the latest Purchasing Managers Index (PMI) data from S&P Global. The…

Asharq Al Awsat (Riyadh)