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 Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Saudi Arabia’s Adeer Real Estate Company announced selling Kunoz al-Dhahran land in a record time for SAR724,148,976 during the public auction it organized at…

Asharq Al Awsat
Business Saudi Arabia has implemented the electronic billing system to facilitate operating in the local market (Asharq Al-Awsat)

Saudi Arabia Waives Fines, Penalties for Taxpayers to Mitigate Pandemic’s Financial Impact

The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the re-launch of an initiative to waive fines and exempt taxpayers from penalties for six months…

Bandar al-Mosalam (Riyadh)
Business The Arabian Gulf Oil Company estimates that some 22,000 barrels a day were being lost from the leak. Reuters

Libya: Broken Pipeline Causes Crude Spill

A pipeline rupture in Libya is spewing thousands of barrels of oil into the desert, as workers scramble to seal off the leak, authorities said Wednesday. …

Asharq Al Awsat
Business The Innovation Driven Desalination conference was organized by the Saline Water Conversion Corporation, in partnership with the International Desalination Organization (IDA). (Photo: Asharq Al-Awsat)

Global Saudi Initiative to Support Innovation in Desalination Industry

An international conference hosted by Jeddah revealed a Saudi initiative to support innovation in the desalination industry. The Innovation Driven…

Saeed al-Abyad (Jeddah)
Business Egyptian Finance Minister during his meeting with a delegation from the First Abu Dhabi Bank on Monday, May 30, 2022. (Asharq Al-Awsat)

Egypt Prepares to Issue its First Sovereign Sukuk

Egypt’s Finance Minister Mohamed Maait said his country is preparing to issue its first sovereign Sukuk (Islamic bonds) based on exclusively state-own assets. …

Asharq Al Awsat (Cairo)
Business ADX Managing Director and CEO Saeed Hamad al-Dhaheri and GFH’s Group Chief Executive Officer Hisham al-Rayes ringing the market-opening bell at ADX. (Asharq Al-Awsat)

Abu Dhabi Securities Exchange Lists GFH Financial Group

Abu Dhabi Securities Exchange (ADX) announced on Tuesday the secondary listing of the Bahrain-based GFH Financial Group. The listing is set to further…

Asharq Al Awsat (Abu Dhabi)
Business An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh

Egypt's SCZONE Signs MoU on $4bln Waste-to-Hydrogen Plant

Egypt's Suez Canal Economic Zone (SCZONE) and H2-Industries have signed a memorandum of understanding (MoU) to build a waste-to-hydrogen facility at a…

Asharq Al Awsat
Business Part of the meeting between the Djibouti delegation and members of the Saudi business community at the Federation of Saudi Chambers on Tuesday, May 31, 2022. (Asharq Al-Awsat)

Djibouti Invites Saudis to Invest in Africa’s Largest Free Trade Zone

A delegation from Djibouti, led by Chairman of the Djibouti Ports and Free Zone Authority Aboubaker Omar Hadi, held talks with members of the Saudi business…

Fatehelrahman Yousif (Riyadh)
Business Saudi Arabia pushes for national products to reach global markets (Asharq Al-Awsat)

Saudi Launches 200 Projects in 74 Countries to Support Kingdom’s Non-Oil Exports

More than 200 projects were launched in 74 countries to support the export of Saudi national products, revealed a recent report that monitored the level of…

Business File Photo: A currency trader watches computer monitors near the screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), left bottom, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 7, 2021. (AP Photo/Lee Jin-man)

World Shares Mixed after Stocks Retreat on Wall Street

World shares were mixed Wednesday after a wobbly day on Wall Street closed out a month buffeted by worries about a possible recession, inflation and rising…

Asharq Al Awsat
Business Saudi Arabia’s Communications and Information Technology Commission has participated in the inauguration ceremony of the World Summit on the Information Society Forum 2022 (Asharq Al-Awsat)

Saudi Arabia Bolsters Digital Infrastructure with New Communications, IT Law

Keeping pace with Saudi Arabia’s new direction towards innovation and the digital economy, the Saudi Cabinet, chaired by King Salman bin Abdulaziz Al Saud,…

Asharq Al Awsat (Riyadh)
Business Oil drills are pictured in the Kern River oil field in Bakersfield, California November 9, 2014. REUTERS/Jonathan Alcorn/File Photo

Oil Prices Nudge Higher on EU's Russian Oil Ban, End of Shanghai Lockdown

Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19…

Asharq Al Awsat
Business The logo of Gazprom is seen on the facade of a business center in Saint Petersburg, Russia, March 31, 2022. (Reuters)

Gazprom to Cut Gas Supplies to Denmark’s Orsted, Germany via Shell Deal

Russia's Gazprom said on Tuesday it would cut off gas flows to Denmark's Orsted and to Shell Energy for its contract to supply gas to Germany, after both…

Asharq Al Awsat
Business Athens hosted a series of meetings, including the Saudi-Greek Investment Forum, as part of efforts to develop bilateral economic relationship. (Asharq Al-Awsat)

Saudi Arabia, Greece Discuss Qualitative Investment Opportunities

In an effort to enhance bilateral trade and economic cooperation, the Saudi-Greek Investment Forum convened on Monday in Athens, in the presence of leaders and…

Asharq Al Awsat (Riyadh)
Business Saudi Arabia’s Shura Council approved the draft civil transactions system. (SPA)

Saudi Shura Council Approves Draft Civil Transactions System

Saudi Arabia’s Shura Council approved the draft civil transactions system which “will be comprehensive and organize all civil matters of life,” Council member…

Asharq Al Awsat
Business SMAP IMMO Paris 2019. (Asharq Al-Awsat)

SMAP IMMO Paris to Hold its 17th Edition in June

SMAP IMMO Paris for Moroccan real estate will hold its 17th edition at Port de Versailles, Paris, between June 24 and 26. The exhibition reconnects with its…

Asharq Al Awsat (Rabat)
Business Turkey's Treasury and Finance Minister Nureddin Nebati says annual growth will be around seven percent in the first quarter of 2022 (DPA)

Turkey Projects 7% Growth for Q1 2022

The Turkish economy's solid and balanced growth trend and the pioneering data point out that annual growth will be around seven percent in the first quarter of…

Business Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state. (Reuters)

UAE, Israel Sign Major Trade Pact

Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state that reduces or removes tariffs…

Asharq Al Awsat
Business The Egyptian Finance Minister during his meeting with the British Ambassador in Cairo and his accompanying delegation (Asharq Al-Awsat)

Egypt: Fresh Incentives to Attract Private Sector Contribution to Economic Activity

Egyptian Finance Minister Mohamed Maait reaffirmed that his country is looking to raise the private sector contribution to economic activity to 50% by 2025. …

Asharq Al Awsat (Cairo)
Business Attendees as the launch of the Innovation Driven Desalination Conference in Jeddah on Monday. (Asharq Al-Awsat)

10 Alliances Seek Offshore Mining Opportunities in Saudi Arabia

Ten alliances are interested in mining the seas to extract sodium fluoride, minerals, and salts of the reverse water, announced the Governor of the Saline…

Saeed al-Abyad (Jeddah)
Business Smoke from shelling raises on the horizon while farmers seed sunflowers in a field in Cherkaska Lozova, outskirts of Kharkiv, eastern Ukraine, Saturday, May 28, 2022. (AP)

Putin Ready to Facilitate Unfettered Grain Exports from Ukraine’s Ports, Says Kremlin

President Vladimir Putin said on Monday that Russia was ready to facilitate the unhindered export of grain from Ukrainian ports in coordination with Turkey,…

Asharq Al Awsat
Business People walk in front of a banner with the Gazprom logo at the Dvortsovaya Square in St. Petersburg, Russia, 27 May 2022. (EPA)

Gazprom Suspends Gas Deliveries to Dutch Trader GasTerra

GasTerra will no longer receive gas from Russia's Gazprom from May 31 after refusing to agree to Moscow's demands for payment in roubles, the two companies…

Asharq Al Awsat
Business Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)

Executive Plan for Saudi Green Initiative to Be Revealed in November

Saudi Arabia will announce in November the complete strategic and executive plan for the Saudi Green Initiative, based on an alliance of companies, scientific,…

Business The project aims to enhance transparency in financial transactions

SIMAH, BENEFIT Launch Credit Information Exchange Project

Saudi Arabia and Bahrain have launched the technical linking process of the credit information exchange project between banking institutions operating in the…

Asharq Al Awsat (Riyadh)